Employee union urges Bank of Maharashtra to hike rates on term deposits

Company is losing balances in savings as well as fixed deposits to competitors, it says

An employees union has urged state-owned Bank of Maharashtra to raise the interest offered on fixed deposits for senior citizens to 7.10 per cent for 1- to 3-year tenor and above 6.50 per cent for others.

 “…the interest differential on the maximum rate offered by Bank of Maharashtra and the above said banks (Bank of Baroda & Canara Bank) now stands at 75 bps for both senior citizens and for the normal category. It is observed that some of our branches are already losing good balances in their savings deposits as well as fixed deposits, which are maturing, to the other