Madhyanchal Gramin Bank FD Rates

Madhyanchal Gramin Bank offers several beneficial services to the rural population of India. It has a range of products to cater to the needs of its customers. Similar to the regular fixed deposit schemes, Madhyanchal Gramin Bank fixed deposit services offer a safe place for potential customers to invest and save their hard-earned money.

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Madhyanchal Gramin Bank allows its customers to deposit a sum of money and select a period, often referred to as the deposit tenure. The deposited amount of money then starts to accumulate regular interest. The salient features of such account and interest are explored in the below segments.

Features of Madhyanchal Gramin Bank Fixed Deposit

Some of the features of Madhyanchal Gramin Bank fixed deposit are:

  • The deposit tenure for an account under the concept of fixed amount deposits in the Madhyanchal Gramin Bank can last from seven days to ten years.
  • Senior citizens also have depositing facilities.
  • There is no maximal limit on the amount of sum to be banked.
  • The accounts are eligible for tax benefits.
  • NRE, NRO, and FCNR accounts are also available for the customers.

Madhyanchal Gramin Bank FD Rates 2021

The following tabular segment showcases the Madhyanchal Gramin Bank’s FD rates (according to the official website of the institution):

(Refer to the bank's circular number scheme /2019.20/12 dated 25.02.2020 under the same subject. The rate of interest on domestic fixed amount deposits was changed by the State Bank of India on 12.05.2020. Accordingly, the following are the approved interest rates in the bank.)

Deposit Tenure

Effective rates for general citizens 

Effective rates for senior citizens

Current Rate

Revised Rate

Current Rate

Revised Rate

Seven to Forty-five days

4.50

3.30

5.00

3.80

Forty-six days to One hundred and seventy-nine days

5.00

4.30

5.50

4.80

One hundred and eighty days to Two hundred and ten days

5.50

4.80

6.00

5.30

Two hundred and eleven days to lower than one year

5.50

4.80

6.00

5.30

Over one year but lower than two years

6.00

5.50

6.50

6.00

Over two but lower than three years

6.00

5.50

6.50

6.00

Over three but lower than five years

6.00

5.70

6.50

6.20

Over five years and up to ten years

6.00

5.70

6.50

6.20

*Fixed Deposit Interest rates are subject to change.

Notes from Madhyanchal Gramin Bank:

The rate of interest under the Tax Saving Scheme will be according to the rate of interest given in the above table for the same period.

Interest at an additional rate of 1.00% p.a. will be paid to the general public on the new/renewed fixed amount deposits received. Staff rate 1.00% along with senior citizen rate 0.50% benefit will also be given on deposits.

Madhyanchal Gramin Bank Fixed Deposit Rates: Things to Know!

Some of the things to know about Madhyanchal Gramin Bank fixed deposit are:

  • The Madhyanchal Gramin Bank FD interest rates can range from 4.50% to 6% for regular customers and 5% to 6.50% for senior citizen customers.
  • The rate of interest is dependent on the deposited amount and tenure selected by the customer.
  • A loan facility against the amount deposited is available, provided the bank is satisfied with the necessary terms.
  • In case of premature withdrawal, the effective rate of interest will be 1.00% less than the interest rate fixed for the period the amount has been deposited with the bank.

Summing it Up

The customer is advised to confirm the terms and conditions with the bank before finalizing as interest rates are subject to change. The Madhyanchal Gramin Bank FD rates are reasonable and reliable. The bank also offers its services via online mode, i.e., customers can open an FD account from the comfort of their homes.

Written By: PolicyBazaar - Updated: 26 August 2021
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