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Bank of Maharashtra Recurring Deposit

A Recurring Deposit can be opened with Bank of Maharashtra for a period that ranges between 6 months and 10 years. The lender offers different types of RDs to suit the needs of depositors. The interest paid on recurring deposits by Bank of Maharashtra is in the range of 5% p.a. to 6% p.a.

Rate of return offered by Bank of Maharashtra on RDs

The table listed below contains the interest rate offered by Bank of Maharashtra on recurring deposits depending on the tenure:

Tenure Interest rate of general public (p.a.) Interest rate of senior citizens (p.a.)
181 days to 270 days 5.00% 5.50%
271 days to less than 12 months 5.00% 5.50%
12 months 5.75% 6.25%
12 months 1 day to 24 months 5.50% 6.00%
24 months 1 day to 36 months 5.50% 6.00%
36 months 1 day to 60 months 5.50% 6.00%
Above 60 months 5.50% 6.00%

Note: The mentioned rates are for deposits less than Rs.2 crore.

Types of Recurring Deposits offered by Bank of Maharashtra

The bank offers four type of recurring deposits. They are:

  • Regular Recurring Deposit
  • Maha Lakhpati Recurring Deposit
  • Maha Millionaire Recurring Deposit
  • Mahasanchay Deposit Plan (MSDP)

Features of Regular Recurring Deposit

The features of Regular Recurring Deposit offered by Bank of Maharashtra are listed below:

  • Minimum monthly instalment is Rs.50
  • Instalment can be made through cash, transfer from SBA, CA account by issuing S.I.
  • Up to 90% of the deposit amount is available as loan
  • Account can be transferred from one branch to another
  • Nomination facility is available

Features of Maha Lakhpati Recurring Deposit (MLRD)

Listed below are the features of Maha Lakhpati Recurring Deposit (MLRD):

  • Will receive at least Rs.1 lakh on maturity
  • The minimum and maximum investment tenure is 1 year and 10 years respectively.
  • Senior citizens are offered additional interest

Features of Maha Millionaire Recurring Deposit (MLRD)

The Maha Millionaire Recurring Deposit have the following features:

  • Can be opened for a period that ranges between 1 and 10 years
  • At the time of maturity, you will receive at least Rs.10 lakh

Features of Mahasanchay Deposit Plan (MSDP)

The features of Mahasanchay Deposit Plan (MSDP) are listed below:

  • Can be opened with a minimum core monthly instalment of Rs.100
  • The maximum core monthly instalment is Rs.10,000
  • Comes with fixed and flexi instalments
  • Can be opened for a tenure that ranges between 1 and 5 years.
  • Loan can be availed up to 90% of the available balance
  • Premature closure allowed

Who can open a Recurring Deposit account with Bank of Maharashtra?

An RD account with Bank of Maharashtra can be opened by:

  • An individual (singly or jointly)
  • Firms and Clubs
  • Partner & company
  • Minors
  • Associations and Corporate bodies

How to open a Bank of Maharashtra Recurring Deposit account?

You can open an RD account with Bank of Maharashtra by visiting the bank branch along with the necessary documents or by using the net banking facility.

Documents Required

The documents which need to be submitted are listed below:

  • Passport-size photograph
  • Identity proof
  • Address proof

Short-term Recurring Deposit Interest Rates

A RD account opened for a period that ranges between 6 months and less than a year are termed as short-term recurring deposit. The interest paid by the lender on such deposits is 5% p.a. for general citizens and 5.50% p.a. for senior citizens.

Medium Recurring Deposit Interest Rates

Accounts opened for a period between 1 year and 3 years are known as medium-term recurring deposits. Bank of Maharashtra offers interest in the range of 5.50% p.a. to 5.75% p.a. to general citizens while senior citizens are offered 6.00% p.a. to 6.25% p.a.

Long Term Recurring Deposit Interest Rates

Any RD account opened for a period of more than 3 years are known as long-term recurring deposit. The interest paid on such deposits to general citizens is 5.50% p.a. Citizens above the age of 60 years are offered 6.00% p.a.

Bank of Maharashtra Recurring Deposit FAQs

  1. Is there a penalty for late payment of monthly instalments?

    Yes, there is a penalty for late payment of monthly instalments.

  2. Will the RD calculator be helpful in knowing the maturity amount?

    Yes, the RD calculator will let you know the maturity amount. All you need to do it enter the monthly instalment, rate of interest and the tenure of the deposit.

  3. Can recurring deposits be transferred from one branch to the other?

    Yes, RD accounts can be transferred from one branch to the other.

  4. What is the maximum tenure I can opt for when opening a Mahasanchay Deposit Plan?

    An account can be opened for a maximum tenure of 5 years.

  5. When will the final amount be paid?

    The final amount will be paid one month after the last instalment or maturity date, whichever is later.

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