Public sector lender, Bank of Maharashtra has increased interest rates on its fixed deposits with effect from December 15. The rise in interest rates has been in the range of 50 to 125 basis points across different maturities.
The bank has revised interest rates of deposits having tenor of 181 days to 270 days to 7.25%. Deposits maturing between 46 to 90 days will now fetch the depositor, interest of 5%.
Interest will be 8.3% for deposits of tenor 1 to 3 years. Senior citizens will be offered 50 bps more interest for deposits of 91 days and above.
Also, under the 'Maha Double Deposit Scheme', a deposit kept for 104 months will double itself. For senior citizens, the amount will see itself doubling in 98 months only.
The bank has also revised its lending rates with effect from December 15. The base rate of the bank has been revised to 9% from 8.25% earlier. The benchmark prime lending rate (BPLR) of the bank has been revised to 13.25%.