Savings
Bank of Maharashtra FD rates: 6.65% on 400 days, and the cliff after two years
Bank of Maharashtra pays 6.65% on exactly 400 days and 6.40% at one year, then 5.25% or less past two years. The senior uplift, the closure rule and the traps.
Bank of Maharashtra’s domestic term-deposit schedule, effective 10 August 2026, peaks at 6.65% for the general public on a single special tenor of 400 days, with 7.15% for resident senior citizens. The bank publishes one uplift of 0.50 percentage point and no separate band for depositors aged 80 and above. The plain one-year deposit pays 6.40%; from there the schedule falls in steps to 5.00% for anything over three years, and stays there to ten.
Rates below are read from Bank of Maharashtra’s own deposit page on 10 September 2026 and apply to resident domestic term deposits below ₹3 crore with premature-withdrawal facility, the only kind the card prices at that size. Confirm the rate on the booking screen; the effective date on the bank’s page is what controls.
The buckets that actually pay
| Tenure | General | Senior citizen (60 and above) |
|---|---|---|
| 7–30 days | 2.60% | 2.60% |
| 31–45 days | 2.75% | 2.75% |
| 46–90 days | 3.75% | 3.75% |
| 91–119 days | 4.00% | 4.50% |
| 120–180 days | 4.75% | 5.25% |
| 181–270 days | 5.00% | 5.50% |
| 271–364 days | 5.25% | 5.75% |
| 365 days (one year) | 6.40% | 6.90% |
| 400 days (special scheme) | 6.65% | 7.15% |
| Over 1 year to 2 years | 6.15% | 6.65% |
| Over 2 years to 3 years | 5.25% | 5.75% |
| Over 3 years to 5 years | 5.00% | 5.50% |
| Over 5 years to 10 years | 5.00% | 5.50% |
| 1,777 days (Green Deposit) | 6.05% | 6.55% |
The bank prints one column and a footnote, not two columns: the senior figures above are the card rate plus the 0.50 percentage point the footnote grants from 91 days, so the three shortest buckets carry no uplift. Twelve regular rows and two special schemes make up the card, and both special schemes are exactly one day wide.
For orientation, the bank’s savings rate is 2.50% a year on balances up to ₹1 crore, cut from 2.75% on 1 September 2025. The 7-to-30-day deposit pays ten basis points more than that — about ₹41 on ₹5,00,000 held for a month — and takes away your access to the money.
365 days and 366 days are different deposits
One year exactly pays 6.40%; one year and a day falls into the over-one-to-two-year band at 6.15%, and on ₹5,00,000 that extra day costs about ₹1,170 of interest.
The 400-day scheme, and what the card does not say about it
The 400-day row sits under a “Special Schemes” heading with the same 10 August 2026 date as the main table, and only in the below-₹3 crore column; for ₹3 crore to ₹10 crore the card prints no rate for it. It prints no end date and no separate minimum either — the bank’s fixed-deposit page gives ₹1,000 as the minimum for any fixed deposit, and nothing on the card narrows that.
Against the band it interrupts, the scheme is worth 50 basis points — about ₹2,740 on ₹5,00,000 over the 400 days. One more line on the card attaches to it: the auto-rollover facility is not available for the special schemes. A 400-day deposit left to itself does not become another 400-day deposit.
How the peak stands against the seven large banks the site tracks — five of them on special tenors of their own — is in our comparison of FD interest rates across major banks.
Nothing longer than 400 days pays more
From 400 days the general rate drops to 6.15% for the rest of the one-to-two-year band, to 5.25% between two and three years, and to 5.00% from three years to ten. The ten-year deposit is 1.65 percentage points a year below the peak and 1.40 below the plain one-year rate.
The one long bucket that breaks the pattern is the 1,777-day Green Deposit at 6.05% — about four years and ten months, worth roughly ₹25,560 of simple interest on ₹5,00,000 over the term against the 5.00% ordinary rate. The 2023 deposit policy defines a green deposit only as one whose proceeds are earmarked for green finance; we could find no scheme sheet on the bank’s site, so the minimum and the loan facility are unconfirmed, and the no-auto-rollover line applies to it.
