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Bank Of Maharashtra offers attractive fixed deposit rates. Fixed deposits can be opened online or by visiting the nearest branch. Bank Of Maharashtra Fixed deposit rates vary with the amount invested and the tenure. The rates are also different for non-withdrawable deposits and recurring fixed deposits.
A Fixed Deposit (FD) is one of the most popular financial instruments among the general population in India as it is a safe and reliable investment which provides a higher rate of interest than a regular savings account. It is considered to be a low-risk form of saving. The rewards are also relatively low when compared to investing in the stock market, for example, but the returns are free from volatility and fluctuation.
Money can be deposited in an FD account for a period that typically ranges from 7 days to 10 years. Banks set their own FD interest rate which in India generally ranges from 3.5% - 8% (or more) depending on the tenure and amount among other factors. If you have idle money that you wish to invest, opening an FD is a simple and safe option, which requires minimal documentation. Conservative investors prefer FD accounts over other avenues of riskier investments as it is safe and gives assured returns.
About Bank Of Maharashtra Fixed Deposit Rate
The rate of interest paid on a fixed deposit varies according to the amount deposited, period and the issuing bank. The general rule of thumb is, the longer the term of deposit, the higher the rate of interest, though a bank may also offer a lower rate of interest for a longer tenure if the rates are expected to fall in the future.Bank of Maharashtra Interest Rates typically range from 4% - 8% per annum.
Following is an overview of Bank of Maharashtra Term Deposit Rates and Bank of Maharashtra Short-Term Fixed Deposit Interest Rates.
Bank of Maharashtra Interest Rates on Fixed Deposits 2015 – 2016:
(Do keep in mind that these rates can change at any time and can be changed at the sole discretion of the Bank. For the latest rates, it is advisable to check with Bank of Maharashtra directly.)
*Please note that Mahanidhi/Mahalabh/Mahalaxmi FDs are applicable for deposits below Rs. 1 crore only.
Note: Minimum tenure: 1 Year. No interest is payable if the deposit is prematurely closed before the minimum period of one year.
*Plese note that Mahanidhi/Mahalabh/Mahalaxmi are applicable below Rs. 1 crore only.
Bank of Maharashtra offers special Senior Citizen FD Rates which are generally marginally higher than the rates applicable on a regular FD. It provides seniors with that extra buffer in their golden years. Senior citizens are entitled to get an extra 0.50% interest rate for all maturity slabs of 91 days and above on deposits up to Rs. 1 crore only. The Senior Citizen Rates are only for Resident Indians and do not apply to NRIs. Also, submission of proof of age is mandatory to avail of Senior Citizen Rates.
There are many online websites that have easy-to-use FD calculators. You can use these online resources to help you identify how much interest you will earn on your principal amount. This will help you identify the maturity amount and with arriving at the much to invest. It will also help deciding on the tenure.
Using online FD calculators is easy and saves you the hassle of calculating it manually. All you need to do is enter the amount to be deposited, number of years, and the rate of interest per annum – and the calculator will do the rest and present you with a breakup of the interest earned and the maturity amount. You can refer to the Bank’s prevailing FD rates in order to use the calculator with ease.
You can also calculate the interest earned and the maturity value on the principal amount using the following formula.
Calculate Bank of Maharashtra FD Rate
A = P x (1 + r/n)nt
I = A - P
A = Maturity Value
P = Principal Amount
r = Rate of Interest
t = Number of Years
n = Compounded Interest Frequency
I = Interest Earned
Once you deposit an amount into the FD, you cannot withdraw from it, unlike with a savings account. Invest wisely; you don’t want to be left with all your money locked in an FD. Hence, it is advisable to have some amount of liquid cash at hand.
You can, however, break the deposit upon payment of a penalty. Be aware of certain tax saving FD schemes where premature withdrawal will not be entertained. It is advisable to check with the bank on withdrawal charges and conditions before applying.
Bank of Maharashtra typically charges a nominal penalty for premature withdrawal which is communicated to you at the time of application of FD Deposit.
On premature withdrawal of FD, for deposits up to 1 year maturity the banks imposes no penalty on the applicable interest rate. The interest rate on the remaining amount on the FD will be 1% below the applicable rate on prematurely withdrawn FDs which have maturity period of more than 1 year.
1. For how long can I book an FD with Bank of Maharashtra?
Deposits can be made for period that ranges from 7 days to 10 years.
2. Is tax deducted for FD deposits?
Yes, if the interest accrued reaches a particular slab in the financial year, then TDS is deducted. Keep in mind that submission of Income Tax PAN No. is mandatory. If you fail to do so, TDS will be deducted at a higher rate as per prevailing Indian Income Tax laws.
3. What is the minimum deposit required?
The minimum amount is Rs. 100 or in multiple thereof. The maximum amount to be deposited in a financial year is Rs. 1.5 lakhs.
RAM DURGA PRASAD
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