Bank of Maharashtra debuts Maha Dhanvarsha fixed deposit scheme

The 400-day “Maha Dhanvarsha” fixed deposit scheme is a new fixed tenure offering from the public sector lender Bank of Maharashtra. The highest interest rate on this special deposit is 5.50% for non-senior citizens and 6% for senior citizens, according to the bank.

Bank of Maharashtra has mentioned on its website that “Revision in ROI for Term Deposit of Less Than ₹2 Cr for 400 days will be effective from 29.08.2022.”

The bank’s fixed deposit customers will receive the highest interest rates compared to the other tenors on deposits maturing in 400 days. The bank recently changed its interest rates for fixed deposits below ₹2 Cr on August 22, 2022. With effect from the specified date, the bank is now providing fixed deposits with maturities ranging from 7 days to 10 years with interest rates ranging from 2.75% to 5.40%. The bank will now pay 2.75% interest on deposits maturing in 7 to 30 days, and Bank of Maharashtra will also pay 3% interest on deposits maturing in 31 to 45 days.

The interest rate on deposits maturing from 46 to 90 days will be 3.50%, while the interest rate on deposits maturing in 91 to 119 days will be 3.75%. The Bank of Maharashtra is currently offering interest rates of 3.90% and 4.25% for deposits maturing in 120 to 180 days and 181 to 270 days, respectively. The interest rate on fixed deposits will now be 5% for those maturing in 271 to 364 days and 5.40% for those maturing in 1 year to 399 days. The bank will now provide a 5.50% interest rate on the 400-day “Maha Dhanvarsha” fixed deposit plan and a 5.40% interest rate on fixed deposits maturing in 401 days to 5 years.