A rolling series of 400-day deposits at today’s schedule therefore pays more over five years than one five-year deposit, at the cost of accepting whatever rate exists on each renewal date; the five-year deposit trades that away for a rate 1.65 points lower for the whole term. Which risk you would rather carry is the real decision.
Maturity, and the day after it
The 2023 deposit policy has interest calculated at quarterly intervals, paid monthly at a discounted value under the monthly-income scheme, and computed on actual days — 366 in a leap year. The FD interest rates calculator will give the maturity value on simple interest or on quarterly compounding.
Renewal is where the schedule bites. For an ordinary deposit the policy provides that, absent instructions, the bank renews on the due date for the same period the matured deposit was placed for, and the card states that the published rates apply to renewals as well as to fresh deposits. For the special schemes the card withdraws that facility, so a 400-day deposit matures into an overdue deposit unless you have said otherwise.
The overdue rules then apply. A renewal requested within 14 days of maturity is dated back to the maturity date at the rate applicable on the due date. After 14 days, the overdue period earns the savings rate or the contracted rate, whichever is lower — on a 400-day deposit, a fall from 6.65% to 2.50%.
Breaking it early: nothing up to a year, one percentage point beyond it
The card says that on premature withdrawal interest is paid at the rate applicable to the period the deposit actually stayed, 1.00% below that rate as it stood on the date of deposit, with penal interest as per the deposit policy in force. The 2023 policy draws the line the card does not: a deposit booked for up to one year is paid at the rebuilt rate with no penalty; one booked for more than a year is paid at the rebuilt rate less 1.00 percentage point. Tenure means the period booked, not the period served.
Take ₹5,00,000 booked for 400 days at 6.65% and closed on day 200. The period actually served falls in the 181-to-270-day band, which paid 5.00% on the booking date. Deduct the penalty and you receive 4.00%, or about ₹10,960 of interest. Had the deposit run at the contracted rate for the same 200 days it would have earned about ₹18,220. The gap is roughly ₹7,260, and the penalty explains only ₹2,740 of it; the rebuild from 6.65% to 5.00% explains the rest. Both figures are simple interest on a 365-day year; quarterly compounding lifts each a little and does not change the comparison.
Now book the same money for 365 days at 6.40% and close on the same day 200. The rebuilt rate is the same 5.00%, but the tenure was not above one year, so nothing comes off: about ₹13,700, or ₹2,740 more than the 400-day deposit pays in the same circumstances. That is what the 35 extra days buy — 25 basis points if the deposit runs, and a one-point penalty if it does not.
Four rules attached to that mechanism are worth knowing before you book:
- No interest at all is paid where the deposit is closed within the minimum period of seven days.
- No penalty applies where the deposit is closed to reinvest with the bank for longer than the balance period of the original.
- No exemption for senior citizens appears in the policy; nothing in the card or the 2023 deposit policy waives the penalty for a depositor aged 60 or above.
- The penalty is set by the bank’s asset-liability committee and can be changed, so the terms on your receipt are what bind.
Where the cash need is temporary, the bank lends up to 90% of the deposit against it, with no processing fee, leaving the deposit and its contracted rate running; our guide to a loan against the FD sets out where that stops being the better route.
Seniors: one uplift, from 91 days, up to ₹5 crore
| Category | What the card grants |
|---|---|
| Resident senior citizen, 60 and above, buckets of 91 days and above | +0.50 percentage point, on deposits up to ₹5 crore |
| Resident senior citizen, buckets of 7 to 90 days | Nothing — the card rate |
| Depositor aged 80 and above | Nothing beyond the ordinary senior uplift |
| NRO and other non-resident deposits | Nothing |
| Staff, retired staff and their surviving spouses | +1.00 percentage point, on deposits up to ₹5 crore |
Several public sector banks print a separate, higher band for depositors aged 80 and above; this card does not. Where that band exists across the large banks, and what it is worth, is in our page on senior citizen FD rates.
Two documents disagree on the floor: the card grants the uplift from 91 days, the 2023 policy says all maturity slabs. The card is dated and the booking system prices from it, so plan on 91 days.
Two operational points appear only in the bank’s superseded 2018 edition of the policy. It refused the higher rate on a deposit in the name of a Hindu Undivided Family even where the karta is a resident senior citizen, and it granted the senior rate automatically on maturity or rollover once the depositor had turned 60 — the running contract was not repriced. Neither rule is in the 2023 document, so have the branch confirm both before relying on them.
