Bank of Maharashtra hikes FD rates, now offers up to 7% on 200 days of tenor

3 min read . Updated: 17 Jan 2023, 02:47 PM IST Vipul Das

In order to meet Sebi's minimum public shareholding (MPS) requirements, Bank of Maharashtra (BoM) managing director A S Rajeev said on Monday that the bank plans to raise up to ₹1,000 crore via qualified institutions placement (QIP) in the January-March quarter or Q4FY23. (BoM PR) — In order to meet Sebi's minimum public shareholding (MPS) requirements, Bank of Maharashtra (BoM) managing director A S Rajeev said on Monday that the bank plans to raise up to ₹1,000 crore via qualified institutions placement (QIP) in the January-March quarter or Q4FY23. **(BoM PR)**

Bank of Maharashtra (BoM) on Tuesday announced a hike of interest rates on fixed deposits of less than ₹2 Cr.

Bank of Maharashtra FD Rates

The bank will continue to give an interest rate of 2.75% on deposits held for 7 to 30 days, while Bank of Maharashtra (BoM) will continue to offer an interest rate of 3% on deposits held for 31 to 45 days. On deposits maturing in 46 to 90 days, Bank of Maharashtra (BoM) will continue to give a 3.50% interest rate; however, the bank has increased the interest rate to 4.50% on deposits maturing in 91 to 119 days.

Deposits that mature in 120 to 180 days will now earn 4.75% interest, while those that mature in 181 to 270 days will now earn 5.25% interest. The bank will continue to give an interest rate of 5.50% on deposits maturing in 271 days to 364 days, and Bank of Maharashtra (BoM) will continue to offer an interest rate of 6.15% on deposits maturing in 365 days to one year. Bank of Maharashtra (BoM) hiked interest rates on deposits with terms longer than one year to three years by 6%, and on deposits with terms longer than three years to five years by 5.75%.

Bank of Maharashtra FD Rate **(bankofmaharashtra.in)**

The bank has introduced a new tenure of 200 days on which it is promising a maximum interest rate of 7% and on the 400 days (Maha Dhanavarsha) scheme, the bank is now offering an interest rate of 6.75% on deposits of up to ₹10 Cr only. For all maturity buckets of 91 days and above, resident Indian senior citizens would only be provided with an additional rate of 0.50% pa. for deposits up to Rs. 2 crore.

In order to meet Sebi's minimum public shareholding (MPS) requirements, Bank of Maharashtra (BoM) managing director A S Rajeev said on Monday that the bank plans to raise up to ₹1,000 crore via qualified institutions placement (QIP) in the January-March quarter or Q4FY23.

The lender reported a 138.76% YoY growth in its Q3FY23 net profit, from ₹325 crore in Q3FY22 to ₹775 crore in Q3FY23. The bank's operating profit rose by 35.94% YoY between Q3FY22 and Q3FY23, from Rs. 1,162 crore to Rs. 1,580 crore. Net Revenues in Q3FY23 climbed from Q3FY22 to Q3FY23 by 22.56%, or from ₹2,138 crore to ₹2,620 crore, while Net Interest Income (NII) climbed from ₹1,527 crore to ₹1,980 crore, or by 29.65% YoY.

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Bank of Maharashtra reports that in Q3FY23, its total business climbed by 15.77% YoY to ₹365,398 crore and its total deposits climbed by 11.69% to ₹208436 crore. In Q3FY23, gross advances climbed 21.67% YoY to ₹156,962 Cr from ₹129,006 Cr in Q3FY22. In Q3FY23, Net Advances climbed by 23.02% YoY to ₹153,065 crore. According to the lender, gross NPA dropped from 4.73% on December 31, 2021, to 2.94% on December 31, 2022. According to BoM, its Net NPA dropped from 1.24% in Q3FY22 to 0.47% in Q3FY23.

ABOUT THE AUTHOR

Vipul Das

Vipul Das is a Digital Business Content Producer at Livemint. He previously worked for Goodreturns.in (OneIndia News) and has over 5 years of expertise in the finance and business sector. Stocks, mutual funds, personal finance, tax, and banking are among his specialties, and he is a professional in industry research and business reporting. He received his bachelor's degree from Dr. CV Raman University and also have completed Diploma in Journalism and Mass Communication (DJMC).