Bank of Maharashtra has decided to increase the rate of interests on Deposits with effect from 13th August 2018. Bank has decided to increase rate on “Retail Term Deposits” for 3 years & above period by 50 basis points. The revised deposit rates for retails category are as under;
Period | Present Interest Rate(%) | New Interest Rate (%) |
07 to 45Days | 4.25 | 4.25 |
46 to 90Days | 5.25 | 5.25 |
91 to 364Days | 6.00 | 6.00 |
365 Days | 6.50 | 6.50 |
Over 1 Year to 2 Years | 6.50 | 6.50 |
Over 2 Years to 3 Years | 6.60 | 6.60 |
Above 3 years | 6.00 | 6.50 |
The interest rates on ‘BULK DEPOSITS’ have also been increased by 75 to 100 Basis points. The Bulk Deposits i.e. above 1.00 Crore to 5.00 Crore will now have following interest rates;
Period | Present Interest Rate(%) | New Interest Rate (%) |
07 to 45Days | 3.50 | 4.25 |
46 to 90Days | 3.75 | 4.50 |
91 to 364Days | 4.00 | 4.75 |
365 Days | 4.25 | 5.25 |
Over 1 Year to 2 Years | 4.25 | 5.00 |
Over 2 Years to 3 Years | 4.25 | 5.00 |
Above 3 years | 4.25 | 5.00 |
Bank of Maharashtra has also reviewed and revised its Marginal Cost of Funds based Lending Rates (MCLR) from 7thAugust 2018 as under;
Tenor | MCLR Rates p.a. |
Overnight MCLR | 8.00% |
1 month MCLR | 8.10% |
3 month MCLR | 8.20% |
6 months MCLR | 8.55% |
1 year MCLR | 8.75% |
The Base rate is kept unchanged @ 9.50% p.a.