Interest Rates
2.75% – 6.70% p.a.
Time Period
7 days to 10 years
Min - Max Amount
1,000 - No upper limit
Compounding
Quarterly compounding for tenures exceeding 6 months; simple interest for shorter periods
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Expected Rate of Return
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Invested Amount
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The Bank of Maharashtra, a prominent public sector bank in India, has its roots deeply embedded in the historical banking landscape of the state. Maharashtra, known for its strategic location and abundant natural resources, has a rich history of commercial activity dating back centuries. Banking in the region began early, with the establishment of the Bank of Bombay in 1840 as the first commercial bank in Maharashtra. This marked the inception of organised banking in the state, centred initially in Mumbai, which served as a hub for financial operations due to its economic significance.
The Bank of Maharashtra itself was founded on 16 September 1935 in Pune, as a response to the growing need for a dedicated financial institution to support the commercial and agricultural sectors in Maharashtra. Pune was chosen as the headquarters because of its central location within the state, facilitating better outreach to rural and urban areas alike. The bank's establishment was influenced by the vision of local leaders and merchants who sought to promote economic development outside the dominant financial centres like Mumbai. It began operations with a focus on providing banking services to small and medium enterprises, farmers, and traders, laying the foundation for inclusive growth.
Over the decades, the Bank of Maharashtra has achieved several key milestones that reflect its evolution and contributions to India's financial sector. In its early years, it expanded its branch network across Maharashtra, establishing a presence in both metropolitan and rural areas to democratise access to banking services. By the 1960s, the bank had solidified its role in supporting agricultural financing, which became a cornerstone of its operations, aligning with national priorities for rural development.
Tenure | Regular Rate (p.a.) | Senior Citizen Rate (p.a.) |
7 - 30 days | 2.75% | 3.25% |
31-45 days | 3.00% | 3.50% |
46-90 days | 4.20% | 4.70% |
91-119 days | 4.50% | 5.00% |
120-180 days | 4.75% | 5.25% |
181 - 270 days | 5.00% | 5.50% |
271 - 364 days | 5.25% | 5.75% |
365 days/ One Year | 6.20% | 6.70% |
Above 1 year to 2 years | 6.20% | 6.70% |
Above 2 years to 3 years | 6.20% | 6.70% |
Above 3 years to 5 years | 6.10% | 6.60% |
Above 5 years to 10 years | 6.10% | 6.60% |
Note: The data is as of July 30, 2025.
Tenure | Regular Rate (p.a.) | Senior Citizen Rate (p.a.) |
7 - 30 days | 2.75% | N.A. |
31-45 days | 3.00% | N.A. |
46-90 days | 4.50% | N.A. |
91-119 days | 5.00% | N.A. |
120-180 days | 5.00% | N.A. |
181 - 270 days | 5.25% | N.A. |
271 - 364 days | 5.50% | N.A. |
365 days/ One Year | 6.20% | N.A. |
Above 1 year to 2 years | 6.20% | N.A. |
Above 2 years to 3 years | 5.50% | N.A. |
Above 3 years to 5 years | 5.50% | N.A. |
Above 5 years to 10 years | 5.25% | N.A. |
Note: The data is as of July 30, 2025.
Bank of Maharashtra's Fixed Deposit schemes offer a secure and reliable avenue for investors seeking stable returns. One of the primary features is the flexibility in tenure, ranging from as short as 7 days to as long as 10 years, allowing depositors to align their investments with specific financial goals.
Key benefits include guaranteed returns, insulated from market volatility, which is ideal for conservative investors. Senior citizens enjoy an additional 0.50% interest rate on eligible tenures, enhancing their retirement corpus. A standout advantage is the loan facility against the FD, offering up to 90% of the deposit value without breaking the tenure, providing liquidity in emergencies. Nomination facilities ensure smooth succession, while the option for auto-renewal simplifies reinvestment. Deposits are insured up to ₹5 lakh by the Deposit Insurance and Credit Guarantee Corporation (DICGC), adding a layer of security.
Bank of Maharashtra offers a variety of Fixed Deposit schemes tailored to diverse investor needs, ensuring that whether you are a young professional saving for the future or a retiree seeking regular income, there is an option suited to your profile.
The core offering is the standard Domestic Term Deposit, which forms the backbone of their FD portfolio. This scheme allows deposits from ₹1,000 with tenures spanning 7 days to 10 years.
For tax-conscious investors, the Tax Saving Term Deposit stands out as a strategic choice under Section 80C of the Income Tax Act. This scheme mandates a lock-in period of exactly 5 years, with a minimum deposit of ₹100 and a maximum of ₹1.5 lakh per financial year.
Another specialised variant is the Monthly Interest Deposit Scheme, designed for those requiring a steady stream of income, such as pensioners or fixed-income dependents. Here, interest is disbursed monthly directly into the linked savings account, providing regular cash flow without the need to wait for maturity.
Beyond these, Bank of Maharashtra extends FD options for non-resident Indians through NRO and NRE Term Deposits, though these fall under specialised categories. The NRE FD, for instance, is repatriable and tax-exempt on interest, with minimum tenures of one year.
For domestic focus, the Mahasanchay Systematic Deposit Plan (MSDP) blends FD elements with recurring deposits, allowing fixed core monthly instalments (₹100 to ₹10,000) plus flexible top-ups up to ₹50,000. While primarily an RD, it offers FD-like stability with tenures from 12 to 60 months, ideal for systematic wealth accumulation.
