Overview of Bank of Maharashtra Fixed Deposit
Bank of Maharashtra offers a wide variety of fixed deposit schemes with various payout options. All the schemes ensure safe and secure investment of your money with assured and attractive returns and easy liquidity.
The interest rates of Bank of Maharashtra FD range from 3.00% to 5.25% p.a. for deposits of up to Rs.2 crore. Senior citizens are offered an additional 0.50% on the interest rate. Tenure periods range from 7 days to 10 years.
Features of Bank of Maharashtra Fixed Deposit (FD)
The primary features of BOM fixed deposit schemes are:
- Minimum amount starting from Rs.100 for select products.
- Nomination facility available.
- Competitive interest rates.
- Quick processing and approval.
Different fixed deposit schemes from Bank of Maharashtra
Bank of Maharashtra offers the following FD schemes:
- Mahalakshmi Term Deposit Scheme
- Merged with the 3-year slab of the term deposit scheme
- Maha Saraswati
- For minors held singly or jointly with parent or guardian
- Minimum deposit of Rs.100
- Tenure ranging from 3 years to 10 years.
- Monthly Interest Deposit Scheme
- Monthly interest payout for a monthly income
- Minimum deposit amount of Rs.1,000
- Tenure ranging from 1 year to 10 years
- Loan facility of up to 90% of the deposit amount
- Nomination facility available.
- Quarterly Interest Deposit Scheme
- For planning tax liability based on quarterly interest
- Minimum deposit amount of Rs.1,000
- Tenure ranging from 1 year to 10 years
- Loan facility of up to 90% of the deposit amount
- Nomination facility available
- Tax Saving Term Deposit
- For individuals or HUFs
- Minimum of Rs.100 and maximum of Rs.1.5 lakh in a financial year
Special Rates for Senior Citizens
The Bank of Maharashtra offers an additional 0.50% p.a. for deposits under Rs.1 crore and maturity slabs of more than 91 days for Indian senior citizens. This additional rate isn't applicable for deposits made by non-residents of India.
Interest rates on FD accounts at Bank of Maharashtra
For amounts below Rs.2 crore, the interest rates offered ranges from 3.00% p.a. to 5.25% p.a. for deposits held between 7 days to 10 years. For amounts above Rs.2 crore and up to Rs.5 crores, rates vary between 2.75% p.a. to 3.00% p.a.
Bank of Maharashtra NRI Fixed Deposits
NRIs can open a term deposit account with Bank of Maharashtra under NRO (non-resident ordinary), NRE (non-resident external) and FCNR (foreign currency non-resident) accounts.
- NRO - To be maintained in Indian Rupees. The account can be opened jointly with a resident or non-resident Indian. The interest rates applicable here are the same as domestic term deposit rates. Income tax is levied as per TDS (tax deducted at source). Funds are not fully repatriable except in some special cases.
- NRE - To be maintained in Indian Rupees. The account can be opened jointly only with another non resident Indian. The interests earned here are totally tax free. Balances are also exempt from wealth tax. Funds are fully repatriable.
- FCNR - These are term deposit accounts with minimum 1 year maturities. The deposits can be made in a major currencies such as USD, GBP, EUR, JPY etc. Joint accounts can be opened with another NRI. Funds are fully repatriable. Interests earned in this account are fully exempt from income tax payments. Balances held are exempt from wealth tax.
Availing loans against Bank of Maharashtra Fixed Deposits
Loan facility is available for the following fixed deposit schemes:
- Monthly Interest Deposit Scheme
- Quarterly Interest Deposit Scheme
Taxes on BOM FD accounts
Customers have to pay TDS on interest earned on fixed deposits held at Bank of Maharashtra. Such taxes are divided into two categories - customers who have submitted PAN details, and those who haven't. People having submitted their PAN details will have to pay 10% TDS, while those who haven't provided PAN details have to pay 20% TDS. Taxes are applicable on interest accumulated in a year and amounting to more than ₹ 10,000.
Customers of the 'Cumulative Deposit Scheme' are exempt from paying TDS on interests if they have duly submitted forms 15H/15G.
Useful Links
FAQs on Bank of Maharashtra FD
- What is the Minimum amount for opening Bank of Maharashtra fixed deposit account?
The minimum amounts required to open the various FD schemes at Bank of Maharashtra have been listed out in the section Different Fixed Deposit Schemes above.
- What is the Maximum amount that can be deposited in Bank of Maharashtra FDs?
The maximum amount that may be invested in fixed deposits at Bank of Maharashtra is Rs.5 crores. All deposits above ₹ 5 crores can be made after due permissions have been taken from the nearest Bank of Maharashtra branch or zonal office.
- What is the Minimum and maximum tenure applicable on FDs from Bank of Maharashtra?
Tenures of the various fixed deposit products from this bank range from 7 days (minimum/short term) up to 10 years (maximum/long term).
- Is premature withdrawal possible with Bank of Maharashtra FD accounts?
Yes, premature withdrawal is allowed for Bank of Maharashtra fixed deposits. For domestic/NRO deposits, in case of premature withdrawal the rate of interest will be applicable as per the term of the deposit with the bank instead of the rate quoted in the deposit contract. For domestic term deposits with maturity less than 1 year, no penal interest rate will be applicable on premature withdrawal. For all other maturities, 1% penal rate will be applicable.
For NRE accounts, no interests will be payable if deposit is withdrawn within 1 year. Above that, a penal rate of 1% will be applied.
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