Senior Citizens Fixed Deposit Interest Rates in Bank of Maharashtra
Updated on: Sep 5th, 2023
Fixed Deposits for senior citizens offer not only a higher interest rate but also come with specific features that are tailored to meet the financial needs of those who are 60 years and above.
Like many financial institutions, the Bank of Maharashtra offers an FD specifically designed for senior citizens, ensuring that they get the most out of their savings. Here's a detailed look at what the Bank of Maharashtra offers
Features of Senior Citizen FD
Enhanced Interest Rates: Senior citizens typically receive a bonus interest rate on top of the regular FD rates. The specific rate hinges on the bank's current offerings.
Qualification: Only individuals 60 or older can establish a senior citizen FD account.
Duration: Depositors can choose from a diverse range of FD durations, usually between 7 days and 10 years.
Early Withdrawal: Although penalties may apply, senior citizens often benefit from more accommodating terms for premature FD closures.
Borrowing Options: Senior citizens can secure loans against their FDs like other depositors.
Beneficiary Assignment: The bank allows a beneficiary to inherit the FD funds after the account holder's passing.
Tax Deduction at Source (TDS) Implications: Earnings from interest are taxable under Indian tax regulations. Yet, by submitting Form 15H, eligible senior citizens can avoid TDS deductions.
Automatic Renewal: Maharashtra Bank, among other banks, possibly features an automatic renewal mechanism, ensuring the FD's continuation post-maturity unless directed otherwise.
Deposit Limits: The deposit range for a senior citizen FD can differ. While a minimum threshold is often set, a maximum limit might be absent.
Unique Offerings: Periodically or based on bank initiatives, exclusive perks or attributes tailored for senior citizens may be presented.
Senior Citizen FD Rates in Bank of Maharashtra
|Tenure||Senior Citizen FD Rate|
|7 days - 30 days|
|1 month - 1 month 14 days|
|1 month 15 days - 2 months 29 days|
|2 months 30 days - 3 months 27 days|
|3 months 28 days - 5 months 27 days|
|5 months 28 days - 6 months 15 days|
|6 months 16 days - 6 months 16 days|
|6 months 17 days - 8 months 26 days|
|8 months 27 days - 11 months 29 days|
|11 months 30 days - 11 months 30 days|
|1 year - 1 year 1 month 2 days|
|1 year 1 month 3 days - 1 year 1 month 3 days|
|1 year 1 month 4 days - 2 years 11 months 30 days|
|3 years - 9 years 11 months 28 days|
Note: All interest rates shown above are as on 4th Aug 2023
- The eligibility criteria for senior citizen FDs is that they need to be at least or above 60 on the day of opening the FD account.
- They typically need to be residents to open a senior citizen FD
- However, NRIs can also open accounts through NRE and NRO accounts.
- Aadhar Card
- Driver’s License
- Gas Bill
- Utility Bill
- Bank Statement
- Cancelled Cheque
Age proof is crucial to avail of a Senior Citizen FD account.
The eligibility criteria are that the account holder must be above 60. The documents needed to open a senior citizen account are the same as the general public requirements. The difference in the general public and senior citizen rates significantly changed over the years.
How much extra interest do senior citizens get on their FDs?
The additional interest can vary, but senior citizens usually receive a rate of 0.50% higher than the regular rates. However, this can change based on the bank's policies.
Can a senior citizen avail of this benefit on joint accounts?
For joint accounts, if the first account holder is a senior citizen, then the senior citizen FD rate is typically applied.
Is the higher interest rate for senior citizens also applicable to Tax-saving FDs?
The preferential rate for senior citizens generally applies to all FDs, including Tax-saving.
returns on FD
Lock in returns as high as
8.35% before they go down
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