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Bank of Maharashtra has increased the interest rates on domestic retail term deposits for the maturity period of one year to three years between 25 and 70 basis points on relevant maturity bands, with immediate effect, said a press release issued by the bank.
Deposits of Rs 1 crore to Rs 5 crore will earn nine per cent for one year tenure, against 8.3 per cent earlier.
Deposits under Mahalaxmi Term Deposit Scheme, for three-year period will get 8.60 per cent, an increase of 30 basis points, said the release.
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