One of India’s trusted public sector banks—Bank of Maharashtra—has just updated its Fixed Deposit (FD) interest rates, and while some have gone down, there are still smart ways to lock in up to 7% returns (yes, really).
Let’s walk through what’s changed, what’s still worth grabbing, and how you can make the most of your money right now.
What’s Changed in Bank of Maharashtra’s FD Rates?
The bank recently revised its FD interest rates, lowering returns for a few tenures. This change applies to both new and existing FDs under ₹3 crore. So, if you’ve been waiting to invest, it’s a good idea to check the new rates before locking in your money.
But here’s the good news—some of the top-paying tenures still offer up to 6.50% for regular customers and 7% for senior citizens.
Updated FD Interest Rates (Regular Citizens)
| Tenure | Interest Rate |
|---|---|
| 7 to 30 days | 2.75% |
| 31 to 45 days | 3.00% |
| 46 to 90 days | 4.45% |
| 91 to 119 days | 4.75% |
| 120 to 180 days | 5.00% |
| 181 to 270 days | 5.25% |
| 271 to 364 days | 5.50% |
| 365 days or 1 year | 6.50% |
| 1 to 2 years | 6.50% |
| 2 to 3 years | 6.50% |
| 3 to 5 years | 6.25% |
| Above 5 years | 6.10% |
What About Senior Citizens?
If you’re over 60, you’re in for a better deal. The bank continues to offer an additional 0.50% interest to senior citizens across all tenures.
That means:
- On the best-performing tenures (1 to 3 years), you’ll earn 7% interest.
- Even on a long-term 5-year FD, you still get 6.60%, which is higher than most private banks are offering right now.
Where You’ll Get the Highest Returns
If you’re looking for the sweet spot—where safety meets solid returns—here’s what to aim for:
- 1 year to 3 years: 6.50% (Regular), 7% (Senior Citizens)
- 3 to 5 years: 6.25% (Regular), 6.75% (Senior Citizens)
These tenures strike the right balance of flexibility and earnings. And in a world where bank rates are falling, locking in a 6.50–7% return is a pretty good move.
How to Open an FD with Bank of Maharashtra
Step-by-step guide:
- Visit your nearest Bank of Maharashtra branch or log into their internet banking portal.
- Choose the FD tenure that works for your savings goal.
- Deposit the amount you want to invest (minimum ₹1,000).
- Select your interest payout option – monthly, quarterly, or at maturity.
- Confirm and keep the FD receipt for your records.
That’s it—you’re done in minutes.
Real Talk: Is This a Good Time to Invest?
It depends on your goals. If you’re saving for something 1 to 3 years away—a child’s school fees, a family trip, or just building a financial cushion—these rates are some of the best you’ll find in a government-backed bank today.
Yes, some tenures have dropped. But others are still strong. And with inflation squeezing every rupee, letting your money sit idle just isn’t an option anymore.
FAQs – You Might Be Wondering…
1. Is it safe to invest in a Bank of Maharashtra FD?
Absolutely. It’s a public sector bank, so your investment is backed by the government up to ₹5 lakh under the DICGC scheme.
2. What’s the minimum deposit amount?
Just ₹1,000. You don’t need a huge lump sum to get started.
3. Can I break the FD early?
Yes, but there might be a small penalty on the interest. Always check the terms before withdrawing early.
4. Is the interest taxable?
Yes. Interest from FDs is taxable as per your income slab, and TDS may apply if it crosses ₹40,000 in a year (₹50,000 for senior citizens).