Bank of Maharashtra hikes deposit rates up to 125 bps

New Delhi: State-owned Bank of Maharashtra (BoM) on Wednesday increased its fixed deposit rates by up to 125 basis points, or 1.25 per cent.

The new rates are effective from October 12, BoM said in a statement.

The rate increase applies to fixed deposits as well as special schemes as per period maintained by the bank, it said.

The hike in deposit rates will encourage individuals and business to save more as there is a sharp increase of 125 bps in deposit rates for the tenure of 46-90 days, it said.

For tenure of 1-year interest would be 6.50 per cent and for deposits above one year, customers will enjoy an increase of 25 bps, up to 6.25 per cent, it said.

The senior citizens shall enjoy an additional benefit of 50 bps in interest rate with an attractive deposit rate of up to 7.5 per cent under 200/400 days' special scheme, as per the statement.

The bank's attractive interest rates make it a compelling option for both short-term and long-term savers fostering trust and loyalty among them, it said.