Bank of Maharashtra hikes FD rates by up to 7% on a special tenor of 200 days
Live MintIn response to rising fixed deposit rates triggered by the RBI's last update on February 8, 2023, which increased the repo rate by 25 basis points to 6.50%, the public sector lender Bank of Maharashtra has increased interest rates on fixed deposits under ₹2 Cr. Following the change, the bank is currently providing interest rates on deposit tenors of 7 days to 5 years and above that range from 2.75% to 5.75%. Bank of Maharashtra FD Rates The bank offers a 2.75% interest rate on fixed deposits that mature in 7 to 30 days, and Bank of Maharashtra offers a 3% interest rate on deposits that mature in 31 to 45 days. Regarding premature withdrawals of fixed deposits, Bank of Maharashtra has mentioned on its website that “On premature withdrawal of term deposits, for deposits up to 1 year maturity there will NO PENALTY on the applicable interest rate.