A new fixed deposit term known as the "Maha Dhanvarsha" fixed deposit scheme has been announced by the Bank of Maharashtra. The highest interest rate on this special deposit, according to the bank's website, will be 5.50 per cent for regular people and 6 per cent for senior citizens starting on August 29, 2022. This interest rate is only valid for a 400-day term.
“Revision in ROI for Term Deposit of Less Than ? 2 Cr for 400 days will be effective from 29.08.2022”, according to the website.
With effect from August 22, 2022, the Bank of Maharashtra revised the interest rates on fixed deposits under Rs 2 crore. The bank offers fixed deposit terms ranging from 7 days to 10 years with interest rates ranging from 2.75 per cent to 5.40 per cent (currently 5.50 per cent).
Senior Citizens
For all maturities slabs of 91 days and above, senior citizens would only be offered an extra rate of 0.50 per cent interest rate for deposits up to Rs 2 crore.
FD penalty
“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 Interest rates of prematurely withdrawn term deposits with a maturity period of more than one year will be 1% below the applicable rate", according to the banks' website.
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