None of this makes a Bank of Maharashtra senior deposit the best home for retirement money. The Senior Citizens Savings Scheme pays 8.2% for the quarter ending 30 September 2026, sovereign and paid quarterly — 1.05 percentage points above the bank’s best senior rate, subject to a ₹30 lakh ceiling, an age-60 test and a fresh notification each quarter. Exhaust that first.
What the card does not offer, and what it prices separately
There is no non-callable deposit below ₹10 crore. Every non-callable cell in the below-₹3 crore and ₹3-to-₹10 crore columns prints “xx”. The 2023 policy defines the product as a deposit above ₹15 lakh without premature closure, but the card does not price one at retail size; the ten-basis-point premium — 7.10% against 6.90% at one year — appears only from ₹10 crore upwards.
The tax-saver deposit under the Bank Term Deposit Scheme, 2006 has its own page but no rate of its own: the page links to the same card, whose over-three-to-five-year bucket pays 5.00%, or 5.50% for a senior. It takes ₹100 to ₹1.5 lakh a financial year from an individual or an HUF, runs five years, cannot be closed early except by a nominee after the depositor’s death, cannot be pledged, and the page says a loan against it is not allowed in any case. In a joint holding the section 80C deduction goes to the first holder alone — and it exists only under the old tax regime, which is no longer the default.
Bulk deposits of ₹3 crore and above have their own columns and are not uniformly better: the ₹3-to-₹10 crore column pays the same 6.40% at one year and 5.25% beyond three years, but the 400-day scheme is not available in it and the Green Deposit pays 5.45%. Recurring deposits are priced off the same table.
Tax takes the next bite
FD interest is taxable at your slab rate as income from other sources, in the year it accrues, whether or not the bank has paid it to you. A cumulative 400-day deposit runs past at least one 31 March, so it is taxed across two financial years and sometimes three.
The bank deducts tax at source once interest across all your deposits with it crosses ₹50,000 in a financial year, or ₹1,00,000 for a resident senior citizen — 10% where PAN is on record, 20% where it is not. At 6.65% the general threshold is reached by a little over ₹7.5 lakh of deposits, and it applies bank-wide, not per branch and not per deposit.
Where you have no tax liability at all and total income below the basic exemption limit, the declaration that stops the deduction is Form 121, which replaced Forms 15G and 15H from 1 April 2026; the bank’s policy has it given at the start of each financial year and when a new deposit is booked. TDS is an advance credit, not a settlement. Our guide to tax on FD interest sets out the thresholds and the declaration conditions in full.
At 6.65% before tax, a depositor in the 30% slab keeps about 4.6% after cess; at the one-year rate of 6.40%, about 4.4%.
Insurance stops at ₹5 lakh per depositor per bank
Deposit insurance covers eligible principal and accrued interest up to ₹5 lakh per depositor per bank, in the same right and capacity, after lawful set-off. It is not ₹5 lakh per deposit, per branch or per app, and it is the same figure at Bank of Maharashtra as at the largest bank in the country.
That interacts directly with the peak. A ₹5,00,000 deposit at 6.65% for 400 days crosses the cover almost immediately, because the interest counts; to keep the whole maturity value inside the limit the principal has to be capped at roughly ₹4.65 lakh — our own arithmetic, not a figure either institution states. Every other balance you hold at the bank is aggregated into the same ₹5 lakh, so a ladder built entirely here buys liquidity, not extra insurance. Joint accounts, capacities and claim timing are covered in our page on DICGC deposit insurance.
Before you book
| If the money is needed in | The bucket that fits | General rate | The trap next to it |
|---|---|---|---|
| Under a month | 7–30 days | 2.60% | Ten basis points over the savings rate, and you lose access |
| About three months | 91–119 days | 4.00% | 46–90 days pays 3.75% and carries no senior uplift |
| About six months | 120–180 days | 4.75% | 181 days pays 5.00%; one day past 180 is worth a quarter-point |
| Nine to twelve months | 271–364 days | 5.25% | 365 days pays 6.40% — the biggest single step on the card |
| About a year | Exactly 365 days | 6.40% | 366 days pays 6.15%, and no closure penalty applies |
| Thirteen months | Exactly 400 days | 6.65% | 399 or 401 days pays 6.15%; closure costs one point |
| Two to three years | Over 2 years to 3 years | 5.25% | 731 days pays 90 basis points less than 730 |
| Three to five years | 1,777 days (Green Deposit) | 6.05% | The ordinary bucket pays 5.00%; scheme terms unpublished |
| More than five years | Over 5 years to 10 years | 5.00% | The longest commitment is the worst paid |
Set the tenure in days, read the maturity date on the confirmation screen, give the maturity instruction at booking — the special schemes will not renew themselves — and check that the receipt shows the senior category where it applies. A deposit booked at the general rate by someone entitled to the uplift is not usually corrected by the bank noticing later.
