Bank of Maharashtra is a nationwide bank that was incorporated on the 16th of September, 1935. The Bank of Maharashtra is a nationalized bank owned by the Ministry of Finance, Government of India. The bank has 29 million customers and 2024 branches across the country.
It has the greatest branch network of any nationalized bank in Maharashtra. The bank has varied services and products to offer to the customers, among which a renowned scheme they have the recurring deposit.
Here is a table of the current interest rates provided by the Bank of Maharashtra for an RD:-
Time Period |
Bank of Maharashtra recurring deposit interest rates for general customers |
RD rate of interest in Bank of Maharashtra for senior citizens |
7 to 30 days |
3% |
3% |
One month to 1 month and 15 days |
3.25% |
3.25% |
One month 16 days to 2 months 29 days |
3.75% |
3.75% |
Two Months 30 days to 3 months, and 28 days |
4% |
4.5% |
Three months 29 days to 5 months 27 days |
4.25% |
4.75% |
Five months 28 days to 8 months 28 days |
4.5% |
5.25% |
Eight months 29 days to 11 months 30 days |
5% |
5.5% |
One year to 9 years 11 months, 28 days |
5.25% |
5.75% |
A Recurring Deposit with the Bank of Maharashtra can be opened for a term of 6 months to 10 years. The lender provides various types of RDs to meet the needs of depositors. Bank of Maharashtra pays interest on recurring deposits in the range of 5% to 6% per annum.
There mainly four types of RDs offered by the bank, and they are:
The applicants who fit into the following category will be eligible for the RD from the bank:
You can easily open an RD account with the bank in three simple ways:
1) Bank of Maharashtra Netbanking
2) Bank of Maharashtra Mobile Banking
3) Visiting the Bank of Maharashtra
Here are the steps that you will have to follow to open an RD account with the Bank of Maharashtra:
Step 1: You will have to visit the official portal of the Bank of Maharashtra.
Step 2: Under apply now, you can choose the recurring deposit option.
Step 3: The moment you have clicked on that, you can now enter all of the details asked on the page.
Step 4: If you already hold an account with the Bank of Maharashtra, you will not have to provide any documents, but if you are not, you will have complete KYC and attach payment options.
Step 5: Once that is done, you can make your first deposit and get started.
On the Android or IoS phone, you can use the application to apply for an RD account with the Bank of Maharashtra:
Step 1: You will have to download the app from the play store or the App store.
Step 2: After the download, you can log in and navigate to the applicable sections.
Step 3: Now, you will have to choose the RD account and apply for it.
Once this is done - you will successfully get the account with the first deposit.
In this method, you would directly have to visit the nearest branch of the Bank of Maharashtra, and a representative of the bank will walk you through the procedure.
Q1. What is the highest term for which I can start a Mahasanchay Deposit Plan?
An account can be opened for a period of up to 5 years.
Q2. When is the final payment due?
The final payment will be made one month after the last installment or one month after the maturity date, whichever comes first.
Q3. Will the RD Calculator help me determine the maturity amount?
Yes, the RD calculator will calculate the maturity amount for you. You will have to provide the monthly payment, interest rate, and deposit term.
Q4. Can I move regular deposits from one branch to another?
Yes, RD accounts can be transferred between branches.
Q5. Is there a penalty for paying monthly installments late?
Yes, there is a penalty for missing monthly payments.