FD Interest Rate: The government bank has increased interest rates on its Fixed Deposits by up to 1.25%. The new rates will be effective from October 12. Before the festivals, this government bank gave customers a big gift, and now there will be more benefits on Fixed Deposits.
Just before the festivals, the Bank of Maharashtra, a public sector bank, has given good news to its lakhs of customers. The government bank has increased interest rates on its Fixed Deposits by up to 1.25%. BoM has announced that the new rates will be effective from October 12.
The bank has stated that the FD interest rate increase will apply to Fixed Deposits (FD) and the bank’s special schemes. For deposits ranging from 46 to 90 days, the interest rate has been increased by 1.25%. This will encourage individuals and businesses to save more.
For a one-year deposit, the bank will offer an interest rate of 6.50%. For deposits exceeding one year, the interest rate has been increased by 0.25% to 6.25%. The bank has also stated that senior citizens will receive an additional 0.5% interest on FDs. They will be offered an attractive interest rate of 7% on the special deposit scheme for 200 to 400 days.
It has been mentioned that the bank’s attractive FD interest rates make it an appealing option for both short-term and long-term savers, enhancing trust and loyalty among them.