The Bank of Maharashtra is a public sector bank established in 1937. It offers a variety of financial products and services, including Recurring Deposits (RDs). They offer competitive interest rates on RDs. The interest rate you receive will depend on the deposit tenure (length of time) and your customer category.
With Bank of Maharashtra's RDs, you can earn potential returns on your savings with attractive RD interest rates. Interest rates for Bank of Maharashtra RDs typically range between 3.25% and 6.50% per annum, depending on the deposit tenure and customer category. Individuals seeking a safe and secure investment option with regular returns may find Bank of Maharashtra's RD interest rates appealing.
Bank of Maharashtra RD Interest Rates 2024
Bank of Maharashtra offers attractive interest rates on Recurring Deposits (RDs). These rates can help you grow your money steadily and securely. The interest rates you'll be offered tends to change depending on the deposit tenure and customer category.
Bank of Maharashtra RD Interest Rates For General Public
Bank of Maharashtra RD Interest Rates For General Public
| Tenure | RD Interest Rates For General Public (In % p.a.) |
|---|---|
| 3 Months to 6 Months | 4.50% |
| 6 Months to 9 Months | 4.75% |
| 9 Months to 1 Year | 5.35% |
| 1 Year to 2 Years | 6.00% |
| 5 Years to 10 Years | 5.75% |
Bank of Maharashtra RD Interest Rates For Senior Citizens
The table below shows the indicative RD interest rates offered by Bank of Maharashtra to the senior citizens.
| Tenure | RD Interest Rates For General Public (In % p.a.) |
|---|---|
| 3 Months to 6 Months | 5.00% |
| 6 Months to 9 Months | 5.25% |
| 9 Months to 1 Year | 5.85% |
| 1 Year to 2 Years | 6.50% |
| 5 Years to 10 Years | 6.25% |
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Features of Bank of Maharashtra RD Interest Rate
The interest rates on Bank of Maharashtra's RD schemes vary based on several factors, such as the deposit amount, tenure, and interest compounding frequency. The table presented below are some key features of Bank of Maharashtra's Recurring Deposit (RD) Interest Rates.
| Feature | Description |
|---|---|
| Minimum Deposit | ₹50 (Rural and Semi-Urban) ₹100 (Urban and Metro) |
| Tenure Range | 6 months to 10 years |
| Interest Rate Range | 4.25% to 6.50% p.a. (subject to change) |
| Interest Compounding | Quarterly |
| Senior Citizen Benefit | Higher interest rates up to 0.50% more |
| Premature Closure | Permitted with penalty charges |
Online RD Calculator
RD calculators are online tools that help you estimate the maturity amount you'll receive from your recurring deposit (RD) investment. You can use the Bank of Maharashtra RD calculator to calculate your Bank of Maharashtra RD maturity amount. They simplify the complex calculations involved in determining the final amount.
| RD Maturity Date | : |
| Total Invested Amount | : ₹1,000 |
| Total Interest Earned | : ₹532 |
| Total Maturity Amount | : ₹12,532 |
RD calculator considers factors like:
- The amount you plan to contribute to your RD every month.
- Interest rate: The rate offered by the bank on your RD. This can vary depending on the deposit tenure and your customer category (e.g., senior citizen).
- Deposit tenure: The total period (in months or years) for which you will invest in the RD.
- Compounding frequency: How often the interest is added to the principal amount. Most banks, including Bank of Maharashtra, typically compound interest quarterly for RDs.
Steps to Use Online RD Calculator
Here are the steps to use an online RD calculator:
- Step 1: Visit the RD calculator page.
- Step 2: Enter monthly deposit amount.
- Step 3: Enter tenure (years/months) and interest rate.
- Step 4: Select interest compounding frequency.
- Step 5: Click "Calculate" and get maturity value and interest earned.
Comparison of RD Interest Rates From Top Banks
The RD Interest Rates from Top Banks in India provide investors with a range of options to choose from, allowing them to select a scheme that aligns with their financial goals and risk appetite.
