Bank of Maharashtra has revised fixed deposit rates for various maturities. Earlier the bank revised the deposit rates on 15th December last year. The revision in the interest rates by the bank might be step from the bank to attract more people and to increase the deposits.
The bank has raised the interest rates ranging 25 to 75 basis points over various other maturities. According to an official , deposits under Mahalaxmi Term Deposit Scheme, for three-year period will get 8.60 per cent, an increase of 30 basis points.
The new interest rates came into enforcement from 10th of December. The bank offers an additional interest of 0.50 percent on the maturity slabs from 91 days to less than a year and the interest rate has been raised from 0.50 to 0.75 for all the maturities above one year slab for senior citizens
1 comment:
Hi Megha,
Just was googling around to check if any sites explain the rationale behind higher interest rates by banks for special days tenures. For example ICICI gives higher interest rates on 290,590,990 days,etc.
It would be great if you could help explaining.
BTW your site is quite informative.
Thanks,
Sushil
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