Bank of Maharashtra (BoM) on Tuesday announced a hike in interest rates for fixed deposits (FDs) of less than Rs 2 Crore. The new rates are in effect as of January 16, 2023, according to the bank's official website. As a result of the adjustment, the bank is currently offering interest rates on deposits maturing in the next week to over five years that range from 2.75 percent to 5.75 percent.
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On deposits with a 200-day term, the bank is now offering a maximum interest rate of 7 percent.
Bank of Maharashtra FD Rates
For deposits held for 7 to 30 days, the bank will continue to give an interest rate of 2.75 percent, and for deposits held for 31 to 45 days, it will continue to offer an interest rate of 3 percent.
Bank of Maharashtra (BoM) will continue to pay a 3.50 percent interest rate on deposits maturing in the next 46 to 90 days; however, the bank has raised the interest rate to 4.50 percent on deposits maturing in the next 91 to 119 days.
Deposits will now yield 4.75 percent interest if they mature in 120 to 180 days, and 5.25 percent interest if they mature in 181 to 270 days. The bank will continue to provide interest rates of 6.15 percent on deposits maturing in 365 days to one year and 5.50 percent on deposits maturing in 271 days to 364 days.
The bank increased interest rates by 6 percent for deposits with durations between one and three years and by 5.75 percent for deposits with terms longer than three years to five years.
In addition, the bank is now offering an interest rate of 6.75 percent on deposits up to Rs 10 crore for the 400-day (Maha Dhanavarsha) scheme. It has also introduced a new tenure of 200 days for which it is guaranteeing a maximum interest rate of 7 percent.
Also read: Budget 2023 may see reduction in income tax rates — more reliefs likely for the middle class
Senior Indian citizens would only be provided with an additional rate of 0.50% per year for deposits up to Rs. 2 crore for any maturity buckets of 91 days and over.
Bank of Maharashtra (BoM) managing director A S Rajeev said on Monday that the bank expects to raise up to Rs 1,000 crore via qualified institutions placement (QIP) in the January-March quarter or Q4FY23 in order to comply with Sebi's minimum public shareholding (MPS) standards.
The lender said that its Q3FY23 net profit increased by 138.76 percent YoY, rising from Rs 325 crore in Q3FY22 to Rs 775 crore in Q3FY23. The bank's operating profit rose by 35.94 percent YoY between Q3FY22 and Q3FY23, from Rs 1,162 crore to Rs 1,580 crore.
Net Revenues in Q3FY23 grew from Q3FY22 to Q3FY23 by 22.56 percent, or from Rs 2,138 crore to Rs 2,620 crore, while Net Interest Income (NII) increased by 29.65 percent YoY, or from Rs 1,527 crore to Rs 1,980 crore.
According to Bank of Maharashtra, its overall business increased by 15.77 percent YoY to Rs 365,398 crore in Q3FY23, while its total deposits grew by 11.69 percent to Rs 208436 crore. Gross advances climbed by 21.67 percent YoY to Rs 156,962 crore in Q3FY23 from Rs 129,006 crore in Q3FY22. Net Advances increased by 23.02 percent YoY to Rs 153,065 crore in Q3FY23.
According to the lender, gross NPA dropped from 4.73 percent on December 31, 2021, to 2.94 perent on December 31, 2022. According to BoM, its Net NPA dropped from 1.24 percent in Q3FY22 to 0.47 percent in Q3FY23.
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