Refer to the table presented below for the RD Interest Rates from Top Banks in India.
| Bank | For General Public (% p.a) | For Senior Citizens (% p.a) |
|---|---|---|
| Bank of India RD Interest Rates | 4.50% to 6.00% | 5.00% to 6.50% |
| Karur Vysya Bank RD Interest Rates | 6.25% to 7.50% | 6.25% to 8.00% |
| Post Office RD Rate | 6.50% | 6.50% |
| SBI RD Interest Rates | 6.50% to 7.00% | 7.25% to 7.50% |
| ICICI RD Interest Rates | 4.75% to 7.20% | 5.25% to 7.75% |
| HDFC RD Interest Rates | 4.50% to 7.25% | 5.00% to 7.75% |
| YES Bank RD Interest Rates | 6.10% to 7.75% | 6.60% to 8.25% |
| Bandhan Bank RD Interest Rates | 4.50% to 7.85% | 5.25% to 8.35% |
| Axis Bank RD Interest Rates | 5.75% to 7.20% | 6.25% to 7.85% |
| Punjab National Bank RD Interest Rates | 6.00% to 7.25% | 6.50% to 7.75% | City Union Bank RD Interest Rates | 6.25% to 7.00% | 6.50% to 7.50% |
| DBS Bank RD Interest Rates | 6.00% to 7.50% | 6.50% to 8.00% |
| Dhanalakshmi Bank RD Interest Rates | 6.50% to 7.25% | 6.50% to 7.75% |
| Kotak Mahindra Bank RD Interest Rates | 6.00% to 7.40% | 6.50% to 7.90% |
| Bank of Baroda RD Interest Rates | 5.75% to 7.25% | 6.25% to 7.75% |
| Indian Bank RD Interest Rates | 4.50% to 7.25% | 5.00% to 7.75% |
| Indian Overseas Bank RD Interest Rates | 5.75% to 7.30% | 6.25% to 7.80% |
| South Indian Bank RD Interest Rates | 5.00% to 7.40% | 5.50% to 7.90% |
| Union Bank of India RD Interest Rates | 5.75% to 6.50% | 6.25% to 7.00% |
| IDBI Bank RD Interest Rates | 6.25% to 7.00% | 6.75% to 7.50% |
| Canara Bank RD Interest Rates | 6.15% to 7.25% | 6.65% to 7.75% |
| Saraswat Bank RD Interest Rates | 7.00% to 7.50% | 7.50% to 8.00% |
| Karur Vysya Bank RD Interest Rates | 6.25% to 7.50% | 6.25% to 8.00% |
| TMB RD Interest Rates | 6.75% to 7.75% | 7.00% to 8.25% |
| Federal Bank RD Interest Rates | 5.75% to 7.50% | 6.25% to 8.00% |
| IndusInd Bank RD Interest Rates | 7.00% to 7.75% | 7.50% to 8.25% |
| Karnataka Bank RD Interest Rates | 5.80% to 7.40% | 6.20% to 7.90% |
| Jammu and Kashmir Bank RD Interest Rates | 5.75% to 7.10% | 6.25% to 7.60% |
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Note: The interest rates shown may vary depending on the specific deposit amount and chosen RD scheme. To get the latest rates, visit the official website.In addition to banks, you can invest in a Post Office RD and use a Post Office RD calculator to determine your returns.
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Calculate the Bank of Maharashtra RD Interest Rate
Let's say you invest Rs. 1,000 monthly in a Bank of Maharashtra RD for 2 years (24 months) at an interest rate of 6.25% p.a. (Compounded quarterly).
