Bank of Maharashtra hikes FD charges by as much as 7% on a particular tenor of 200 days

In response to rising mounted deposit charges triggered by the RBI’s final replace on February 8, 2023, which elevated the repo fee by 25 foundation factors to six.50%, the general public sector lender Bank of Maharashtra (BoM) has elevated rates of interest on mounted deposits beneath ₹2 Cr. Following the change, the financial institution is at the moment offering rates of interest on deposit tenors of seven days to five years and above that vary from 2.75% to five.75%. The financial institution has launched two particular tenors with 200-day and 400-day maturities, beneath which it has assured 7% and 6.75% returns, respectively. These charges are efficient as of February 14, 2023, based on the Bank of Maharashtra’s official web site.

Bank of Maharashtra FD Rates

The financial institution provides a 2.75% rate of interest on mounted deposits that mature in 7 to 30 days, and Bank of Maharashtra provides a 3% rate of interest on deposits that mature in 31 to 45 days. Deposits with maturities between 46 and 90 days will now earn curiosity at a fee of three.50%, whereas these with maturities between 91 and 119 days will now earn curiosity at a fee of 4.50%.

The financial institution is now giving an rate of interest of 4.75% on mounted deposits that mature in 120 to 180 days, and Bank of Maharashtra is now providing an rate of interest of 5.25% on deposits that mature in 181 to 270 days. The financial institution will now give an rate of interest of 5.50% on deposits with a tenor of 271 to 364 days, whereas Bank of Maharashtra will now pay 6.25% on deposits with a tenor of 1 12 months.

Deposits maturing after 1 12 months however earlier than 3 years will now earn 6% curiosity, whereas these maturing after 3 years however earlier than 5 years and above will now earn 5.75% curiosity.

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Bank of Maharashtra FD Rates (bankofmaharashtra.in)

Senior residents who’re residents of India would solely be given an extra fee of 0.50% per 12 months for deposits as much as Rs. 2 crore on all maturity slabs of 91 days and above. Any sort of non-resident deposit is just not eligible for the extra curiosity. However, as much as an quantity of Rs. 2.00 crore, a member, retired member, or partner of a deceased member or retired member of the financial institution’s workers would solely be supplied with an extra rate of interest of 1.00%.

Regarding untimely withdrawals of mounted deposits, Bank of Maharashtra has talked about on its web site that “On untimely withdrawal of time period deposits, for deposits as much as 1 12 months maturity (tenor on the time of opening the account) there’ll NO PENALTY on the relevant rate of interest. Interest charges on prematurely withdrawn time period deposits with maturity interval greater than 1 12 months might be 1% under the relevant fee.”

Meanwhile, with impact from February 15, rates of interest on mounted deposits beneath ₹2 crore had been elevated by 5 foundation factors to 25 foundation factors by India’s largest public sector lender, State Bank of India (SBI). Additionally, the financial institution supplied a particular 400-day tenure plan with a 7.10% fee and seven.60% for senior residents. SBI now ensures non-senior residents a most return of seven% on deposits with a tenor of two to 3 years. “Bank has additionally launched particular tenor scheme of “400 days” (Amrit Kalash) at Rate of Interest of 7.10 % w.e.f 15- Feb- 2023. Senior Citizens are eligible for rate of interest of 7.60%. The Scheme will be valid till 31-Mar-2023,” talked about SBI on its web site.

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