Bank of Maharashtra (BOM), one of the government-owned banks, has changed the interest rates for its Fixed Deposits (FDs).
The bank has increased the interest on certain FDs by 1.25 percent. For example, the interest rate for FDs held for 46-90 days has gone up to 1.25 percent.
FDs with a one-year period now earn 6.25 percent, which is 25 basis points higher. Senior citizens get an extra 0.50 percent interest on all FDs older than 91 days. These new rates started on October 12.
Here are the new interest rates for Bank of Maharashtra FDs
7 days to 30 days: For regular customers – 2.75 percent; For senior citizens – 2.75 percent
31 days to 45 days: For regular customers – 3 percent; For senior citizens – 3 percent
46 days to 90 days: For regular customers – 4.75 percent; For senior citizens – 4.75 percent
91 days to 119 days: For regular customers – 4.90 percent; For senior citizens – 5.40 percent
120 days to 180 days: For regular customers – 5.10 percent; For senior citizens – 5.60 percent
181 days to 270 days: For regular customers – 5.50 percent; For senior citizens – 6.00 percent
271 days to 364 days: For regular customers – 5.60 percent; For senior citizens – 6.10 percent
365 days or one year: For regular customers – 6.50 percent; For senior citizens – 7 percent
1 year to less than 2 years: For regular customers – 6.25 percent; For senior citizens – 6.75 percent
2 years to less than 3 years: For regular customers – 6.25 percent; For senior citizens – 6.75 percent
3 years to less than 5 years: For regular customers – 6.00 percent; For senior citizens – 6.50 percent
From 5 years to 10 years: For regular customers – 6.00 percent; For senior citizens – 6.50 percent
Senior citizens can earn up to 7.50 percent interest on special FDs of 200 and 400 days, while regular citizens get 7 percent interest on these FDs.
