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Bank of Maharashtra Recurring Deposit Interest Rates 2021

Duration For amount less than Rs. 2 crore (% per annum w.e.f. 12.09.2019)
7-45 days 4.25
46-90 days 5.25
91-180 days 5.50
181-364 days 5.75
365 Days/ 1 year 6.00
Over 1 years to 2 years 6.00
Over 2 years to 3 years 5.75
Above 3 years to 5 years 5.50
Above 5 years 5.50

Bank of Maharashtra Recurring Deposit - NRE

Duration For Amount less than Rs.2 crore (% per annum w.e.f. 12.09.2019)
365 Days/ 1 year to 2 years 6.00
Over 1 year to 2 years 6.00
Over 2 years to 3 years 5.75
Over 3 years to 5 years 5.50
Over 5 years 5.50

Get the best rates for a Bank of Maharashtra Recurring Deposit

Bank of Maharashtra offers excellent recurring deposit schemes as part of its retail banking portfolio. As one of the leading public sector institutions, Bank of Maharashtra offers three types of recurring deposit schemes. Customers can enjoy multiple benefits on their recurring deposit accounts inclusive of no TDS, nomination facility, loan facility of up to 90% on the RD account and transfer of accounts from one branch to another. A Bank of Maharashtra recurring deposit can be opened with a minimum monthly installment amount of Rs. 50, for tenures ranging from 6 to 12 months. The monthly installment amount can be incremented in multiples of Rs. 10 after that. Deposit account holders can make payments via cash or by transferring funds from a savings or current account by setting standing instructions. Currently, Bank of Maharashtra offers the following recurring deposit schemes - Maha Millionaire RD (MMRD) Scheme, Mahasanchay Systematic Deposit Plan (MSDP) and the Maha Lakhpati RD (MLRD) Scheme.

Bank of Maharashtra - Short Term Recurring Deposit Interest Rates

Under the Mahasanchay Systematic Deposit Plan, Bank of Maharashtra offers a short term recurring deposit with a tenure of 1 year, for deposit amounts lesser that Rs. 1 crore. The interest rate offered on this type of deposit account is up to 5.50% for Indian citizens.

Bank of Maharashtra - Medium and Long Term Recurring Deposit Interest Rates

All the three RD schemes offer options for customers to open a deposit account with tenures ranging between 1 year and 10 years. If a customer wants to go for a recurring deposit scheme with a medium term, he should opt for the recurring deposit plan with a tenure ranging between 1 year and 5 years. The interest rate offered is between 7.40% to 7.25% for all the mid-range tenures. The Mahanidhi RD scheme offers an interest rate of 7.51% for a tenure of 444 days and the Maha Labh RD scheme offers an interest rate of 7.51% for a tenure of 666 days. For RD tenures above 5 years and within 10 years, the interest rate offered by Maharashtra Bank is 7.25%.

Bank of Maharashtra - Senior Citizen Recurring Deposit Interest Rates

Indian senior citizens will be offered an additional interest rate of 0.50% for all maturity slabs of 91 days and for deposits above Rs.2 crore.

A family member of a retired member or the spouse of either a deceased member or retired member who is no more of the Bank staff will be offered an additional rate of 1% up to an amount of Rs.2 crore only.

Bank of Maharashtra - NRE Recurring Deposit Interest Rates

The interest rates offered on NRE deposit accounts ranges up to 6% depending on the tenure chosen. For deposit terms up to 2 years, an interest rate of 6% is offered for amounts up to Rs 1 crore by Bank of Maharashtra. For tenures between 3 and 5 years, the interest rate offered is 5.50% and for deposit tenures between 5 and 10 years, it is 5.50%. 

More you need to know about Recurring Deposit

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