Bank of Maharashtra Senior Citizen RD Interest Rates

What is the Bank of Maharashtra Senior Citizen RD?

The Bank of Maharashtra Senior Citizen Recurring Deposit (RD) is a savings plan for individuals aged 60 or older. Senior citizens can deposit a fixed amount every month for a chosen period of time. The tenure starts from a minimum of 6 months and extends up to a maximum of 10 years. The scheme has a minimum deposit of ₹100 per month, and once you have made the first deposit, you can deposit more in multiples of ₹100. If you wish to calculate the estimated maturity value and how much interest you will earn, you can use the RD calculator for an accurate calculation.

Bank of Maharashtra RD Rates for Senior Citizens

Below are the RD interest rates across various tenures, offering better returns with flexible investment options.

For Deposits Below ₹3 Crore

*Bank of Maharashtra Recurring Deposit 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.

Key Features of Bank of Maharashtra Senior Citizens RD

Bank of Maharashtra senior citizen RD is designed to offer stable returns with these features:

• Standing Instruction for Monthly Deposits: Bank of Maharashtra includes a standing instruction facility for RD accounts, where the monthly instalments are automatically debited from the linked account. This helps in keeping the payments on time every month, and it is more convenient and reliable than visiting the branch often.
• Loan Against RD: In case of shortage in funds, Bank of Maharashtra Loan Against RD allows customers the option to borrow against their recurring deposit. Under the Mahasanchay Deposit Scheme (MSDP), customers can take out a loan up to 90% of their deposited RD amount.
• Premature withdrawal: The bank allows you to opt for Bank of Maharashtra RD premature withdrawal and close the deposit before maturity if needed. But it comes with a penalty of 1% deduction of the applicable RD interest rate.
• 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.
• Flexible Investment Option: Customers can start investing with a minimum amount of ₹100. Bank of Maharashtra Flexi RD, the Mahasanchay Deposit Plan, offers customers the option of no fixed monthly installments, allowing deposits as per convenience.

How To Open a Bank of Maharashtra Senior Citizens RD

It is easy to open a Bank of Maharashtra Senior Citizen RD both online and offline, whichever is convenient to you.

Online Method

You can access an RD at any convenient time through internet banking, following these steps:

• Log In: Log in to the Bank of Maharashtra internet or mobile banking.
• Select RD Option: Click next to the deposits and select recurring deposit.
• Enter Details: Fill in the instalment amount and tenure.
• Link Account: Choose your Bank of Maharashtra savings account or current account for auto-debit.
• Review & Submit: Verify details and confirm the request.
• Confirmation: Receive RD account creation confirmation.

Offline Method

You can easily open an RD account offline by following these steps:

• Branch Visits: Visit the closest bank’s branch.
• Fill Form: Fill in the RD application form.
• Submit Documents: Provide required KYC documents.
• Choose Details: Select the instalment amount and tenure.
• Deposit Initial Instalment: Pay the first monthly instalment.
• Set Instructions: Provide payment or standing instructions.
• Account Activation: The bank opens the RD account and issues confirmation details.

Bank of Maharashtra Senior Citizens RD Eligibility Criteria

Bank of Maharashtra Senior Citizen RD opening includes clear minimum eligibility conditions to support a simple account opening process.

• Age Requirement: The applicant should be 60 years old or older to receive the benefits of senior citizen RDs.
• Account Requirement: You need a current or a savings account with Bank of Maharashtra, where monthly RD installments will be debited. You can go to your bank branch and pay in cash as well.
• Resident Status: Senior citizens' interest rates are applicable only for resident deposits.
• KYC (Know Your Customer) Documents: To open a Bank of Maharashtra RD, one document verifying the customer's identity and one verifying the address are needed. Documents such as a passport, an Aadhar card, a PAN card, a Voter’s Identity Card, an electric bill, a salary slip, and recent passport photos.

Key Takeaways

Bank of Maharashtra Senior Citizen RD offers stable returns with a preferential interest rate of up to 0.50%. The RD interest rates generally range from 5% to 6.70% per annum. Installments can start at ₹100 per month, and subsequent payments can be made in multiples of ₹100. You can either go for fixed monthly deposits or a variable one, like the Mahasanchay Deposit Plan RD.