Bank of Maharashtra 2024 Interest Rate For FD, RD , Forex Calculator

Bank of Maharashtra 2024 Interest Rate For FD-Rates for FDs from the Bank of Maharashtra range from 2.75 to 5.00 percent per annum. to the general public and 2.75-7.50 percent per year. to seniors with tenures of seven days to five years or more. The Bank of Maharashtra Tax Saving FDs have an annual interest rate of 5.75 percent. to everyone else and 6.25 percent per year. for five-year deposits made by senior citizens. For non-resident aliens, the bank also offers a variety of fixed deposit products, including NRO, NRE, RFC, and FCNR (B) fixed deposits. Fixed deposits from FCNR (B) and RFC are accepted in US dollars (USD), British pound sterling (GBP), euro, Australian dollar (AUD), and Canadian dollar (CAD) in Maharashtra.

The interest rate for a bank account held at the Bank of Maharashtra is 2.5% in year 2024. This is equivalent to an interest rate of 5% compounded annually. The interest rate is subject to change, and may vary based on the bank’s financial condition and the overall economy. Please note that the interest rate provided here is not guaranteed and may change without prior notice. It is only an estimate based on the bank’s current base rate and other factors.

Bank of Maharashtra 2024 Interest Rate For FD

Bank of Maharashtra is perhaps of the most established bank in India. It was formally comprised in 1935. It gives an assortment of Fixed Store (FD) plans to its financial backers. These plans expected the financial backer to stop a huge part of assets inside the bank for a premium pay and exceptional yields upon development. Bank of Maharashtra gives Fixed Stores to financing costs between the scope of 2.75% p.a. furthermore, 6.15% p.a.

The interest rate for a bank savings account with the Bank of Maharashtra (BOM) is currently 3.0%. This is an annual interest rate, which means that you’ll earn 3% on your deposit each year. This is an excellent return considering the high level of security and stability offered by the bank. However, this interest rate does not take into consideration any additional fees charged by the bank.

Bank of Maharashtra 2024 Interest Rate For FD Details

Types of Bank of Maharashtra FD Schemes

There are several types of Bank of Maharashtra FD schemes. These include regular, fixed deposit, and recurring deposit schemes and others such as monthly income scheme and deferred deposit schemes. Regular FD schemes are commonly offered by banks and generally offer a fixed rate of interest on deposited funds. These deposits can be withdrawn at any time without penalty or charge. Fixed deposit schemes, on the other hand, are long-term investments where the money is deposited with the bank and usually earns a fixed interest rate. Recurring deposit schemes require the depositor to make regular deposits with the bank in order to collect a fixed amount of interest each month. Deferred deposit schemes allow depositors to make a one-time deposit with the bank and earn interest for an extended period of time, usually 12 months or more.

Maha Saraswati Scheme

• Least store sum: Rs 50 in Rustic and Semi-Metropolitan; Rs 100 in Metropolitan and Metro
• Residency: 3 years – 10 years
• Contributors can guarantee a “Free Mishap Protection Cover” of Rs 50,000 till the development of the store, dependent upon standard installment of portions. The protection can be asserted exclusively in the event of extremely durable complete disablement or passing emerging because of a mishap
• The investors of this plan are offered instruction advance loan fee concessions of up to 0.50% for Underneath Neediness Line (BPL) recipients having Mahasaraswati A/c and up to 0.25% for other Mahasaraswati A/c holders.
• The plan likewise gives Free VISA Global ATM cum Check card for which investors need to open a Yuva Yojna Record
• The store sum, as well as the interest, is repayable on the development date, for example at the point when the concurred period is finished or multi month after the credit of the last portion, whichever is later.
• Untimely withdrawal is allowed.

Click Also- ICICI Bank 2024 Interest Rate For FD

Monthly Interest Deposit Scheme

• Interest will be deposited monthly
• Minimum deposit amount: Rs 1,000
• Tenure: 1 year to 10 years
• Depositors can avail of loans of up to 90% of the deposit amount
• Nomination facility is available

Quarterly Interest Deposit Scheme

• Interest will be deposited quarterly
• Minimum deposit amount: Rs 1,000
• Tenure:1 year – 10 years
• Nomination facility is available
• A loan facility of up to 90% of the deposit amount is permitted

Check Also- IDFC Bank 2024 Interest Rate For FD

Bank Term Deposit Scheme (Tax Saving Term Deposit)

• Amount of deposit: 100 rupees minimum; Maximum of Rs. 1.5 lakhs per fiscal year 5 years
• No early withdrawals are permitted; the account can be moved from one branch to another;
• the nomination facility is available;
• the deposit cannot be pledged as collateral for any other asset;
• no loan against deposit is permitted.

Non-Resident External (NRE) Account

• The principal, as well as interest earned, are fully repatriable
• Nomination facility is available
• Power of attorney can be accessed by a local person allowing them to make local transactions or make investments etc.

Non-Resident Ordinary (NRO) Account

• Eligibility: Persons of Indian Origin (PIOs) and Non-Resident Indians (NRIs) The funds in this account cannot be remitted except in the following circumstances:
• Up to $1,000,000 per year in sales revenues from immovable properties held by the depositor for at least ten years,
• Current income such as dividends, interest, pensions, rent, etc.,
• up to $30,000 per academic year to cover their children’s educational costs.
• Up to $1,000,000 per year in sales revenues excluding any applicable taxes

Read More- Bank Of Baroda 2024 Interest Rate

Foreign Currency (Non-Resident) Account (Banks) Scheme  FCNR (B) Deposits

• Eligibility: Overseas Corporate Bodies (OCB) and Non-Resident Indians (NRIs)
• This FD scheme can be opened in the following currencies:
• Tenure: The US Dollar (USD), the British Pound (GBP),
• the Euro, the Australian Dollar (AUD),
• the Canadian Dollar (CAD). 1 to 3 years
• The principal and earned interest are fully repatriable, and there is a nomination facility.

Non-Resident Ordinary (RFC) Account

• After a minimum of one year of continuous residence outside of India, individuals of Indian origin or nationality who have returned to India for permanent settlement are eligible for this scheme.
• This FD scheme can be opened in the following currencies:
• There is a nomination facility for the US Dollar (USD),
• British Pound (GBP), Euro, Australian Dollar (AUD), and Canadian Dollar (CAD).

Check Also- Indusind Bank 2024 Interest Rate For FD

Premature Withdrawal Facility

In the event of an early withdrawal of FDs, interest will be charged at the rate that applies to the period of time the deposit was actually held with the bank. The bank does not charge any fees if deposits are withdrawn before a year has passed. However, deposits with a maturity period of more than one year are subject to a penalty of 1% of the applicable interest rate.

Bank of Maharashtra FD Rates Less than Rs.2 Crore

Also Read-Union Bank 2024 Interest Rate For FD

Bank of Maharashtra Fixed Deposit Rates Rs.2 crore to Rs.10 crore

FD Calculator

The potential maturity amount of fixed deposits can be calculated using the FD calculator. The Paisabazaar.com tool determines the expected total fund value at the end of the specified tenure by incorporating inputs such as deposit amount, tenure, and current FD rates. You can use this FD calculator for free.

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