Meghalaya Rural Bank FD Rates
Term deposits, also known as time deposits are quite popular among the masses as it is considered to be a safe investment option. banks operating in the country offer the option of depositing money in a fixed deposit.
Meghalaya Rural Bank allow individuals to open a fresh term deposit. The deposit tenure range between 7 days and 10 years with the offered rate of interest being quite attractive.
Rate of Interest Offered by Meghalaya Rural Bank
Tenor | Interest Rates for Genral Public (p.a.) | Interest Rates for Senior Citizens (p.a.) |
7 to 45 Days | 3.00% | 3.50% |
46 to 179 Days | 4.00% | 5.00% |
180 Days but less than 1 Year | 5.50% | 6.00% |
1 Year but less than 3 Years | 7.00% | 7.50% |
3 to 10 Years | 6.50% | 7.00% |
Note: the rate of interest mentioned in the table is effective 1 August 2023.
Minimum Investment Amount
You can start investing in a Meghalaya Rural Bank fixed deposit account with a minimum amount of Rs.1,000.
Penalty for Premature Withdrawal
There will be a penalty for premature withdrawal of term deposits. The interest payable on prematurely withdrawn deposits will be 1% less than the contracted rate of interest.
FAQs on Meghalaya Rural Bank FD Rates
- What is the interest offered by the lender on savings bank deposit?
Meghalaya Rural Bank offer 3.00% per annum onwards on savings bank deposit.
- Are senior citizens offered additional rate of interest for opening a term deposit account with Meghalaya Rural Bank?
Yes, additional interest of 0.50% is offered to senior citizens.
- Is the rate of interest offered by the bank same for fresh FDs and renewal FDs?
Yes, the interest offered on fresh term deposits and renewal term deposits are the same.
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