New Delhi: Bank of Maharashtra (BoM) has taken a significant step in enhancing its deposit interest rates, marking a notable boost of 125 basis points. The updated interest rates came into effect on October 12, 2023, promising substantial advantages for the bank's patrons, particularly those investing in the 46-90 day tenure.

For depositors with a one-year horizon or more, the bank has uplifted interest rates by 25 basis points, now standing at 6.25 per cent. Bank of Maharashtra has further delighted senior citizens by introducing a special scheme spanning 200/400 days, offering an additional 50 basis points increase in interest rates, culminating in tempting returns of up to 7.50 per cent.

This eminent public sector bank is providing a steadfast 7 per cent and 6.75 per cent return on two distinctive tenors, namely 200-day and 400-day maturities.

The bank has commented, "Bank of Maharashtra's decision to raise deposit rates is congruent with its commitment to deliver competitive products to its valued customers. These appealing interest rates render it a compelling choice for both short-term and long-term savers, thereby fostering trust and loyalty among them."

Insight into Bank of Maharashtra's Interest Rates

For fixed deposits maturing within 7 to 30 days, Bank of Maharashtra is now offering an attractive 2.75 per cent interest rate, while it has upped the ante to 3 per cent for deposits maturing in 31 to 45 days.

Within the 46-90 day horizon, this public sector bank is ensuring a fixed 4.75 per cent interest rate, while depositors who commit their funds for 91 to 119 days will be entitled to a 4.90 per cent interest return.

Effective October 12, 2023, Bank of Maharashtra will extend a 5.10 per cent interest rate for fixed deposits maturing between 120 and 180 days, providing depositors with an enticing option.

For deposit maturities spanning from 181 to 270 days, the bank has set a competitive 5.50 per cent interest rate.

In the case of one-year tenors, Bank of Maharashtra is now delivering an impressive 6.50 per cent interest rate, while a one-to-two-year tenor fetches an interest rate of 6.25 per cent. Three-year term deposits are not left behind, promising a reliable 6 per cent interest return.

Bank of Maharashtra's Special Deposit Offerings

In a gesture of goodwill towards the general public, Bank of Maharashtra is extending a handsome 7 per cent interest rate on 200-day tenures. For those with a slightly longer investment horizon, the 400-day tenure offers an enticing 6.75% return.

This remarkable move by Bank of Maharashtra reflects its commitment to securing the financial interests of its customers and establishing itself as a leader in the competitive landscape of banking institutions.

Former Union Minister Dayanidhi Maran Loses Rs.99,999 in Net Banking Scam

India Receives Fresh Batch of Swiss Bank Account Data from Nationals and Organizations

RBI Discontinues Rs2,000 Note Exchange at Bank Branches, Limits Transactions to RBI Offices