The Bank of Maharashtra raises deposit rates by 125 basis points

12 Oct 2023 , 02:31 PM

The fixed deposit rates of the government-owned Bank of Maharashtra (BoM) increased by up to 125 basis points, or 1.25%, on Wednesday. According to a statement from BoM, the revised rates are in effect as on October 12.

According to the bank’s records, the rate hike is applicable to both fixed deposits and special programs, it stated.

As per the statement, the abrupt increase of 125 bps in deposit rates over the term of 46-90 days will encourage people and businesses to save more.

In accordance with the statement, customers would receive a boost of 25 basis points, or 6.25%, on deposits longer than one year. The interest rate for a tenure of one year will be 6.50%.

As per the announcement, the senior citizens would receive an additional benefit of 50 bps in interest rate with a tempting deposit rate of up to 7.5% under the 200/400 days’ special plan.

According to the bank, its alluring interest rates make it an appealing choice for both short-term and long-term savers, encouraging loyalty and confidence among them.

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