Common questions
Does a longer Bank of Maharashtra deposit pay more?
No. On the schedule effective 10 August 2026 the general-public peak is 6.65% on a special tenor of exactly 400 days, and every ordinary bucket longer than one year pays less: 6.15% from just over one year to two years, 5.25% from two to three years, and 5.00% from three years all the way to ten. A ten-year deposit therefore earns 1.65 percentage points a year less than a 400-day one. The only long bucket that breaks the pattern is the 1,777-day Green Deposit at 6.05%, which still sits 60 basis points under the peak.
What does the 400-day Bank of Maharashtra FD pay a senior citizen?
7.15% a year — the 6.65% card rate plus the 0.50 percentage point the bank adds for resident senior citizens on every bucket of 91 days and above, for deposits up to ₹5 crore. The uplift is not paid on NRO or other non-resident deposits, and there is no higher band for depositors aged 80 and above; the bank publishes one senior rate, not two. The card also states that its special schemes, the 400-day deposit among them, carry no auto-rollover facility, so the maturity instruction has to be given at booking.
Is there a penalty for closing a Bank of Maharashtra FD early?
It depends on the tenure you booked, not on when you close. Under the bank's 2023 deposit policy, a deposit booked for up to one year is paid at the rate applicable to the period it actually ran, with no penalty. A deposit booked for more than one year is paid at that rebuilt rate less 1.00 percentage point. No interest at all is paid if the deposit is closed within seven days, and no penalty applies where the money is reinvested with the bank for longer than the remaining period of the original deposit. Tax-saver deposits cannot be closed early.
Does Bank of Maharashtra have a super senior citizen FD rate?
No. Unlike several public sector banks that print a third column for depositors aged 80 and above, Bank of Maharashtra's card carries a single footnote: 0.50% extra for resident senior citizens on maturity slabs of 91 days and above, for deposits up to ₹5 crore. An 85-year-old and a 61-year-old get the same 7.15% on the 400-day deposit and the same 6.90% at one year. The only larger increment on the card is the 1.00% paid to the bank's own staff and retired staff.
What does the Bank of Maharashtra tax-saver FD pay?
The tax-saver scheme page prints no rate of its own; it links to the same domestic term-deposit card, whose over-three-to-five-year bucket pays 5.00% for the general public and 5.50% for a resident senior citizen. The scheme takes a minimum of ₹100 and at most ₹1.5 lakh a financial year, runs five years, cannot be closed early except by a nominee on the depositor's death, cannot be pledged and carries no loan facility. The section 80C deduction it buys exists only under the old tax regime, which is no longer the default.
Sources
Rates and rules on this page were read directly from the following sources on the dates shown. Figures change — if you are about to act on one, confirm it at the source.
- Domestic Term Deposits / NRO Term Deposits — Interest Rate on Domestic Term Deposits / Bulk Term Deposit / NRO Term Deposits (% per annum w.e.f. 10.08.2026)
- Interest Rates — Savings Bank Deposits, revised rates w.e.f. 01.09.2025
- Deposit Policy — 2023 (premature withdrawal, renewal and overdue deposits, senior citizen and staff interest)
- Deposit Policy — Resource Planning Department edition dated 20.11.2018 (superseded; cited only for the HUF and turning-60 rules the 2023 edition omits)
- Fixed Deposit — eligibility, minimum amount, period and loan facility
- Tax Saving Term Deposit — Bank Term Deposit Scheme, 2006, salient features
- Loan Against Deposit (LAD)
- Guide to deposit insurance
- Small savings schemes — interest rates
- Income Tax Department e-Filing portal