Bank of Maharashtra FD Calculator

Bank of Maharashtra Fixed Deposit Calculator – An Overview

The Bank of Maharashtra FD calculator will assist you in calculating the interest that you will earn, having invested in the fixed deposit schemes with the Bank of Maharashtra. The FD calculator Bank of Maharashtra will provide information about the investment, such as the principal amount at maturity after interest is compounded daily, monthly, quarterly, half-yearly, and yearly.

Follow this guide to understand the Bank of Maharashtra FD rates calculator and compare the bank’s fixed deposit with other banks.

Bank of Maharashtra Fixed Deposit Features

The fixed deposit schemes offered by the Bank of Maharashtra have many unique features. These features adding to its attractiveness are given below.

Premature Withdrawal

Except for tax-saving FDs, all FD schemes of the Bank of Maharashtra can be withdrawn prematurely. The Bank of Maharashtra charges a penalty for up to one year of deposits. On the other hand, the bank charges a 1% penalty on withdrawals made between a year and their maturity.

Nomination and Auto-Renewal

The Bank of Maharashtra fixed deposit investors can nominate beneficiaries and opt for auto-renewal of their FDs.

Safety

All deposits at the Bank of Maharashtra are insured by the RBI’s Deposit Insurance Scheme. The scheme applies to all deposits made with the Bank of Maharashtra up to Rs. 5,00,000.

What is the Bank of Maharashtra Fix Deposit Calculator?

The Bank of Maharashtra FD calculator gives its customers an estimate of the total investment, interest earned and the total maturity amount. This AI-powered tool requires the user to merely enter data like the deposit amount, the deposit tenure, and the rate of interest. The calculator will use the formula and generate the requested result. The entire investment value, the interest generated, and the total amount due at maturity can be calculated using the Bank of Maharashtra Bank FD rates calculator. Thanks to its unlimited usage, users can enter and re-enter values in the fields to churn out different results and compare and analyse them. This will help the users realise the best-fixed deposit for them.

How to use the Bank of Maharashtra FD Calculator?

Users can access the Bank of Maharashtra FD rates calculator on the Urban Money platform. Among its various facilities, the Bank of Maharashtra FD calculator is an easy-to-use tool that can be used multiple times until the desired result is achieved. The steps to use this online calculator are given below.

• Visit the official portal of the Urban Money platform
• Navigate to the FD calculator Bank of Maharashtra
• Enter the payout frequency, interest rate, deposit term, and deposit amount.
• Once all the details are entered, continue by clicking on the ‘Calculate’ option.
• The Bank of Maharashtra FD calculator will generate the total amount upon maturity.

How Does a Bank of Maharashtra FD Calculator Work?

The Bank of Maharashtra FD calculator requires data for four components. These components complement each other and are bound in a formula to generate the required results. The components listed below are required to be entered by a user.

• Fixed Deposit Amount: The principal amount deposited at the beginning of the fixed deposit
• Fixed Deposit Tenure: The time until the maturity of the fixed deposit
• Payout Frequency: The payout frequency of interest like monthly, quarterly or at maturity
• Fixed Deposit Interest Rate: The rate of interest at which the beginning of the fixed deposit 

Formula to determine Bank of Maharashtra FD returns?

Fixed deposit is one of the safest investment tools known to people. Users can use the Bank of Maharashtra FD calculator to determine their returns. The online tool employs a mathematical formula to calculate the results. This formula can be used by individuals for manual calculations as well. The formula used to determine the Bank of Maharastra fixed deposit returns is below:

A = P (1 + r/n)^n*t

Here, 

• ‘A’ represents the FD maturity amount, 
• ‘P’ represents the principal amount, 
• ‘r’ represents the rate of interest, 
• ‘n’ represents the number of times the interest will be compounded, and
• ‘t’ represents the deposit tenure.

Benefits of using the Bank of Maharashtra Fixed Deposit Calculator

The FD calculator Bank of Maharashtra is an attractive tool mainly because it can be used multiple times and is available online. However, the instrument has more benefits than just skipping the long queues. These benefits are listed below.

• There is no requirement to register yourself or login to utilise this online calculator.
• Because it can be used multiple times, it allows you to compare different rates and amounts.
• This AI-powered tool has no room for error and produces results quickly.
• It comprises three parts: the fixed deposit amount, the tenure, and the interest rate. You can find yourself with the best tenure and amount by using it multiple times to ensure maximum returns.
• The calculator’s accurate value can help the depositor make financial decisions.
• It is a straightforward and easy-to-use tool.
• You can build a diverse portfolio.

Comparison between Bank of Maharashtra Fixed Deposit with Other Banks

Several banks and Non-Banking Financial Companies (NBFCs) claim to provide the most attractive rates on fixed deposits to their customers. The table below compares the fixed deposit interest rate of the Bank of Maharashtra and other banks. A potential depositor can use the Bank of Maharashtra FD calculator to calculate their best-fixed deposit.

Bank FD Names	For General Citizens (pa)	For Senior Citizens (pa)
Bank of Maharashtra	2.75% – 6.75%	3.25% – 7.25%
State Bank of India	3.00% to 7.10%	3.50% to 7.60%
HDFC Bank	3.00% to 7.10%	3.50% to 7.75%
ICICI Bank	3.00% to 7.10%	3.50% to 7.60%
IDBI Bank	3.00% to 7.15%	3.50% to 7.65%
Kotak Mahindra Bank	2.75% to 7.20%	3.25% to 7.70%
RBL Bank	3.50% to 7.80%	4.00% to 8.30%
KVB Bank	4.00% to 7.50%	5.90% to 8.00%
Punjab National Bank	3.50% to 7.25%	4.00% to 7.75%
Canara Bank	3.25% to 7.15%	3.25% to 7.65%
Axis Bank	3.50% to 7.26%	3.50% to 8.01%
Bank of Baroda	3.00% to 7.05%	3.50% to 7.55%
IDFC First Bank	3.50% to 7.75%	4.00% to 8.25%