- Recurring Deposit
- Bank Of Maharashtra RD Interest Rates
Bank Of Maharashtra RD Interest Rates
bank
Bank of Maharashtra RD Interest Rates Oct 2024
| Tenure | Normal Citizen RD Rate | Senior Citizen RD Rate |
|---|---|---|
| 3 Months to 6 Months | 4.50% | 5.00% |
| 6 Months to 9 Months | 4.75% | 5.25% |
| 9 Months to 1 Year | 5.35% | 5.85% |
| 1 Year to 2 Years | 6.00% | 6.50% |
| 2 Years to 3 Years | 6.00% | 6.50% |
| 3 Years to 5 Years | 5.75% | 6.25% |
| 5 Years to 10 Years | 5.75% | 6.25% |
Note: All interest rates shown above are as on 1st November 2023
Bank of Maharashtra RD Scheme Details
Tenure | 3 Months to 10 Years |
Public Interest Rates | 4.50% to 6.00% |
Senior Citizen Interest Rates | 5.00% to 6.50% |
Minimum Deposit Amount | Rs. 50 |
Premature Withdrawal | 1% of deposit |
Highest Rates for Public | 6.00% |
Highest Rates for Senior Citizen | 6.50% |
Bank of Maharashtra Returns Based on Investment Amount
| Investment Amount | For 3 years with interest of 5.75% | For 5 years with interest of 5.75% |
|---|---|---|
| ₹ 50,000 | ₹ 1,51,435 | ₹ 2,53,599 |
| ₹ 1 lakh | ₹ 3,02,870 | ₹ 5,07,199 |
| ₹ 2 lakh | ₹ 6,05,741 | ₹ 10,14,398 |
| ₹ 5 lakh | ₹ 15,14,352 | ₹ 25,35,995 |
| ₹ 10 lakh | ₹ 30,28,704 | ₹ 50,71,990 |
Compare Bank of Maharashtra vs Punjab National Bank Recurring Deposit
vs
Punjab National Bank
 | | |
|---|---|---|
| Maturity Amount | ₹ 3,02,870 | ₹ 3,02,621 |
| Total Investment Amount | ₹ 3,00,000 | ₹ 3,00,000 |
| Total Interest Gained | ₹2,870 | ₹ 2,621 |
Compare RD Interest Rates of Other Banks
Frequently Asked Questions
What is the current interest rate of RD in Bank of Maharashtra?
The current highest Bank of Maharashtra RD rates for general citizen range from 4.50% to 6.00% and for senior citizen it ranges from 5.00% to 6.50% today 2024-10-22
How to open rd account in Bank of Maharashtra?
Bank of Maharashtra RD account can be opened with a minimum deposit of Rs. 50 with tenure ranging 3 Months to 10 Years. Bank of Maharashtra recurring deposit account can be opened online or by visiting Bank of Maharashtra branches with any ID proof like PAN card, Aadhar card, voter ID, or driving licence etc.
How to close rd in Bank of Maharashtra?
You can close your RD a/c online through "Close A/c" tab or by visiting the branch, this may cost you a penalty. The current premature closer penalty in Bank of Maharashtra RD is 1% of deposit.
How to calculate maturity and interest in Bank of Maharashtra recurring deposit ?
The maturity amount in Bank of Maharashtra recurring deposit account can be calculated by using A = P x(1 + R / N) ^ (NT) formula.
Where:
A: Maturity Amount
P: Recurring Deposit Amount
N: Number of times the interest is compounded
R: annual interest rate
T: Tenure
Example:
If you open recurring deposit account at the Bank of Maharashtra for 5 years and planed to invest INR 50,000.The current Bank of Maharashtra RD interest rate for 5 year is 5.75%.So using the above formula the maturity amount will be - Rs. 34,80,269.
Where:
A: Maturity Amount
P: Recurring Deposit Amount
N: Number of times the interest is compounded
R: annual interest rate
T: Tenure
Example:
If you open recurring deposit account at the Bank of Maharashtra for 5 years and planed to invest INR 50,000.The current Bank of Maharashtra RD interest rate for 5 year is 5.75%.So using the above formula the maturity amount will be - Rs. 34,80,269.
What is Bank of Maharashtra RD interest rates for 1 year in 2024 ?
The Bank of Maharashtra recurring deposit for 12 months or 1 year is 6.50% for senior citizen and 6.00% for others.
Calculate Bank of Maharashtra Returns
36
3.2 %
₹1,00,000
Total Investment
0
Wealth Gained
₹0
Maturity Amount
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