Interest rates for Deposits accepted/renewed by Maharashtra Gramin Bank
Term Deposit Tax Saver Schemes (Minimum Period 5 Years) will be as per the Interest Rate mentioned above
upto investment of Rs. 1.50 lakh only in a Financial Year.
For deposit equal to or above 2'00 Crore:-
Branches are advised to check Bank website on regular basis for Bulk Deposit Interest Rate if any query
contact Accounts & Investment Department, Head office. For more details kindly refer instructioris given in
Bulk Deposit rate chart on Bank's website.
- The revised interest rates are applicable to renewals and fresh (new) Term Deposits only.
- Senior Citizens will be offered an additional rate of 0.50 y" only for Term Deposits of 91 days and above period.
- The deposit equal to or above t 2.00 crore should be through a single Deposit, irrespective of number of Receipts.
- Deposits to be accepted for a maximum period of 10 years.
- Deposits accepted at one branch should not be split into other branches.
- A Staff member or a retired member or the spouse of a deceased member will be offered an additional interest
rate of 1.00 % only upto an amount of less than 2.00 crore only. Benefit of additional interest to staff members
or retired staff members is available only if he/she has an account single or jointly with family members where
he/she is the principle account holder. Staff has to submit the declaration that, the money deposited belong staff
himself, refer cir no 98 dated 21/04/2020.
- Senior citizen retired members of staff of the Bank will be given dual benefit of additional interest offered to
retired staff members and senior citizens as well.
- "A member of the Bank's staff' means a person:employed on a regular basis, whether full time or part-time and
includes a person recruited on probation or employed on a contract of a specified duration or on deputation and
an employee taken over in pursuance of any scheme of amalgamation, but does not include a person employed
on casual basis. "A retired member of the Bank's staff' means an employee retiring whether on superannuation
or otherwise as provided in the Bank's Service / Staff Regulations, but does not include an employee retired
compulsorily or in consequence of disciplinary action.
- The benefit of additional interest rate of 1.00 % will be available to the associations or funds, of which all the
members are Bank's staff. The benefit will also be available beyond a deposit amount of 2.00 crore.
- Interest rate for Saving Bank Deposit - 2.75 % p.a. (1 % additional for staff and retired employees
of the Bank).
- All rates are subject to change from time to time.
Premature payment of Term Deposits -
- In case if premature withdrawal of Deposit, the applicable rate would be 1 % below the Interest Rate of the
period for which deposit has been actually held. However, if premature withdrawal of Deposit is taken for
reinvestment in the Bank for a period longer than residual maturity period of existing deposit there will be no
penalty on applicable rate.
- Considering our competitive interest rates, branches are advised to mobilize the maximum fresh deposits. In
case additional interest rate is required for Term Deposits (15.00 lakh and above) branches may Contact to
Accounts Department, Head Office for sanction through Regional Office. DRI is not applicable, when any other
additional benefit is availed.
- Contact Details of Account Department Head office -8275052756,7770016712,7770016715,7709030802.
Branches are advised to display the notice prominently on Notice Board regarding change in interest rates as above.