Bank of Maharashtra structures its Fixed Deposit rates progressively, rewarding longer commitments with higher yields while offering competitive short-term options for liquidity needs. For tenures under 30 days, the rate stands at 2.75% p.a. for regular depositors, ideal for parking surplus funds temporarily. As tenures extend to 46-90 days, rates climb to 4.20%, balancing accessibility with modest growth. The sweet spot for medium-term investments lies in 1-3 year slabs at 6.20% p.a., providing optimal returns for goal-based saving like education or emergencies.
Longer locks, from 3-10 years, yield 6.10% p.a., with seniors gaining an extra 0.50%, making it suitable for retirement planning. These rates, effective as of July 2025, reflect the bank's commitment to fair pricing amid economic fluctuations, ensuring depositors can select terms aligning with their risk appetite and horizon.
| Tenure Range | Institution Name | Interest Rate Range (%p.a.) |
|---|---|---|
| 365 days/ One Year | 6.20› |
 | 1 year to less than 2 years | 6.60› |
 | 1 year 11 days to 2 years | 7.00› |
 | 15 months – < 18 months | 7.25› |
 | 15 months – < 18 months | 7.00› |
Note: The data is as of July 30, 2025
Investing in a Bank of Maharashtra Fixed Deposit online is a quick and paperless process. Existing customers can log into their internet banking portal or access the Mahamobile Plus application. Navigate to the 'Deposits' section and select the 'Open New FD' option. You will be prompted to enter the deposit amount, choose a tenure from 7 days to 10 years, and select an interest payout frequency, such as cumulative or periodic.
For customers who prefer in-person service, Fixed Deposits can be opened at any Bank of Maharashtra branch. Use the branch locator on the bank's website to find your nearest branch. Visit with the required KYC documents, such as PAN card and proof of address. A bank representative will provide and assist you in filling out the physical FD application form. You can make the initial deposit using cash, a cheque, or via a transfer from your existing account. Upon successful processing, you will receive a physical Fixed Deposit receipt as proof of your investment.
Eligibility for a Bank of Maharashtra FD account is broad, encompassing individuals aged 18 and above, including resident Indians, NRIs, and HUFs. Minors can open accounts through a legal guardian.
Professionals such as doctors, engineers, businessmen, students, and homemakers qualify, as do firms, partnerships, companies, trusts, societies, and associations. For tax-saving FDs, only individuals and HUFs are permitted, limited to one per financial year. No income proof is required for standard FDs, but KYC compliance is mandatory.
Opening a Bank of Maharashtra FD requires standard KYC documents for seamless verification. For individuals, provide proof of identity and address: Aadhaar card, PAN card, passport, voter ID, or driving licence. Senior citizens may submit pension orders alongside. For joint accounts, each holder needs separate KYC. NRIs require passport and visa copies, plus overseas address proof.
Entities like firms or companies must furnish incorporation certificates, partnership deeds, board resolutions, and authorised signatory lists. Recent photographs (two per applicant) and the FD application form complete the set. Digital uploads via app suffice for online openings, with physical submission at branches. Non-submission may delay processing, but existing account holders need only PAN for updates.
Interest earned on Bank of Maharashtra Fixed Deposits is taxable as 'income from other sources' under the Income Tax Act, added to your total income and taxed per slab rates, up to 30% plus cess for high earners. For tax-saving FDs, the principal qualifies for deduction under Section 80C, up to ₹1.5 lakh annually, but interest remains taxable. Banks deduct TDS at 10% if annual interest exceeds ₹40,000 (₹50,000 for seniors) from April 2025, issuing Form 16A for credit claims. Submit Form 15G/H if income is below taxable limits to avoid deduction. For NRIs, TDS is 30% plus surcharge, with DTAA benefits possible via certificates.
Quarterly compounding boosts effective yields but doesn't alter tax liability, calculated on accrued interest. Advance tax provisions apply if liability exceeds ₹10,000 yearly. Consult a tax advisor for optimal planning, especially with multiple FDs aggregating interest.
Premature closure of Bank of Maharashtra FDs is permitted after 7 days, subject to penalties reducing the interest rate to the lower of the booked rate or the prevailing rate for the actual period minus 1%. For tenures under one year, no interest is paid if closed before 7 days. Tax-saving FDs prohibit early withdrawal except on death. Joint accounts require survivor consent.
Log into the Mahamobile Plus app or internet banking, select 'Fixed Deposit' under deposits, enter amount and tenure, and confirm via OTP for instant activation. Existing customers enjoy seamless debits, while new ones can initiate KYC digitally.
The minimum deposit is ₹1,000 for standard FDs, making it accessible for small savers. For tax-saving variants, it starts at ₹100, with annual caps applying.
Tenures range from 7 days for short-term parking to 10 years for long-term growth, with flexible slabs like 91 days or 5 years. This variety suits emergency funds to retirement planning.
Any resident Indian or NRI aged 18+ with valid KYC qualifies, including minors via guardians; digital access requires an active net banking profile. Entities like HUFs need additional proofs but enjoy full online privileges.
The peak rate is 6.70% p.a. for regular 1-3 year tenures under ₹5 crore, rising to 7.20% for seniors. Longer terms offer slightly lower but stable yields.
Input deposit amount, tenure, and rate into the online FD calculator on the bank's site to project maturity value and annual interest; cross-reference with slab rates to estimate tax outflow. This aids in selecting tenures minimising TDS thresholds.
Opt for longer tenures with quarterly compounding and senior premiums if eligible, ladder multiple FDs for liquidity, and renew at peak rates; pair with tax-saving schemes for deductions. Avoid premature withdrawals to retain full interest.
