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Bank of Maharashtra Hikes Interest Rate on Deposits With 200-day Tenure

By: Business Desk

Local News Desk

Last Updated: January 18, 2023, 17:25 IST

Delhi, India

 On deposits maturing in 271 days to 364 days, the bank will continue to pay an interest rate of 5.50%.

On deposits maturing in 271 days to 364 days, the bank will continue to pay an interest rate of 5.50%.

Bank of Maharashtra will now offer a maximum interest rate of 7 per cent on deposits with a tenure of 200 days.

Bank of Maharashtra (BoM) on Tuesday announced the hike in interest rates on fixed deposits of less than Rs 2 crore. According to the official website of the bank, the new rates will be effective from January 16, 2023. The bank now provides a 2.75%–5.75% interest rate on deposits that mature between the next week to five years following the recent development. In addition, the bank is now offering a maximum interest rate of 7 per cent on deposits with a tenure of 200 days.

The bank will continue to offer an interest rate of 2.75% on deposits maturing for 7 to 30 days, while the Bank of Maharashtra (BoM) will continue to offer an interest rate of 3% on deposits maturing for 31 to 45 days. Bank of Maharashtra (BoM) will continue to pay a 3.50% interest rate on deposits maturing in the next 46 to 90 days. While the bank has raised the interest rate to 4.50% on deposits maturing in the next 91 to 119 days.

Deposits will now yield 4.75% interest if they mature in 120 to 180 days, and 5.25% interest if they mature in 181 to 270 days. On deposits maturing in 271 days to 364 days, the bank will continue to pay an interest rate of 5.50%.

While the Bank of Maharashtra (BoM) will pay an interest rate of 6.15% on deposits maturing in 365 days to one year. For deposits with tenure between one and three years and between three and five years, the Bank of Maharashtra (BoM) has increased interest rates by 6% and 5.75%, respectively.

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On deposits maturing in 365 days to one year, the bank will continue to offer interest rates of 6.15 per cent. However, on deposits maturing in 271 days to 364 days, the bank will offer 5.50 per cent. For deposits lasting between one and three years, the bank raised interest rates by 6%, and for deposits lasting between three and five years, by 5.75%.

In addition, the bank is now offering an interest rate of 6.75% on deposits up to 10 Cr for the 400 days (Maha Dhanavarsha) scheme.

For all maturity buckets of 91 days and longer, senior citizens who are residents of India would only be awarded an additional rate of 0.50% pa. for deposits up to Rs. 2 crores.

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first published:January 18, 2023, 17:25 IST
last updated:January 18, 2023, 17:25 IST