S Bharat kumar, General Manager, planning has informed that Bank of Maharashtra has increased its interest rates on domestic term deposits by 25 to 50 basis points (bps) in different maturity bands with effect from April 10. Interest rate in its popular three years term deposits scheme Mahalaxmi for deposit amount above Rs1 crore is increased by 25 bps. Senior citizens will be offered interest rate of 9.50 per cent pa.
Bank has also increased interest rate for deposits of more than Rs1 crore, for a period of 364 days and above by 25 basis points to nine per cent, for deposits upto Rs5 crore for the period of 181 days to 363 days by 25 to 50 basis points to 8.50 per cent.