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Recurring Deposit
Eligibility :
An Individual, firm, partner & company, can open recurring deposit account. Even a minor can open Recurring deposit account with us. It is ideal for Doctors, Engineers, Businessmen, students, household women etc.
Amount of Deposit :
Monthly installment with a minimum Rs.100/-
Period of Deposit :
Minimum 6 months to maximum 120 months.
Mode of Payment
- By deposit of cash
- By transfer from SB, CA account by issuing S.I.
Rate of Interest
Attractive rate of interest paid on deposit as decided by the bank from time to time on maturity patterns. Penalty for late payment of monthly instalments.
Mode of Payment
The entire proceeds will be paid one month after last installment is paid or maturity date whichever is later
Benefits
- Loan facility is available Upto 90% of deposit amount.
- Nomination facility is available.
- Account can be transferred from one branch to another branch.
Frequently Asked Questions
1. What is a Recurring Deposit (RD)?
A Recurring Deposit (RD) is a savings scheme where you deposit a fixed amount every month for a specific period and earn assured interest on maturity.
2. What is the minimum amount required to open an RD?
You can start an RD with a minimum monthly installment of ₹100, making it accessible for all types of savers.
3. What is the tenure of a Bank of Maharashtra RD?
The tenure ranges from 6 months to 10 years (120 months), offering flexibility based on your financial goals.
4. What interest rate is offered on RD?
Interest rates are determined by the bank from time to time and are generally similar to fixed deposit rates. The rate remains fixed for the chosen tenure.
5. Can I miss an installment in RD?
Missing an installment may attract a penalty, as per the bank’s rules. It is advisable to maintain timely payments.
6. Is premature withdrawal allowed?
Yes, premature closure is allowed, but it may result in a penalty or reduced interest payout.
7. Can I take a loan against my RD?
Yes, you can avail a loan of up to 90% of the RD balance, providing liquidity without breaking your savings.
8. Who can open a Recurring Deposit account?
Individuals, minors, and entities like firms or companies can open an RD account as per eligibility norms.
9. Is nomination facility available?
Yes, the bank provides a nomination facility for RD accounts.
10. How will I receive the maturity amount?
On maturity, the total amount (principal + interest) is credited to your linked account or paid as per instructions.
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