Bank Of Maharashtra has introduced a new fixed deposit term which has been dubbed “Maha Dhanvarsha“Fixed Deposit Scheme. As per the Bank’s website, the highest Rate of interest On this special deposit with effect from August 29, 2022 is 5.50 per cent for regular citizens and 6 per cent for senior citizens. This interest rate is applicable on tenure of 400 days only.

According to the website, “Revision in ROI for fixed deposits of less than Rs 2 crore for 400 days will be effective from 29.08.2022.”

Bank of Maharashtra Revised FD Interest Rates With effect from August 22, 2022 on fixed deposits under Rs 2 crore. The bank offers interest rates between 2.75 per cent to 5.40 per cent (now 5.50) on fixed deposit tenures ranging from 7 days to 10 years.

senior citizen

Senior citizens will be offered an additional interest rate of 0.50 per cent for all maturity slabs of 91 days and above for deposits up to Rs 2 crore only.

FD penalty

According to the Bank of Maharashtra website, “Premature withdrawal of fixed deposits for deposits up to the maturity of 1 year (the period at which the account is opened) will not attract any penalty. Prematurely withdrawn term deposits with a maturity period of more than one year.” The interest rates on deposits will be 1% below the applicable rate.