FD Interest Rate: Government bank has increased the interest rates on its fixed deposits by up to 1.25%. The new rates will be effective from October 12.
Good news has been given to lakhs of customers of public sector Bank of Maharashtra. The government bank has increased the interest rates on its fixed deposits by up to 1.25%. BoM said that the new rates will be effective from October 12.
The bank said that the increase in interest rates will be applicable on FD and special schemes of the bank. The bank said that the interest rate on deposits of 46 to 90 days has been increased by 1.25%. This will encourage individuals and business sectors to save more.
The bank will give interest of 6.50% on one year deposit. The interest rate for deposits of more than one year has been increased by 0.25% to 6.25%. The bank said in the statement that senior citizens will get additional interest of 0.5% on FD. They will be given an attractive interest rate of 7.% on Special Deposit Scheme for 200 to 400 days.
It said the bank’s attractive interest rates make it an attractive option for both short-term and long-term savers, thereby increasing trust and loyalty among them.