The bank is also planning to achieve advances worth Rs 7,000 crore by March 2001. As part of its deposit mobilisation plan, the bank will celebrate a 'customer mobilisation fortnight' from September 4 to 19.
The bank has also raised interest rates on term deposits by 0.5 per cent across all maturities. The revised rates will be between 5.25-10.25 per cent for different slabs.
The interest rates on short-term deposit between 15 days and 45 days have been raised to 5.25 per cent from the previous five percent.
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The rates for 46-90 days and for 91-179 days have been fixed at 6 per cent and 7 per cent, respectively, against the previous 5.5 per cent and 6.5 per cent. The new rates for deposit between 180-365 days will be 7.5 per cent.
While enhancing the benefit of rise in interest rates on term deposits, Bank of Maharashtra has added one more category of deposit for the period over five years at 10.25 per cent.
The bank declared the rates for 1-2 year maturity at nine per cent, for two-three years at 9.5 per cent and for three-five years at 10 per cent.
The bank has also enhanced the rate of interest for non-resident external rupee deposit. The new rates for 6 months to one year is 8.5 per cent, one-two year at 9.5 per cent, two-three year at 10 per cent and over 3 years at 10.5 per cent.
The bank has also given the benefit of rise in interest rate to non-resident non-repatriable deposits, quoting a rate of 9.5 per cent for 6 months to 1 year and between one-three year at 10.5 per cent.
The decision to increase term deposit rates was taken after the bank raised its prime lending rate from 12.5 to 13 per cent last week, keeping the margins same. Bank of Maharashtra has posted a 73.71 per cent growth in profits in fiscal 1999-2000 and achieved a profit of Rs 90.14 crore.