| Started On | 1935 |
| Head Quarters | Pune |
| CRISIL Rating | NA |
| CEO | A. S. Rajeev |
| Listed on exchange as | Bank of Maharashtra |
| ICRA Rating | NA |
| Tenure | Regular customers | Senior citizens |
|---|
A Medium-term fixed deposit, that is, from 1 year to 5 years, withhold interest rates is 4.90% for general customers and is 5.40% for senior citizens according to the period of lock-in.
These are the deposits which ranges from 5 years to 10 years. Interest provided by Bank of Maharashtra in these type of FDs is 4.90%.
The Period that begins from 7 days to 1 year or less than a year are known as short term fixed deposits, and their interest rates start from 2.75% to 4.25% depending on the number of days of the deposit for general customers, and it is from 4.25% to 4.75% for the senior citizens.
| Name | Tenure | Interest rate |
|---|
A Bank of Maharashtra FD account can be opened through different modes like Mobile App, Internet Banking, and offline.
1) Internet Banking
Follow the below-mentioned steps for opening a Bank of Maharashtra FD account via internet banking-
2) Mobile App - Bank of Maharashtra App
Follow the steps mentioned ahead to open an FD account via Bank of Maharashtra App-
3) Opening Bank of Maharashtra FD Offline
For opening a Bank of Maharashtra FD account via offline mode, one has to visit the nearest Bank of Maharashtra branch. Fill out the Bank of Maharashtra FD application form and present all the necessary documents with the deposit amount. On successful processing of the application, an FD receipt will be provided by the Bank of Maharashtra.
Individuals or entities satisfying the following criteria can opt for a fixed deposit in Bank of Maharashtra FD–
The following documents have to be furnished for opening a Bank of Maharashtra FD –
An investment in Bank of Maharashtra Tax Saving FD entitles to tax saving up to Rs. 1,50,000 p.a. No other Bank of Maharashtra FD entitle to tax saving under Section 80C of the Income Tax Act.
Also, note that the interest income from the Bank of Maharashtra Fixed Deposit is taxable according to the slab rates of income tax. Also, the interest income is subject to a TDS of 10% if the income from Bank of Maharashtra FD exceeds Rs. 40,000 p.a.
For senior citizens, the limit is Rs. 50,000 p.a. Also, if the investor fails to provide PAN Card details to the bank, the TDS rate will be 20%.
Bank of Maharashtra provides loans against their Fixed Deposits. Investors can receive up to 90% of the deposit as a loan. The rate of interest for the loan will be according to the terms and conditions of the Bank of Maharashtra.
Bank of Maharashtra permits premature withdrawal of Fixed Deposit. The bank will levy a penalty of 1% on the interest.
Who should fill out Form 15G/15H?
Form 15G/ 15H is for people who do not have taxable income, i.e. those earning less than Rs. 2.5 lakh per year. Form 15H is for citizens above the age of 60, whereas Form 15G is for people under the age of 60.
What happens if your PAN isn't updated in your bank's records?
If the customer's PAN is not updated in the bank's records, the bank will levy a TDS of 20%.
Do older citizens receive any additional benefits when investing in Bank of Maharashtra FD Schemes?
Yes, elderly persons receive a 0.5% interest rate discount on the current Bank of Maharashtra fixed deposit rates.
Is it possible to open a Bank of Maharashtra Fixed Deposit without a PAN card?
Yes, you can open a Fixed Deposit with the Bank of Maharashtra without a PAN card.
What documents do I need to open the FD?
Customers must submit the following papers to apply for any of the fixed deposit programs and receive high returns on Bank of Maharashtra FD interest rates:
Can I withdraw the investment before maturity?
If necessary, the bank permits its customers to make early withdrawals. However, the following considerations must be made when using the facility: