Bank of Maharashtra raises rates on term deposits after union appeal

Senior citizens will be offered an additional rate of 0.5% per annum for all maturity slabs

State-owned Bank of Maharashtra has hiked interest rates on its special rupee term deposits from January 16.

The lender made the decision after the united forum of MahaBank Unions urged management to raise interest on fixed deposits. The forum said some branches were losing out on balances in their savings and fixed deposits, which are maturing, to other banks because the interest differential on the maximum rate offered by Bank of Maharashtra and some other lenders stood at 75 bps for both senior citizens and for the normal category.

Post the revision, for deposits less than Rs 2 crore and