Manage Money

Bank of Maharashtra Recurring Deposit Schemes & Interest Rates
Total rating: 0

How to Get the best Interest Rates on the Bank of Maharashtra Recurring Deposit

Tenure of RD

For Amount less than Rs. 1.00 crore

Over 1 year to 3 years


3 years /Mahalaxmi Term Deposit


Above 3 years


Bank of Maharashtra has attractive RD schemes as a part of their retail banking portfolio. Since Bank of Maharashtra is considered to be one of the leading financial institutions in the country,  it offers three types of Recurring Deposit schemes. The customers can enjoy multiple benefits on these RD schemes inclusive of no TDS, loan facility, nomination facility etc. the loan facility is applicable for up to 90% of the total amount deposited in RD. For a minimum amount of 50 rupees, a Recurring Deposit account can be opened with the  Bank of Maharashtra with tenure ranging from 6-12 months. Monthly installment amounts can be increased by multiples of 10 after that. The owners of RD accounts can make payments via cash or transfer the amount to the account directly. Presently, the RD schemes in Bank of Maharashtra include

  • Maha Millionaire RD Scheme
  • Mahasanchay Systematic Deposit Plan
  • Maha Lakhpati RD Scheme

Short-Term RD Interest Rates in Bank of Maharashtra

In the Mahasanchay Deposit Plan, the Bank of Maharashtra offers a short-term Recurring Deposit with tenure of one year for deposits that are lesser than a crore. The interest rates offered for this type of RD is 7.5%

Medium and Long-Term Recurring Deposit Scheme Interest Rates for Bank of Maharashtra

The RD schemes of Bank of Maharashtra offer options for the customers to open a deposit account with tenure ranging from 1-10 years. If customers wish to go for RD scheme with tenure of a medium term, they should opt for tenure that ranges from 1-5 years. The interest rate offered in this case would be 7.4%-7.25% for the mid-range tenures. Mahanidhi RD scheme of the Bank of Maharashtra offers an interest rate of 7.51% for 444 days of tenure and the MahaLabh RD scheme,e can offer an interest rate of 7.51% for tenure of 666 days. For tenures that range from 5-10 years, the interest rate offered by the Bank of Maharashtra is 7.25%

Senior Citizen RD Scheme of Bank of Maharashtra

Bank of Maharashtra offers attractive interest rates to senior citizens and the rates vary according to the tenures opted. For a tenure of 1 year, the interest rate provided by the Bank of Maharashtra is 8%. The Mahanidhi RD scheme offers an interest rate of 8% for a tenure of 444 days to the senior, and Maha Labh RD Scheme offers an interest rate of 8.01% for tenure of 666 days. The Maha Millionaire Scheme and Maha Lakhpati scheme offers interest rate ranging from 8%-7.75% for tenure varying from 1-10 years.

NRE RD Schemes for Senior Citizens- Bank of Maharashtra

For NRE Deposit Accounts the interest rates offered ranges from 7.25%-7.75% depending on the tenure. An RD scheme for 444 days attracts an interest rate of 7.77% for 444 days and deposit term up to 2 years, the interest rates provided is 7.75%. For tenures from 3-5 years, the interest rate offered is 7.5% and for the deposit term of 5-10 years, the interest rate offered id 7.25%. For deposit amounts ranging from 1-5 crores, the interest rate varies between 7-7.25% based on the tenure.