BANK OF MAHARASHTRA
(A GOVT. OF INDIA ENTERPRISE)
Marketing & Publicity Department
Central Office, 'Lokmangal', 1501, Shivajinagar, Pune - 411005
Ph:25536682/25536955                                                   Fax: 25520473/25537015
Website: www.bankofmaharashtra.in  Email: agmmkt@mahabank.co.in

PRESS RELEASE
09-10-2010

BANK OF MAHARASHTRA PRESENTS FESTIVAL OFFER

Bank of Maharashtra declared bonanza for its customers as a festival offer.

1) Increase in interest rates on deposits:

The interest rates on domestic retail term deposits, including short term deposits are made quite attractive now with an increase ranging between 25  to 100 basis points on various maturity bands.

Interest rate on deposits for 91 days to 180 days is increased by 100 basis points. Such deposits will now get 5.75% p.a.

Interest rate on deposits for 31 days to 45 days is increased by 50 basis points to make it 3.50% p.a.

Deposits for 46 to 60 days will get interest rate of 4% p.a. now (an increase of 25 basis points)

Interest rate on Deposits for one year will be 7.25% p.a., a rise of 25 basis points.

Interest rate on deposits for over one year (up to 10 years) is increased to 7.50% p.a., rise of 50 basis points, which will give effectively an annualized yield of 11.02% for a ten year tenure.

Interest rate on Bank Term Deposit Scheme – 2006 (u/s 80 C of IT Act) is also increased from 7.25% p.a. to 7.50% p.a.

Senior citizens will continue to get extra 50 basis points on above rates on deposits for 91 days and above. Annualized yield on a ten year tenure to a senior citizen depositor will be 12.08% p.a.

2) Reduction in interest rate on Housing Loans and 100% waiver of processing charges:

Bank has effectively reduced the interest rates ranging from 25 to 75 basis points on its new housing loans during first three years. 

Interest on housing loans for first year is 8.25% p.a. FIXED RATE irrespective of amount and tenure of the loan.

Interest for the 2nd year of loan tenure will be 8.75% p.a and for 3rd  year 9.00% p.a. all fixed.

Interest rate for 4th year onwards is linked to Base Rate.

Processing charges on housing loan applications are fully waived for sanctions during the festival period, i.e. from 11-10-2010 to 31-12-2010.

There is no change in Bank’s Base Rate of 8.25% p.a. and BPLR of 12.75% p.a.

General Manager,
Planning & Development