Financial institution of Maharashtra launches new FD tenure with as much as 6% rate of interest

Financial institution of Maharashtra has launched a brand new mounted deposit tenure dubbed “Maha Dhanvarsha” mounted deposit scheme. In line with the financial institution web site, the very best rate of interest on this particular deposit is 5.50 p.c for normal residents and 6 p.c for senior residents with impact from August 29, 2022. This rate of interest is relevant on tenure of 400 days solely.

As per the web site, “Revision in ROI for Time period Deposit of Much less Than ?2 Cr for 400 days might be efficient from 29.08.2022.”

Financial institution of Maharashtra revised FD rates of interest on mounted deposits beneath Rs 2 crore with impact from August 22, 2022. The financial institution affords rates of interest between 2.75 p.c to five.40 p.c (now 5.50) curiosity on mounted deposit tenures between 7 days to 10 years.

Senior Residents

Senior residents might be provided a further charge of 0.50 p.c rate of interest just for all maturities slabs of 91 days and above for deposit as much as Rs 2 crore solely.

FD penalty

In line with the Financial institution of Maharashtra web site, “On untimely withdrawal of time period deposits for deposits as much as 1 yr maturity (tenure on the time of opening the account) there might be no penalty. Rates of interest of prematurely withdrawn time period deposits with maturity interval a couple of yr might be 1% under the relevant charge.

Supply hyperlink

Leave a Comment