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  • Bank of Maharashtra Recurring Deposit Interest Rates

    BANK OF MAHARASHTRA RECURRING DEPOSIT
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    Fees & Charges

    Promised Interest Rate

    Customer Service

    Responsiveness

    Duration For Amount less than Rs. 1.00 crore Senior Citizen Rates (per annum)
    1 year to less than 3 years  6.75 7.25
    3 years / Mahalaxmi Term Deposit 6.8 7.3
    Over 3 years 6.5 7
         

    Maha Millionaire Recurring Deposit Scheme (MMRD)

    1 Year to 10 Years

    Same as MSDP RD rate

    0.50% Extra for Senior citizens

    Maha Lakhpati Recurring D Scheme (MLRD)

    1Year to 10 Years

    Same as MSDP RD rate

    0.50% Extra for Senior citizens

     

    Duration For Amount less than Rs. 1.00 crore (% per annum) For Amount Rs. 1 crore to Rs. 5 crore (% per annum)
    1 year to less than 3 years 6.75 6.75
    3 years /Mahalaxmi Term Deposit 6.8 6.50/N.A.
    Over 3 years 6.5 6.5

    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 7.50% 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

    The Recurring Deposit interest rates offered to senior citizens varies according to the tenure opted. For a deposit tenure of 1 year, the interest rate offered is 8.00%. The Mahanidhi RD scheme offers an interest rate of 8.01% for a tenure of 444 days and the Maha Labh RD scheme offers an interest rate of 8.01% for a tenure of 666 days. The Maha Millionaire plan and the Maha Lakhpati Scheme also offer an interest rate of between 8.00% to 7.75% for tenures ranging from 1 to 10 years to senior citizens.

    Bank of Maharashtra - NRE Recurring Deposit Interest Rates

    The interest rates offered on NRE deposit accounts ranges from 7.25% to up to 7.75%, depending on the tenure chosen. A recurring deposit scheme taken for 444 days attracts an interest rate of 7.76% and for a tenure of 666 days, the interest rate would be 7.77%. For deposit terms up to 2 years, an interest rate of 7.75% 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 7.50% and for deposit tenures between 5 and 10 years, it is 7.25%. For amounts between Rs. 1 crore and Rs. 5 crores, the interest rate offered for a NRE deposit ranges from 7.00% to 7.25%, based on the tenure chosen.

    More you need to know about Recurring Deposit

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    News About Bank of Maharashtra Recurring Deposit

    • Revised Interest Rates for Recurring Deposits in Bank of Maharashtra

      Maharashtra Bank, a major public sector bank in the country has made revisions to the interest rates for various plans under the Recurring Deposits scheme. The interest rate offered on Short Term Recurring Deposits has been revised to 7.50 percent, while that of Medium and Long Term Recurring Deposit varies between 7.25 percent to 7.40 percent. However for Senior Citizen Recurring Deposits, the interest offered is 8.0 percent for a deposit tenure of 1 year and 8.1 percent for 444 days under the Mahanidhi RD scheme.

      2nd September, 2016

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