Bank of Maharashtra is a public sector bank established in Pune, Maharashtra and was incorporated on September 16,1935. The bank has over 2200 branches in all over India with the largest network of branches of any public sector bank in Maharashtra. This article provides more insight into the Bank of Maharashtra fixed deposit rate.
Fixed Deposits (FDs) are a secured way of investing wherein money can be deposited for a fixed period of time at a predetermined fixed rate of interest which is usually higher than a savings bank account.
|Tenure||For General Citizens (p.a.)||For Senior Citizens (p.a)|
|7 days to 30 days||2.75%||3.25%|
|31 days to 45 days||3%||3.5%|
|46 days to 90 days||3.5%||4%|
|91 days to 119 days||4.5%||5%|
|120 days to 180 days||4.75%||5.25%|
|181 days to 270 days||5.35%||5.85%|
|271 days to 364 days||5.6%||6.1%|
|Above 1 year to 2 years||6%||6.5%|
|Above 2 years to 3 years||6%||6.5%|
|Note: All interest rates are updated as of 18th May 2023|
Monthly Interest Deposit Scheme
Quarterly Interest Deposit Scheme
Tax Saving Term Deposit
Are eligible to open their fixed deposit accounts with Bank of Maharashtra.
Bank of Maharashtra requires the below-listed documents for completing the mandatory Know Your Customer (KYC) procedure before opening an account for its customer
PAN Card, Driving License, Passport, Voter’s ID, Aadhar Card, Identity card issued by reputed companies, Letter from recognized public authority verifying the identity and address of the customer to the satisfaction of bank
Aadhar Card, Electricity Bill, Telephone Bill, Ration Card, Bank account statement ( not more than 3 months old), Letter from a reputed employer, Letter from any recognised public authority /local body, Income tax/wealth tax Assessment order
Step 1: Log in to the Bank of Maharashtra mobile application
Step 2: Select ‘Term Deposit’ and choose the type of deposit account.
Step 3: Select the FD tenure and insert the deposit amount. After filling out the form one can submit the details and create an FD.
Step 1: Log in to the Bank of Maharashtra Internet Banking website
Step 2: Navigate to the “Personal” tab.
Step 3: From the menu, select “Term Deposits”. FD page will display on the screen.
Step 4: Click on ‘Apply Now’. This will generate an online form in which you will be required to select the FD tenure and insert the deposit amount.
Step 5: After filling out the form one can submit the details and create an FD.
Step 6: The account will be opened within 24 hours of application and a confirmation message will be sent to the customer's registered mobile number.
Step 1: Visit the nearest Bank of Maharashtra branch
Step 2: Obtain and fill up the form to create a fixed deposit indicating the period, amount and other preferences
Step 3: Submit the form along with a copy of your Aadhar and PAN card; the bank officials would process the form and create an FD.
As per the Income Tax Act of India of 1961, taxpayers can seek deductions under Section 80C if they invest in FDs.
In a given financial year, a taxpayer can avail tax deduction to a maximum of ₹1.5 lakhs from their gross taxable income, provided the following conditions are fulfilled:
At the time of filing the Income Tax Returns (ITR), the taxpayer can provide supporting documents to avail tax benefits on FDs.
Tax Deducted at Source (TDS)
A tax saving FD has a lock-in period of 5 years. No premature withdrawals, overdrafts, or loan facilities are available under a tax-saving FD. Whereas one can have a regular FD for any tenure as per an individual's choice and they are eligible for premature withdrawals, loans and overdraft facilities.
There is no restriction on the number of FDs you can open with the Bank of Maharashtra.
Yes. ₹5 lakhs Deposit Insurance and Credit Guarantee Corporation (DICGC) insurance cover is applicable on Bank of Maharashtra FD
Investors can open an FD for a maximum time period of 10 years.
Disclaimer: The calculator and the results of the same are based on information inputted by you and extracted from third party sources. The information on this page is for illustrative purposes only and does not amount to any investment advice or recommendation. Wint Wealth has no commercial interest or gain in or from the actions resulting from the information displayed on this page. The information displayed on this page does not constitute an invitation to invest in any product nor is it a promise of performance. Interest rates are not updated in real time and you are advised to make your own enquiries, consult a professional advisor and verify the information prior to taking any investment decisions.