Customers who make fixed deposits at the public sector Bank of Maharashtra (BOM) have received a prize. The FD interest rates have been raised by 1.25 percent by the bank. According to a statement from the Bank of Maharashtra, the revised rates are effective as of today, October 12. The bank announced that its special programs and FDs would be affected by the increase in interest rates. According to the bank, there has been a 1.25 percent increase in the interest rate on deposits held for 46 to 90 days. This will motivate people and businesses to conserve more money.
Interest on a one-year deposit is 6.50 percent
The bank will pay a 6.50 percent interest rate on deposits made for a year. The interest rate for deposits longer than a year has gone up by 0.25 percent to 6.25 percent. According to the bank’s statement, older folks will receive an additional 0.5 percent FD interest rates. They will receive a tempting 7.5 percent interest rate on special savings accounts with a 200–400 day holding period. Customers who are interested in short-term and long-term savings have a lot of options thanks to the bank’s competitive interest rates, it was said.
In addition, the Bank of Baroda (BoB) raised the FD interest rates
with five maturities up to one year by 50 basis points. On deposits with a maturity of more than two years but less than three years, this public sector bank offers a maximum interest rate of 7.25 percent (previously 7.05 percent). As of October 9, the bank’s revised FD interest rates are in effect. The interest rate on the “Tiranga Plus – 399 Days” deposit has been lowered by the Bank of Baroda to 7.15 percent.
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