Bank of Maharashtra raises deposit rates by up to 125 bps

Bank of Maharashtra raises deposit rates by up to 125 bps

Bank of Maharashtra (BoM), a state-owned financial institution, has unveiled a promising financial opportunity for its customers. On Wednesday, the bank announced a significant increase in its fixed deposit rates, raising them by up to 125 basis points (1.25 percent). If you’re interested in Bank of Maharashtra deposit rates, this recent development is certainly worth considering.

Effective from October 12, the new deposit rates offered by BoM apply to a wide range of fixed deposit options, including special schemes tailored to various deposit periods, as outlined in the bank’s official statement.

The most notable increase of 125 basis points can be seen in the deposit rates for tenures ranging from 46 to 90 days. This substantial boost in interest rates is poised to incentivize more savings and investments from individuals and businesses, seeking to grow their financial portfolios.

For deposit tenures of one year, the interest rate has been set at an attractive 6.50 percent. Customers with deposits exceeding one year will also enjoy an appealing rate hike of 25 basis points, resulting in a return of up to 6.25 percent.

Notably, senior citizens will receive an extra incentive, with a generous 50 basis points increase in interest rates. This special benefit is available for deposits under the 200/400 days scheme, providing an attractive interest rate of up to 7.5 percent, as stated in the official announcement.

BoM’s enhanced interest rates make it an alluring choice for both short-term and long-term savers. This boost in trust and loyalty among its customers reaffirms the bank’s commitment to facilitating financial growth and security.

About Bank of Maharashtra:

Bank of Maharashtra, a Pune-based Indian public sector bank, boasted a customer base of 30 million individuals nationwide and maintained 2,263 branches as of June 2023. It possesses the most extensive branch network among all nationalized banks in the state of Maharashtra.

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