Bank of Maharashtra Bank FD Calculator
Fixed Deposits Interest Rates on Domestic/NRO of less than Rs 2 crore - General Public
| Tenure | Regular Citizens |
| 7 days to 30 days | 2.75 |
| 31 days to 45 days | 3 |
| 46 days to 90 days | 3.5 |
| 91 days to 119 days | 3.75 |
| 120 days to 180 days | 3.9 |
| 181 days to 270 days | 4.25 |
| 271 days to 364 days | 5 |
| 365 days/1 year | 5.4 |
| Above 1 year to 399 days | 5.4 |
| 400 days (Maha Dhanvarsha) | 5.5 |
| 401 days to 2 years | 5.4 |
| Above 2 years to 3 years | 5.4 |
| Above 3 years to 5 years | 5.4 |
| Above 5 years | 5.4 |
Note: The FD interest rates are effective as of 17 August 2022
Fixed Deposits Interest Rates on Domestic/NRO of less than Rs 2 crore - Senior Citizens
| Tenure | Senior Citizens |
| 7 days to 30 days | 3.25 |
| 31 days to 45 days | 3.5 |
| 46 days to 90 days | 4 |
| 91 days to 119 days | 4.25 |
| 120 days to 180 days | 4.4 |
| 181 days to 270 days | 4.75 |
| 271 days to 364 days | 5.5 |
| 365 days/1 year | 5.9 |
| Above 1 year to 399 days | 5.9 |
| 400 days (Maha Dhanvarsha) | 6 |
| 401 days to 2 years | 5.9 |
| Above 2 years to 3 years | 5.9 |
| Above 3 years to 5 years | 5.9 |
| Above 5 years | 5.9 |
Note: The FD interest rates are effective as of 17 August 2022
Bank of Maharashtra Tax Saver Deposit - General Public
| Tenure | Regular Citizens |
| 5 years | 5.4 |
Bank of Maharashtra Tax Saver Deposit - Senior Citizens
| Tenure | Senior Citizens |
| 5 years | 5.9 |
Fixed Deposits Interest Rates on Domestic/NRO of amount Rs 2 crore to Rs 10 crore
| Tenure | Interest Rates (% p.a.) |
| 7 days to 30 days | 2.75 |
| 31 days to 45 days | 3 |
| 46 days to 90 days | 3.25 |
| 91 days to 119 days | 3.5 |
| 120 days to 180 days | 3.75 |
| 181 days to 270 days | 4 |
| 271 days to 364 days | 4.75 |
| 365 days/1 year | 5.25 |
| Above 1 year to 2 years | 5.25 |
| Above 2 years to 3 years | 5.25 |
| Above 3 years to 5 years | 5.25 |
| Above 5 years | 5.25 |
Note: The FD interest rates are effective as of 22 August 2022
Fixed Deposit Interest Rates on NRE deposits of less than Rs 2 crore
| Tenure | Interest Rates (% p.a.) |
| 365 days/1 year to 2 years | 4.9 |
| Above 1 year to 2 years | 4.9 |
| Above 2 years to 3 years | 4.9 |
| Above 3 years to 5 years | 4.9 |
| Above 5 years | 4.9 |
Note: The FD interest rates are effective as of 8 January 2021
Fixed Deposit Interest Rates of FCNR (B) (Fixed) – July 2022
| Tenure | Interest Rates (% p.a.) | ||||
| USD | GBP | EURO | AUD | CAD | |
| 12, 15, 18, 21 months | 1.85 | 1.7 | 0.01 | 0.85 | 1.5 |
| 24, 27, 30, 33 months | 1.9 | 1.75 | 0.01 | 0.9 | 1.5 |
| 36, 39, 42, 45 months | 1.95 | 1.8 | 0.01 | 1.2 | 1.7 |
| 48, 51, 54, 57 months | 2 | 1.75 | 0.1 | 1.5 | 1.7 |
| 60 months | 2.05 | 1.7 | 0.15 | 1.6 | 1.7 |
Note: The FD interest rates are effective as of July 2022
Fixed Deposit Interest Rates of FCNR (B) (Floating) – July 2022
| Tenure | Interest Rates (% p.a.) | ||||
| USD | GBP | EURO | AUD | CAD | |
| 12, 15, 18, 21 months | O/N rate+ 0.33 | O/N rate+ 0.51 | O/N rate+ 0.59 | O/N rate+ 0.00 | O/N rate+ 0.04 |
| 24, 27, 30, 33 months | O/N rate+ 0.38 | O/N rate+ 0.56 | O/N rate+ 0.59 | O/N rate+ 0.05 | O/N rate+ 0.04 |
| 36, 39, 42, 45 months | O/N rate+ 0.43 | O/N rate+ 0.61 | O/N rate+ 0.59 | O/N rate+ 0.35 | O/N rate+ 0.24 |
| 48, 51, 54, 57 months | O/N rate+ 0.48 | O/N rate+ 0.56 | O/N rate+ 0.68 | O/N rate+ 0.65 | O/N rate+ 0.24 |
| 60 months | O/N rate+ 0.53 | O/N rate+ 0.51 | O/N rate+ 0.73 | O/N rate+ 0.75 | O/N rate+ 0.24 |
Note: The FD interest rates are effective as of July 2022
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Bank of Maharashtra FD Calculator
Bank of Maharashtra is one of the oldest banks in India. It offers different fixed deposit schemes to its customers at attractive interest rates. Bank of Maharashtra fixed deposit schemes yield high interest returns upon maturity.
