Madhya Pradesh Gramin Bank FD Rates

The following table highlights the Madhya Pradesh Gramin Bank FD interest rates: 

1. Note: The rates are effective from 1 May 2025. 

Fixed Deposit Interest Rate for Senior Citizens 

Senior citizens will be charged 0.50% additional interest over the regular interest rates on deposits received for six months and above. 

Note: Super Senior Citizens get an additional interest rate of 0.65% for tenures above 2 years. 

Madhya Pradesh Gramin Bank FD Features and Benefits 

The features and benefits of Madhya Pradesh Gramin Bank FD are discussed below: 

1. Madhya Pradesh Gramin Bank FD comes with competitive interest rates and flexible tenures which allow you to fit your investment strategy. 
2. There is no specified limit to the number of FD tenures that you can hold. 

1. Customers can open a Madhya Pradesh Gramin Bank FD account online by visiting the official website of the bank. 
2. Customers can choose the interest payment options as per their needs such as monthly, quarterly, and half yearly. 
3. Customers are allowed to take up to 85% of the FD amount as a loan or overdraft against the FD. 
4. You can nominate anyone as per your choice. 
5. You can receive a tax gain of up to Rs.1,50,000 by using the tax-saving term deposit scheme. 

1. Senior citizens will get higher benefits from FD as compared to the general citizens. 
2. The bank does not provide auto renewal and partial withdrawal facility. 
3. The bank also offers Non-Residential External (NRE), Non-Resident Ordinary (NRO), and Foreign Currency Non-Resident Account (FCNR) services. 

Who Are Eligible for Madhya Pradesh Gramin Bank Fixed Deposit? 

You can open FD account with Madhya Pradesh Gramin Bank if you meet the following criteria: 

1. Individual 
2. Hindu Undivided Family (HUF) 
3. Minor 
4. Partnership Firm 
5. Proprietary Firm 

1. Limited Liability Partnership (LLP) 
2. Local Authority 
3. Association of Persons (AOP) 
4. Trust 
5. Registered Society 

1. Non-Resident Indian (NRI) 
2. Body of Individuals (BOI) 
3. Registered Society 

Things You Need to Know Before Your Invest in Madhya Pradesh Gramin Bank FD 

1. To get the best interest rate for the selected term, frequently analyse the FD interest rates offered by different banks before choosing one with which to open an account. 

1. If required, select your preferred interest payment options such as quarterly or monthly. Other than that, select the cumulative option to get a lump sum payment at the time of maturity of your FD. 
2. In case your annual income is not taxable, you can restrict TDS by filing Form 15H or Form 15G. 
3. Make sure to add the name of your nominee in your FD account. 
4. In case you need money at the time of financial emergency, you can avail a loan or an overdraft facility against your FD. 

Calculation of Interest on FD of Madhya Pradesh Gramin Bank 

Madhya Pradesh Gramin Bank FD interest is measured on the basis of the following factors: 

1. In the case of FDs with less than six months of tenure, the bank will consider simple interest at the time of maturity. 
2. When it comes to fixed deposits with terms of at least six months or more, the interest amount will be measured on a quarterly basis.  
3. In the case of a monthly deposit scheme, the bank will measure the interest on a quarterly basis and charge monthly at a discount to the normal FD rate.

Bank FD Renewal on Autopilot 

A bank fixed deposit comes with a fixed maturity date. Most banks renew the FD automatically for the same tenure for which it was made earlier at the prevailing interest rate on the date of maturity.

If the customer has not clearly specified regarding renewal or payout of FD, it will be auto renewed which is known as Automatic Renewal of Bank FD. 

In case you want to avoid the automatic renewal of bank FD, select the option on the account opening form. While depositing the amount in the FD, you will be able to view two options namely auto renew and deposit of sum to your account after maturity.

If you have not specified your choice while opening the account, you need to visit the bank branch on the maturity date of your FD and request the branch official to credit the final amount to your savings bank account.