Bank of Maharashtra RD Interest Rates

What is a Bank of Maharashtra Recurring Deposit?

A Bank of Maharashtra Recurring Deposit is a simple savings option that allows you to deposit a fixed monthly instalment with a minimum of ₹100. The scheme remains available for terms starting from a minimum of 6 months and up to 120 months, giving flexibility based on your savings plan. The RD interest rates vary with the chosen tenure and help your savings increase steadily.

Each monthly payment earns interest from the date of deposit until maturity. Earlier instalments earn more interest compared to later ones. You can also use an RD calculator to estimate the maturity value in advance. If all instalments are paid on time, interest is calculated on the total balance and compounded as per bank rules.

Bank of Maharashtra RD Interest Rates

The following table provides the updated Bank of Maharashtra recurring deposit interest rates across different tenures.

For Deposits Below ₹3 Crore

*Bank of Maharashtra RD Interest Rates w.e.f. January 31, 2026

For Deposits Above ₹3 Crore to ₹5 Crore

*Bank of Maharashtra RD Interest Rates w.e.f. January 31, 2026

For Deposits Above ₹5 Crore to ₹10 Crore

*Bank of Maharashtra RD Interest Rates w.e.f. January 31, 2026

Note: Bank of Maharashtra Recurring Deposit (RD) interest rates are aligned with the bank’s term deposit rates.

Types of Bank of Maharashtra Recurring Deposit

Bank of Maharashtra provides various kinds of recurring deposit plans created to help customers save regularly and earn appealing interest.

Regular Recurring Deposit (RD)

The Regular RD of Bank of Maharashtra is a simple savings option designed for steady monthly deposits. Payments can be made either by cash or through a transfer from a savings or current account using a standing instruction. The bank provides competitive RD interest rates which are updated at intervals, and a minor charge may be applied for late instalment payments only.

The maturity amount is paid one month after the last instalment or on the maturity date, whichever is later. Around 100% of the accumulated balance with interest is paid at maturity. The account also allows easy transfer from one branch to another without difficulty.

Mahasanchay Deposit Scheme (MSDP)

The Mahasanchay Deposit Scheme is a more flexible RD option. It allows a basic monthly instalment of up to ₹10,000. A flexible feature is available too, where the instalment may extend to 10 times the base amount. However, the total monthly deposit must remain under ₹50,000.

The deposit period extends up to 60 months, giving moderate flexibility. Interest is the same as retail term deposits, with additional benefits of up to 0.50% for senior citizens and eligible staff. This option enables flexible deposits while keeping contributions disciplined.

Key Features of Bank of Maharashtra RD

Bank of Maharashtra Recurring Deposit (RD) comes with a range of practical features that make regular saving more convenient and structured. Key features are given below:

• Standing Instruction & Payment Facility: The bank allows easy monthly RD payments. You can pay by cash or transfer from your Bank of Maharashtra savings account or current account using a standing instruction.
• Nomination & Transfer Facility: The RD account has a nomination facility to support succession planning. Further, your RD account may transfer between branches without any difficulty.
• RD Premature Withdrawal: Under the Bank of Maharashtra RD premature withdrawal facility, the deposit can be closed before maturity if funds are required. In such cases, interest is generally reduced by about 1% below the applicable rate for that period, as per term deposit guidelines.
• Flexible Mahasanchay Deposit Plan (MSDP): Under the Mahasanchay Deposit Plan, you have a fixed “core” instalment plus a flexi instalment option. You can avail a Bank of Maharashtra loan against RD for up to 90% of your accumulated balance, including interest, without closing your account.

How to Open a Bank of Maharashtra Recurring Deposit Account

A Bank of Maharashtra Recurring Deposit (RD) account can be opened easily using online or offline modes. Both options make sure your savings begin earning interest immediately.

Online Method

You can start your RD account from home in comfort through the official Bank of Maharashtra net banking or via the mobile banking platform.

• Visit Official Website or App: Access the Bank of Maharashtra net banking portal or download the official mobile app.
• Enter Your Account: Use your savings or current account details to log in to your account directly.
• Select ‘Recurring Deposit’ Option: Move to the RD page and choose ‘Open New RD Account’.
• Provide Deposit Details: Enter the monthly instalment, tenure, and nominee details as required.
• Arrange RD Funding: Set up a transfer from your savings account or link a payment method to begin instalments.
• Confirm and Submit: Verify all details and submit your application. You will receive a confirmation receipt and account details.

Offline Method

You may also open an RD account by visiting the closest Bank of Maharashtra branch.

• Visit Bank Branch: Go to your preferred Bank of Maharashtra branch with valid documents.
• Collect RD Application Form: Request the Recurring Deposit application form from the bank counter.
• Fill in the Details: Provide personal information, monthly instalment, tenure, and nominee details accurately.
• Submit KYC Documents: Attach proof of identity, address, and recent photographs as required.
• Make the First Deposit: Pay the initial instalment either in cash or via transfer from your savings/current account.
• Receive RD Account Details: After verification, the bank issues your RD account passbook or confirmation receipt.

Eligibility Criteria for Bank of Maharashtra RD

Bank of Maharashtra RD accounts are open to customers and organisations meeting the bank’s KYC norms, encouraging regular savings habits.

• Individuals: Any individual can open an RD account, whether singly or jointly. Even minors can open an account with a guardian acting on their behalf.
• Professionals: This RD account suits professionals including doctors, engineers, and other salaried or self-employed workers who prefer to save money regularly here.
• Business Owners: Businessmen and entrepreneurs can also choose RD accounts to build savings and manage financial planning.
• Students and Homemakers: Students and housewives can start RD schemes to accumulate savings gradually and maintain a practice of regular investment.
• Firms, Associations, and Corporate Bodies: Firms, clubs, associations, and corporate entities complying with KYC requirements are eligible to open RD accounts.

Key Takeaways

Bank of Maharashtra Recurring Deposit (RD) offers steady monthly savings with a minimum instalment of ₹100 and tenures from 6 to 120 months. It offers RD interest rates 4.75% to 6.20% p.a. for the general public. You can estimate returns using the RD calculator. This option gives up to 90% loan, nomination, easy transfer, and 0.50% extra interest for seniors.