Bank of Maharashtra RD Interest Rates

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. 

Bank of Maharashtra RD Interest Rates 2024

Here is a table of the current interest rates provided by the Bank of Maharashtra for an RD:-

Bank of Maharashtra RD

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.

Characteristics of the Bank of Maharashtra Recurring Deposit

• Interest rates that are appealing: Offers a higher interest rate than a savings bank account (equivalent to an F.D.), but with a lower continuing investment.
• Ideal for doctors, engineers, businessmen, students, and housewives, among others.
• Ideal for persons with a regular, consistent income who may not be able to save the required amount to create an F.D.
• Flexible tenure - based on your financial goals, you can choose tenures ranging from a few months to several years.
• Allows you to deposit little amounts of money on a regular basis rather than a large one-time contribution when the RD is opened.
• It is a low-risk investing option.
• Quick liquidity options and access to funds when needed; minor penalties apply.

Different Kinds of RD Accounts

There mainly four types of RDs offered by the bank, and they are:

1. a) The Regular Bank of Maharashtra Recurring Deposit

• The minimum monthly payment is Rs.50.
• Installments can be made in cash, by transfer from SBA or C.A. accounts, or by issuing S.I.
• Accounts can be moved from one location to another.
• Loans of up to 90% of the deposit amount are available.
• There is a nomination option available.

1. b) Maha Millionaire RD

• It can be opened for a duration ranging from one to ten years.
• You will receive at least Rs.10 lakh at maturity.

1. c) Lakhpati RD

• On maturity, you will receive at least Rs.1 lakh.
• The shortest and longest investment terms are one year and ten years, respectively.
• Senior persons are given special consideration.

1. d) Maha Sanchay Deposit Plan

• It can be opened with an Rs.100 minimum basic monthly installment.
• The highest monthly core installment is Rs.10,000.
• Fixed and flexible installments are available.
• It can be opened for a period ranging from one to five years.
• A loan of up to 90% of the available balance can be obtained.
• Premature closure is permitted.

Who is Eligible for a Recurring Deposit with the Bank?

The applicants who fit into the following category will be eligible for the RD from the bank:

• Individuals
• Partners and Companies
• Minors 
• Associations and Corporate Bodies
• Firms
• Clubs

How to Open an RD Account with the Bank of Maharashtra?

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

1 - Bank of Maharashtra Internet Banking

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.

2 - Through Bank of Maharashtra Mobile Bank

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.

3 - Offline mode of applying

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.

What documents are required to Apply for the RD from the Bank of Maharashtra?

• Identity proof
• Address proof
• Passport-size photograph

FAQs

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.