This Article is From Dec 16, 2010

Bank of Maharashtra hikes interest rates

Pune: Bank of Maharashtra (BoM) has declared interest rate revision with effect from December 15. In a statement issued by the bank, the interest rates on domestic retail term deposits, including short term deposits, have been made quite attractive with an increase ranging between 50 to 125 basis points on various maturity bands.

The interest rate on deposits for 181 days to 270 days will now be 7.25% per annum. The rate on deposits for 46 days to 90 days has been increased to 5% pa. Deposits of over 1 year to 5 years will earn interest at 8.30% pa.

The interest rate on deposits of over 5 years to 10 years has been increased to 8% pa, a rise of 50 basis points, which will give effectively an annualised yield of 12.08% for the 10-year tenure.

The interest rate on bank term deposit scheme has been also increased from 7.50% to 8.30% p.a. Senior citizens will continue to get extra 50 basis points on above rates on deposits for 91 days and above.

According to the statement, a deposit kept for 104 months will be doubled under the 'Maha Double Deposit Scheme'. For senior citizens, the amount will get doubled in 98 months.
The bank has also revised the base rate at 9% on monthly compounding basis. The previous base rate was 8.25%. The bank has revised its benchmark prime lending rate (BPLR) to 13.25% on monthly compounding basis with effect from Wednesday. The previous BPLR was 12.75%.

Copyright restricted. Under license from www.3dsyndication.com
.