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 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 The interest payable on prematurely withdrawn deposits will be 1% less than the contracted rate of interest.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

  1. 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.

  2. 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.

  3. What is the interest offered by the lender on savings bank deposit?

    Meghalaya Rural Bank offer 2.75% per annum on savings bank deposit.

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