Bank of Maharashtra has introduced a new fixed deposit tenure dubbed “Maha Dhanvarsha” fixed deposit scheme. According to the bank website, the highest interest rate on this special deposit is 5.50 percent for regular citizens and 6 percent for senior citizens with effect from August 29, 2022. This interest rate is applicable on tenure of 400 days only.

As per the website, “Revision in ROI for Term Deposit of Less Than ?2 Cr for 400 days will be effective from 29.08.2022.”

Bank of Maharashtra revised FD interest rates on fixed deposits under Rs 2 crore with effect from August 22, 2022. The bank offers interest rates between 2.75 percent to 5.40 percent (now 5.50) interest on fixed deposit tenures between 7 days to 10 years.

Senior Citizens

Senior citizens will be offered an additional rate of 0.50 percent interest rate only for all maturities slabs of 91 days and above for deposit up to Rs 2 crore only.

FD penalty

According to the Bank of Maharashtra website, “On premature withdrawal of term deposits for deposits up to 1 year maturity (tenure at the time of opening the account) there will be no penalty. Interest rates of prematurely withdrawn term deposits with maturity period more than one year will be 1% below the applicable rate.