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Bank of Maharashtra Fixed Deposit

Updated 06 Dec 2023

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's 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.

Types of Bank of Maharashtra Fixed Deposits

  • Monthly Interest Deposit Scheme
  • Quarterly Interest Deposit Scheme
  • Tax Saving Term Deposit

Benefits of Bank of Maharashtra Fixed Deposit Schemes

The following are the benefits of investing in Fixed Deposit Schemes offered by the Bank of Maharashtra:

  • One can make investments of very small amounts hence promoting savings.
  • One can save tax by investing in tax-saving fixed deposits.
  • Using the online application of the Bank of Maharashtra, one can easily deposit in a fixed deposit account by opening an account with the bank.
  • Senior citizens are offered additional interest rates, which are 0.5% more than that for regular citizens only for all maturity slabs of 91 days and above for deposits up to ₹2 crore only. The additional rate is not applicable to any type of non-resident deposit.
  • The amount invested with the bank is covered by DICGC insurance for the total sum of ₹5 lakhs.
  • Nomination and auto-renewal facilities are available.
  • Bank of Maharashtra offers loans against fixed deposits up to 90% of the deposit amount. The loan's interest rate will be determined by the bank's rules and regulations.

Features of Bank of Maharashtra Monthly Interest Deposit Scheme

  • This scheme offers the convenience of getting monthly income.
  • The monthly interest is calculated at a discounted value.
  • The minimum investment for this deposit scheme is ₹1,000 and in multiples of ₹100 thereof.
  • The period of deposit would range from a minimum period of 1 year to a maximum of 10 years.
  • This deposit is suitable for individuals who require a steady stream of cash flows, especially senior citizens.
  • The scheme offers a loan facility of up to 90% of the deposit amount.
  • A nomination facility is also available for this scheme.

Features of Bank of Maharashtra Quarterly Interest Deposit Scheme

  • This scheme is ideal for planning tax liabilities or investments depending upon the quarterly interest paid on the deposit.
  • The minimum investment for this deposit is ₹1,000 and then in multiples of ₹100.
  • The deposit can be made for a minimum period of 1 year up to 10 years.
  • The scheme offers a loan facility of up to 90% of the deposit amount.
  • Interest will be deposited quarterly as per instructions of the depositor to their savings account, current account or any other account.

Features of Bank of Maharashtra Tax Saving Term Deposit

  • Investors cannot withdraw their deposits before 5 years in this scheme but can avail of income tax deduction under section 80C of the Income Tax Act of 1961 up to ₹1.5 lakhs in a given financial year.
  • A minimum of ₹100 can be deposited and or in multiple thereof with a maximum of ₹1.5 lakhs in a year.
  • Depositors cannot avail of loans against this scheme.
  • Premature withdrawal is not allowed, but in case of the death of the holder of a term deposit, the nominee can encash the deposit before or after maturity.
  • FD can be transferred from one Bank of Maharashtra branch to another.
  • Joint holders are allowed, but only the first holder can avail of the tax benefits.

Eligibility Criteria

  • Any person in his individual capacity
  • more than one person in their joint names,
  • any minor jointly with a major
  • Sole Proprietary concern
  • Members of charitable trusts
  • Educational institutions
  • HUF
  • Clubs
  • Private Traders 
  • Merchants
  • Agents
  • Professionals 
  • Partnerships Firms
  • Societies & Corporates

Documents Required

Bank of Maharashtra requires the below-listed documents for completing the mandatory Know Your Customer (KYC) procedure before opening an account for its customer

Documents required for proof of Identity:

PAN Card, Driving License, Passport, Voter’s ID, Aadhar Card, Identity card issued by reputed companies, and Letter from a recognised public authority verifying the identity and address of the customer to the satisfaction of the bank.

Documents required for Address proof:

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

How to Open Bank of Maharashtra Fixed Deposit Account

Using Bank of Maharashtra Mobile Application (App):

  • 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.

Using Bank of Maharashtra’s Internet banking website:

  • 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.

Offline by visiting the nearest Branch:

  • 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 will process the form and create an FD.

How to Close Bank of Maharashtra FD?

Online Option:

  • Log in to your Bank of Maharashtra Net Banking Account.
  • Under the 'FD/RD' option, choose the option to close your FD account.
  • Select the FD account you wish to close.
  • The amount will be credited to your bank account.

Through mobile app:

  • Download the Bank of Maharashtra mobile app
  • Login to close your FD account.
  • Select the FD account you wish to close under the 'FD/RD' section.
  • The amount will be credited to your bank account.

Offline option:

  • Visit the Bank Branch.
  • Fill out the premature FD closure form.
  • Attach your KYC documents.
  • Submit your FD receipt or certificate along with the documents.

Bank of Maharashtra Fixed Deposit Scheme Premature Withdrawal Terms and Conditions

  • In case of premature withdrawal, the investor can only earn interest for the period for which the deposit is held with the bank.
  • No penalty on the applicable interest rate for premature withdrawal of term deposits up to 1 year. Deposits with maturity over 1 year will incur a 1% reduction in the applicable rate for premature withdrawal.


How is a tax saver FD different from a regular FD?

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.

How many FDs can be opened in the Bank of Maharashtra?

There is no restriction on the number of FDs you can open with the Bank of Maharashtra.

Is the ₹5 lakhs DICGC insurance cover applicable on Bank of Maharashtra FD?

Yes. ₹5 lakhs Deposit Insurance and Credit Guarantee Corporation (DICGC) insurance cover is applicable on Bank of Maharashtra FD. 

What is the maximum tenure for which an investor can open an FD with the Bank of Maharashtra? 

Investors can open an FD for a maximum time period of 10 years.

Bank of Maharashtra

Calculate Bank of Maharashtra FD Returns

Maturity Amount₹1,06,000

Understanding Fixed Deposit


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