Public sector Bank of Maharashtra (BOM) has increased the interest rates on its fixed deposits (FD) by up to 1.25 percent. BOM said in a statement on Wednesday that the new rates will be effective from October 12.
The bank said that the increase in interest rates will be applicable on FD and special schemes of the bank. The bank said that the interest rate on deposits of 46 to 90 days has been increased by 1.25 percent. This will encourage individuals and business sectors to save more. The bank will give 6.50 percent interest on one year deposits. The interest rate for deposits of more than one year has been increased by 0.25 percent to 6.25 percent.
The bank said in the statement that senior citizens will get additional interest of 0.5 percent on FD. They will be given an attractive interest rate of 7.5 percent on special deposit scheme of 200 to 400 days.
