The Hindu Business Line : Bank of Maharashtra raises deposit rates

MUMBAI: Bank of Maharashtra (BoM) has increased the interest rates on its domestic term deposits by 0.25 per cent across select slabs with effect from Tuesday.

“This has been done 'to give improved returns' to its depositors and 'to suit the present interest rate environment,'' the bank said in a statement issued here.

The increase of 0.25 per cent is on deposits for periods varying from over 91 days to three years for deposit amounts up to Rs 15-lakh.

For below Rs 15-lakh and tenure from 91 days to 180 days, the interest rate has been hiked to 6.25 per cent from 6 per cent while for 181 days to less than one year, the new interest rate will be 7.25 per cent as against 7 per cent.

For one year to less than two years, the new rate will be 8.75 per cent as against 8.5 per cent, the release said, adding that under the Mahalaxmi scheme, for three years, the deposit would fetch 9 per cent as against the old rate of 8.75 per cent.

Senior citizens, for amount less than Rs 15 lakh, will get 7.25 per cent for deposits of 91 days to 180 days and 8.25 per cent for deposits of tenure 181 days to less than one year.

Three year deposits would fetch 9.5 per cent for senior citizens for amount below Rs 15-lakh, the release said. Rates of other slabs, tenure and deposit amount higher than Rs 15-lakh remain unchanged. - PTI

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