Given:
- Monthly investment (principal) = Rs. 1,000
- Interest rate = 6.25% p.a. (compounded quarterly)
- Tenure = 2 years (24 months)
Maturity Value = Deposit × [((1 + r/100)^n - 1) / (r/100)] × (1 + r/100)
Apply the formula
A = P * [ (1 + R/12)^N - 1 ] / (R/12) + (P * N)
A = Rs. 1,000 × [((1 + 6.25/100)^8 - 1) / (6.25/100)] × (1 + 6.25/100)
≈25,618
Total interest earned:
Total interest (I) = Maturity amount (A) - Total deposit amount (P * N)
I ≈ ₹1,618
Therefore, for a monthly recurring deposit of ₹1,000 at 6.25% annual interest compounded quarterly for 2 years, the total interest earned would be approximately ₹1,618 and the maturity amount would be approximately ₹25,618.
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Types of Bank of Maharashtra RD Schemes
Bank of Maharashtra allows you to deposit a fixed amount of money every month for a chosen tenure. The Recurring Deposit tenure can range from 6 months to 10 years. The interest rate offered on Regular RDs varies depending on the tenure and the amount deposited. Bank of Maharashtra offers two main types of Recurring Deposit (RD) schemes.
Maha Millionaire RD (MMRD) scheme
The Maha Millionaire RD (MMRD) scheme is a recurring deposit scheme offered by the Bank of Maharashtra. Here's a list of all the key features.
- Maturity amount: ₹10 lakh (One Million Rupees) at least on maturity.
- Tenure: Minimum 1 year and can be opened in multiples of years, with a maximum of 10 years.
- Interest Rate: The interest rate will be the same as the bank's retail term deposit rates, which are subject to change by the bank. Senior citizens get an additional interest rate as offered on term deposits.
- Penalty: Penalty and The interest calculation and late payment penalties for this RD account will be the same as for other RD accounts.
Maha Lakhpati RD (MLRD) Scheme
The Maha Lakhpati RD (MLRD) Scheme is another recurring deposit scheme offered by the Bank of Maharashtra but with a target maturity amount of ₹1 lakh (One Lakh Rupees).
- Maturity amount: At least ₹1 lakh on maturity.
- Tenure: Minimum 1 year and can be opened in multiples of years, with a maximum of 10 years (same as MMRD).
- Interest Rate: The interest rate will be the same as the bank's retail term deposit rates, which are subject to change by the bank (similar to MMRD). Senior citizens get an additional interest rate as offered on term deposits.
- Penalty: Penalty and the interest calculation and late payment penalties for this RD account will be the same as for other RD accounts.
Tax Benefits on Bank of Maharashtra RD Interest Rates
The interest you earn on your RD will be subject to income tax according to your tax slab. Here's a breakdown of how taxes are applied to RD interest:
- Tax Applied on Interest: The interest earned on your RD is added to your taxable income and taxed according to your income tax slab.
- Form 16: You'll receive Form 16 from the bank, which details the interest earned on your RD.
- TDS (Tax Deducted at Source): Banks typically don't deduct TDS on RD interest unless the interest amount exceeds Rs. 40,000 in a financial year.
Tax Saving Options with RDs
While RDs themselves don't offer specific tax benefits, you can consider these options for tax savings:
- Tax-saving FDs: Invest in Bank of Maharashtra's Tax Saving Fixed Deposits (FDs) under Section 80C of the Income Tax Act. These FDs offer tax deductions on the principal amount invested.
- Senior Citizen Savings Scheme (SCSS): If you're a senior citizen, consider SCSS which offers higher interest rates and tax benefits on interest earned.
Note: For the latest tax implications on Bank of Maharashtra RDs and other investment options, it's advisable to consult a tax advisor or refer to the official Bank of Maharashtra website or government tax department resources.
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Steps to Open Bank of Maharashtra RD Account
An RD allows you to deposit a fixed amount of money regularly over a chosen period, typically ranging from 6 months to 10 years. Bank of Maharashtra offers attractive recurring deposit schemes to its customers. If you're interested in utilizing the benefits of an RD, here's a step-by-step guide on how to open an RD account with the Bank of Maharashtra.
Offline Method to Open Bank of Maharashtra RD Account
- Step 1: Visit your nearest Bank of Maharashtra branch.
- Step 2: Submit the account opening form along with the required documents.
