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 | Rate for General Citizens (p.a.) | Rate for Senior Citizen (p.a.) |
|---|---|---|
| 7 days to 45 days | 3.00% | 3.00% |
| 46 days to less than 179 days | 4.00% | 4.50% |
| 180 days to less than 1 year | 4.75% | 5.25% |
| 1 year to less than 10 years | 5.10% | 5.60% |
Note: the rate of interest mentioned in the table is effective 1st July 2020.
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 The interest payable on prematurely withdrawn deposits will be 1% less than the contracted rate of interest.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
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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.
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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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What is the interest offered by the lender on savings bank deposit?
Meghalaya Rural Bank offer 2.75% per annum on savings bank deposit.
