Bank of Maharashtra RD Interest Rates 2026 

Bank of Maharashtra is currently offering up to 6.20% p.a. on recurring deposits for general customers and 6.70% for senior citizens. Continue reading for Bank of Maharashtra RD rates, tenure-wise breakdowns, eligibility, tax rules, etc, and the details you need before you open one. 

Key Highlights

• Interest rates range between 5.00% to 6.20% p.a. with an extra 0.50% for senior citizens
• RD investment with just ₹100 per month
• Flexible tenures from 6 months to 10 years available
• Premature withdrawal is allowed with a small penalty.
• Best for monthly savings, short-term goals, and risk-free wealth building.
• Loan Facility is available up to 90% of the RD amount without breaking it.
• Easy Account transfer from one bank branch to another.

Bank of Maharashtra Recurring Deposit Rates 2026

Bank of Maharashtra RD interest rates range from 5.00% to 6.20% per annum for regular customers. Senior citizens receive an additional 0.50% per annum over the standard applicable rate. The rates below are applicable for deposits below ₹3 crore for general and senior citizen depositors.

Bank of Maharashtra RD Interest Rates — May 2026 

Interest rates are subject to change. Always verify the latest rates on the official Bank of Maharashtra website before investing.

Also Read: RD vs FD — Which is Better?

Term-Wise Bank of Maharashtra RD Rates

Bank of Maharashtra RD Interest rates vary across different tenures. Here is a quick breakdown in terms of short, medium and long-term tenures:

Short-Term RD (6 months to less than 1 year)

Rates range from 5.00% to 5.25% p.a. for regular depositors. If you have a specific near-term goal like a vacation, buying electronics, or building a small emergency buffer. 

Medium-Term RD (1 year to 3 years)

This is the sweet spot for RD investors as rates go up to 6.20% p.a. for general customers and 6.70% for senior citizens in the 2–3 year range. If your goal is to build a corpus for your child's education fee, home renovation, or a planned large expense. 

Long-Term RD (3 years to 10 years)

Long-term RDs ranging from 3 to 10 years offer 5.00% to regular and 5.50% to senior citizens. Long-term RDs work well for retirement planning or for creating a disciplined savings habit over many years. 

Example: If you invest ₹5,000 per month in a Bank of Maharashtra RD for different tenures 

Benefits of Bank of Maharashtra Recurring Deposit

What makes Bank of Maharashtra RD stand out from a basic savings account is how much it forces good financial habits — here's what you actually get.

• Guaranteed Returns: Once you book your RD, your rate is locked — even if the bank revises rates next month, your return stays unchanged 
• Low Entry Point: You can start a Bank of Maharashtra RD with as little as ₹100 per month. This makes it accessible for students, homemakers, and first-time investors.
• Senior Citizen Advantage: An additional 0.50% over standard rates means senior citizens earn meaningfully higher returns on the same deposit.
• Flexible Tenure: Bank offers RDs with flexible tenures ranging from 6 months to 10 years. Investors can choose based on their financial goals.
• Loan Against RD: In case of emergency, no need to break RD. The bank offers a loan facility against RD, which protects returns and offers funds when needed.
• Nomination Facility: You can nominate someone at the time of opening an RD account to ensure a smooth transfer of funds if needed.
• Auto-Renewal Option: Many Bank of Maharashtra RD accounts come with the option to auto-renew at maturity, ensuring your savings keep growing without interruption.

Who Should Invest in Bank of Maharashtra Recurring Deposit? 

A Recurring Deposit (RD) is ideal for individuals who want to build savings gradually with low risk and fixed returns. Here’s who can benefit the most:

Salaried Individuals: If you earn a fixed monthly income, an RD helps you save consistently every month without needing a large lump sum. It builds financial discipline while earning steady interest.

Goal-Based Savers: Planning for a vacation, gadget purchase or short-term financial goal. RDs are perfect because you can align monthly savings as per your goal timeline.

Risk-Averse Investors: If you prefer safe, guaranteed returns over market-linked investments, an RD is a strong option. Your returns are fixed and unaffected by market fluctuations.

Students & First-Time Investors: With a low minimum investment (starting from ₹100/month), RDs are a great way for early savings, understanding how interest works and building financial habits

Anyone Who Wants Disciplined Savings: If you struggle to save money regularly, an RD automates your savings habit, ensuring you invest a fixed amount every month.

Eligibility to Open Bank of Maharashtra RD

The bank has kept the eligibility simple and inclusive. The following categories of individuals and entities can open an RD:

• Resident Indian individuals (single or joint account holders)
• Hindu Undivided Families (HUFs)
• Minors with a parent or legal guardian as the operating account holder
• Trusts, associations, clubs, and societies 

Types of Bank of Maharashtra RD Schemes

The bank offers different types of recurring deposit schemes to meet varied savings needs. Here is a concise overview of each:

Regular Recurring Deposit

• The regular RD scheme is suitable for all eligible resident individuals, entities, and even minors. 
• Monthly instalments with a minimum of Rs. 100 with flexible tenure from 6 months to 10 years. 
• Monthly instalments are fixed, and tenure is chosen at the time of opening
• Bank compounds interest on a quarterly basis (interest is added every 3 months). 