However, before opening an FD account, it is essential to check the maturity amount. It enables you to get a clear picture of how much you can get for investing a certain amount for a specific tenure. Now, you can use an online FD calculator for this purpose.
Let’s find out more about Bank of Maharashtra fixed deposit calculating tool.
Bank of Maharashtra (FD) Calculator
Bank FD rates differ depending on the tenure that you have chosen. The Bank of Maharashtra fixed deposit rate of interest ranges between 2.75% p.a. to 6.15% p.a. for tenure between 7 days to above 5 years. Also, this financial institution offers an additional 0.50% interest rate to senior citizens only for all maturities of 91 days and above for investment of up to ₹2 crore.
Considering variations in interest rates as per the tenure and complicated calculation procedures, estimating the accurate interest manually can be pretty time-consuming. You can use the online Bank of Maharashtra FD calculator for an error-free result without any hitch. All you have to do is enter some required data in the respective fields of the tool.
How Does the Bank of Maharashtra (FD) Calculator Works?
You just need to follow some simple steps to assess this online calculator:
1. Fill in the deposit amount in “Total Investment” box.
2. Drag the purple cursor until reaching the desired tenure, or enter the number of years in the space provided.
3. Enter the Bank of Maharashtra fixed deposit interest rate
4. Finally, your screen will display “Total Value” and “Estimated Return” received against your FD investment.
You can make adjust and change the data in these boxes to find customised results. This will help you to determine the right tenure and deposit amount as per your financial goals.
This interest in FD is calculated in 2 ways: Simple interest and compound interest. Generally, simple interest is applicable if your FD tenure is less than 1 year.
In case of simple interest, the formula used is:
M= P+ (PXRXT/100)
In this given formula,
M is the maturity value
P stands for investment amount
R represents rate of interest
T denotes the tenure of investment
On the other hand, in case of compound interest, the formula used is:
A = P(1+r/n)^nt.
In this given formula,
A stands for maturity amount
t stands for tenure
P denotes the total amount deposited
N denotes the number of times the interest is compounded.
To get a brief illustration of how this formula actually works, let’s consider an example:
Example
By following the compound interest formula, if you invest ₹25000 for 4 years at an interest rate of 5.35% p.a., compounded quarterly, the maturity amount will be:
A = 25,000 (1+0.0535/4) ^ (4*4)
So, A = ₹ 30,921.67.
Interest income = A-P = 30,921.67- 25,000 = ₹5,921.67.
Benefits of an Online Bank of Maharashtra Fixed Deposit Calculator
If you wish to invest in FD schemes, you can use this user-friendly tool to calculate the maturity amount in a hassle-free way.
Here are some benefits of using this online calculator:
- Convenient
As computing maturity value includes various steps, finding the accurate answer manually takes a lot of time. Now you can evade this delay using an online FD calculator. - Perform Comparison
One of the notable advantages of using this online tool is that it allows you to compare multiple investment options. You can adjust the various parameters and compare the maturity amount for different tenure and deposit amount. - Free to Use
Another prominent benefit of using this calculator is that it is promptly available online and requires no login credentials. You can use it for free. This tool can be accessed online only with a stable internet connection and a smart device. You can also access it from anywhere and anytime. You are also not required to input any personal information.
So, if you have been planning to invest in Bank of Maharashtra FDs, Upstox Bank of Maharashtra fixed deposit calculator can be helpful for you. It will allow you to make an informed financial decision accordingly and make suitable financial plans.
Frequently Asked Questions
What is the highest interest rate on Bank of Maharashtra FD?
This financial institution offers the highest interest rate of 6.30% p.a for investing in Maha Dhanavarsha FD scheme for a tenure of 400 days for an investment amount of up to ₹10 crore.
Does Bank of Maharashtra have a premature withdrawal facility?
Any premature withdrawal of fixed deposits for investments up to 1-year maturity will not attract any penalty.
What is the penalty in Bank of Maharashtra FD?
Interest rates on premature withdrawal with a maturity period of more than 1 year will draw a penalty of 1% on the applicable rate.
In how many years has FD doubled in Bank of Maharashtra?
To find out how long it will take to double your FD, simply use the rule of 72. Considering this rule, divide the number by 72 by the annual interest rate of your FD scheme. The output you will get will be the number of years it takes to double your FD amount.
Can a new customer open an FD online? If not, how they can do so?
Yes, new customers can open an FD account online through the internet banking facility of the Bank of Maharashtra.
Can I close a Bank of Maharashtra FD online?
Yes, you may close your FD account online. Visit the official website of the bank of Maharashtra and follow the instruction provided under ‘FD/RD’ tab. Then this bank will disburse the maturity amount accordingly.
What is the minimum and maximum investment amount for FDs at Bank of Maharashtra?
The minimum investment in Bank of Maharashtra FD is ₹1000. However, there is no limit on this bank’s maximum investment amount.
Disclaimer:
This calculator is meant to be used for indicative purposes only. It is designed to assist you in determining the appropriate amount of prospective investments. This calculator alone is not sufficient and shouldn’t be used for the development or implementation of any investment strategy. Upstox does not take the responsibility/liability nor does it undertake the authenticity of the figures calculated therein. Upstox makes no warranty about the accuracy of the calculators/reckoners. The examples do not claim to represent the performance of any security or investments. In view of the individual nature of tax consequences, each investor is advised to consult his/her own professional tax advisor before making any investment decisions on the basis of the results provided through the use of this calculator.