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Interest Rates

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Deposit Interest Rates

Interest rates for Deposits accepted/renewed by Maharashtra Gramin Bank
Sr.No. Period (For deposite below Rs. 2.00 Crore) Interest Rate % w.e.f. 23.01.2021
1 07 - 14 Days 3.00
2 15 - 30 Days 3.00
3 31 - 45 Days 3.00
4 46 - 90 Days 3.90
5 91 - 179 Days 4.00
6 180 - less than 1 year 4.50
7 1 Year 5.20
8 Above 1 Year to Less Than 2 Years 5.20
9 2 Years to Less Than 3 years 5.20
10 Above 3 Years to Less Than 5 Years 5.20
11 5 Years to 10 Years 5.20
12 Tax Saver Schemes *(For 5 Years to 10 Years) 5.20

Rates greater than equal to Rs. 2 Cr to Rs.10 Cr please Click Here

Term Deposit Tax Saver Schemes (Minimum Period 5 Years) will be as per the Interest Rate mentioned above upto investment of { 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.

--General Conditions--

  • 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 L00 % only upto an amount of less than t 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 2110412020.
  • 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 "h p.a. (l % 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 I o/o 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.

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