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. 3.12.2020
1 07 - 14 Days 3.00
2 15 - 30 Days 3.00
3 31 - 45 Days 3.00
4 46 - 90 Days 4.00
5 91 - 179 Days 4.00
6 180 - less than 1 year 4.50
7 1 Year 5.25
8 Above 1 Year to Less Than 2 Years 5.25
9 2 Years to Less Than 3 years 5.25
10 Above 3 Years to Less Than 5 Years 5.25
11 5 Years to 10 Years 5.25
12 Tax Saver Schemes *(For 5 Years to 10 Years) 5.25

For deposit below Rs. 2 Cr Click Here

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

(*) Bank Term Deposit Tax Saver Schemes (Minimum Period 5 Years) will be as per the Interest Rate mentioned above and upto investment of ₹ 1.50 lakh only in a Financial Year.
2. For Deposit equal to or above ₹ 1.00 Crore:- Branches are advised to contact the Accounts & Investment Department, Head Office for Interest rates and product code applicable for Deposit equal to or above ₹ 1.00 Crore

--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 % only for Term Deposits of 91 days and above period.

- The deposit equal to or above ₹ 1.00 crore should be through a single Deposit Receipt.

- 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 ₹ 1.00 crore only.

- 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 ₹ 1.00 crore.
- lnterest 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, 8275052751, 7770016712.

Branches are advised to display the notice prominently on Notice Board regarding change in interest rates as above.

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