MahaSanchay Deposit Plan

• The Mahasanchay RD  is a scheme with a core monthly instalment eligible for individuals, firms, clubs, associations and corporate bodies.
• Monthly instalment of a minimum of Rs. 100 and a maximum of 10000. 
• Monthly investment can be up to 10 times your regular (core) instalment amount, and the amount must be in multiples of ₹100
• The maximum investment amount in a month (regular/core instalment + extra amount) cannot exceed ₹50,000.
• The minimum period of deposit for this plan is 12 months and a maximum of 60 months.

Documents Required for Bank of Maharashtra RD

Whether you open your RD online or at a branch, having these documents ready speeds up the process significantly.

For Existing Customers:

• No fresh KYC is typically required if your account is already KYC-compliant
• Account number and registered mobile number are sufficient for online booking

For New Customers / Branch Opening:

Premature Withdrawal of Bank of Maharashtra RD

Life is unpredictable, so the bank allows premature closure of your RD if you need funds before maturity. However, a few conditions apply:

• Penalty on premature closure: A penalty of 1% per annum is typically deducted from the applicable interest rate for the period the RD was held.
• Interest calculation: Interest is paid for the actual period the RD was active, minus the applicable penalty.
• Partial withdrawal: Not available for standard RD accounts. The entire RD must be closed for premature access to funds.
• Loan against RD alternative: Instead of a partial withdrawal, Bank of Maharashtra offers a loan against your RD. This gives easy access to up to 90% of the deposit value while your RD continues earning interest.

Also Read: RD Premature Withdrawal Rules

Tax on Bank of Maharashtra RD Interest 

Interest earned on your RD is fully taxable under the Indian income tax law. Here is what you need to know:

TDS Rules

• TDS is deducted if the total interest earned across all deposits in a financial year exceeds ₹50,000 (₹1,00,000 for senior citizens).
• TDS is deducted at the rate of 10% (if PAN is submitted) and 20% without PAN..

How to Avoid TDS (If Eligible)

• Submit Form 15G (for individuals below 60 with no taxable income) at the start of every financial year.
• Submit Form 15H (for senior citizens with no taxable income) to avoid TDS deduction.

Tax on Maturity

• The maturity amount itself is not taxable; only the interest component is added to your income and taxed as per your applicable slab.
• No capital gains tax applies to RD investments.

Also Read: How to Save Tax on RD Interest?

Bank of Maharashtra RD Calculator & Returns

Want to know your exact returns? Before investing in the Bank of Maharashtra RD. Use the Bank of Maharashtra RD calculator to estimate your maturity amount, interest earned, and total returns based on your monthly investment.

How the RD Calculator Works

RD maturity is calculated using the following standard formula:

M = R × [(1 + i)^n – 1] / (1 – (1 + i)^(–1/3))

Where:

• M = Maturity amount
• R = Monthly instalment amount
• i = Rate of interest / 400 (quarterly compounding, i.e., interest is added every 3 months.)
• n = Number of quarters

Sample Calculation

Calculate your Bank of Maharashtra fixed deposit returns using the RD Calculator given below:

Compare Bank of Maharashtra RD Rates with Other Banks

Is Bank of Maharashtra RD the Best Option? Comparing RD rates across banks before investing is a smart move. 

Even a 0.25% difference in rate can add thousands to your maturity amount over the years. Here is a detailed comparison of RD rates offered by Bank of Maharashtra and other banks-

Key Takeaway: Bank of Maharashtra offers competitive rates in the 2–3 year range, especially for senior citizens. However, if you are comfortable with regulated small finance banks, higher rates are available. Stable Money lets you compare and invest across all options from one platform.

Also Read: Best RD Rates Across All Banks — May 2026

How to Book a Bank of Maharashtra RD

Online Methods

• Log in to your Bank of Maharashtra internet banking 
• Navigate to Deposits, then Recurring Deposit 
• Click on Open a new RD
• Select the linked savings/ current account for the monthly debit
• Enter the monthly instalment amount and choose your tenure
• View the applicable interest rate and estimated maturity amount
• Set your preferred maturity instruction, like auto-renewal or credit to account
• Add or confirm nominee details
• Submit and complete OTP verification
• Your RD is created, and download the e-receipt for your records

Offline Method

• Visit your nearest Bank of Maharashtra branch
• Request the Recurring Deposit Account Opening Form from the service desk
• Fill in the required personal details, account number, instalment amount, and chosen tenure
• Submit KYC documents like Aadhaar, PAN, and a passport-size photograph
• Provide your savings/ current account number for the monthly instalment debit
• Add nominee details in the form
• Submit the completed form to the branch officer
• Receive your receipt after processing

Why Should You Book an RD with Stable Money?

Most people open an RD at banks they already use without checking if a better rate exists two clicks away. Stable Money helps you grow your savings with competitive interest rates from trusted banks while keeping your investments flexible and secure.

You can start investing with as little as ₹1,000 per month, lock in high FD-backed RD rates before they decline further, and even top up your RD whenever you have extra funds, all within the same deposit. 

Stable Money also offers benefits like DICGC insurance coverage up to ₹5 lakh, the flexibility to stop anytime without penalties for missed monthly contributions, and a simple digital experience to compare and invest in high-return RD options across banks in one place.

Conclusion

Bank of Maharashtra offers one of the more competitive RD interest rates among public sector banks in 2026, especially for the 2 to 3-year tenure bracket. With a low minimum investment of ₹100 per month, easy access through net banking, and a loan against RD, it is a great choice for systematic monthly savings.