- Step 3: Provide your initial deposit amount for the RD account.
- Step 4: Select the desired tenure (ranging from 6 months to 10 years) and the recurring deposit amount you wish to pay (minimum amount may vary).
- Step 5: Submit the required documents and pay the initial deposit amount.
- Step 6: Your RD account will be opened, and you will receive an account number and a passbook.
Online Method to Open Bank of Maharashtra RD Account
- Step 1: Visit the Bank of Maharashtra website.
- Step 2: If you don't have an online banking account, register for one by providing the required details and documentation.
- Step 3: Once logged in, look for the 'Recurring Deposit' option under the 'Deposits' section.
- Step 4: Click on 'Open Recurring Deposit Account' and fill in the required details, such as tenure, deposit amount, and mode of payment.
- Step 5: Provide your personal information, address details, and nominee details as prompted.
- Step 6: Upload the necessary documents (identity proof, address proof, and photographs) as required.
- Step 7: Review the details and submit the application form.
- Step 8: our RD account will be opened, and you will receive an account number.
Eligibility Criteria to Open Bank of Maharashtra RD Account
Bank of Maharashtra allows a wide range of individuals and entities to open Recurring Deposit (RD) accounts to make RDs accessible for various saving goals.
Here's who can open a Bank of Maharashtra RD account.
- Individuals: This is open to any resident Indian citizen.
- Minors: A minor can open an RD account with a guardian's help.
- Companies and Firms: Businesses can utilize RD accounts for financial planning.
- Partnerships: Partnership firms can also open RD accounts.
- Associations and Corporate Bodies: These entities can benefit from RD accounts for their financial needs.
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Documents Required to Open Bank of Maharashtra RD Account
Here's the list of documents that the Bank of Maharashtra typically requires to open an RD Account.
- Identity Proof: This could be a PAN Card, Passport, Voter's ID Card, Aadhaar Card, or Driving License.
- Address Proof: This could be a Ration Card, Utility Bills (Electricity, Water, Telephone), Passport, or Aadhaar Card (if the address is updated).
- Passport-size Photographs.
- PAN Card: While not mandatory everywhere, having a PAN card simplifies the process.
Note: For opening a minor's RD account, the guardian's documents will also be necessary. The bank might have specific requirements, so it's advisable to confirm directly with them.
Steps to Close Bank of Maharashtra RD Account
Some circumstances may arise where you need to close your RD account with the Bank of Maharashtra before its maturity date. You can close your Bank of Maharashtra RD account with these steps.
- Visit your Bank of Maharashtra branch: Locate the branch where you hold your RD account.
- Fill out the Account Closure Form (Form G): You can download Form G from the Bank of Maharashtra website or obtain one from the branch. Fill out the form carefully, specifying it's for closing your RD account and mentioning the account number.
- Submit the form with required documents: Along with the completed form, submit your RD passbook, a valid ID proof, and address proof.
- Account Verification and Closure: The bank representative will verify your details and the account balance. If there's no outstanding balance, the RD account will be closed, and the remaining balance (principal amount with interest) will be disbursed to your linked savings account.
Note: If you have any concerns, it's always best to contact your Bank of Maharashtra branch directly for the latest information and guidance.
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Frequently Asked Questions
To apply for a Recurring Deposit (RD) from the Bank of Maharashtra, you'll need just 3 documents: Proof of Identity, Proof of Address, and a Passport-sized photograph.
Yes, an RD Calculator can estimate your maturity amount. It considers factors like monthly deposit, interest rate, and tenure to give you an approximate figure.
Transferring the recurring deposit account itself might not be possible, but some banks allow transferring the balance to a new RD at the desired branch. Check with your bank for their specific policy.
Transferring regular deposits between Bank of Maharashtra branches isn't possible. You'll likely need to close the existing RD and open a new one at the desired branch.
You can open a Bank of Maharashtra RD account online or through their mobile app if you're an existing customer. Otherwise, visit a branch to complete the KYC process and initiate the deposit.
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