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Bank of Maharashtra RD Interest Calculator

RD Calculator Bank Maharashtra in India Jan 2021

Last Updated 19th Jan 2021

Tenure General Rates Senior Citizen Rates
6 months to 364 days 6.00% 6.50%
1 year to 2 years 6.50% 7.00%
2 years 1 day to 3 years 6.60% 7.10%
3 years 1 day to 10 years 6.50% 7.00%

    Calculate RD Maturity Amount of All Banks in India

    Bank of Maharashtra RD Calculator
    Investment Offers with High Returns offerOffers
    Bank/NBFCs Rate Tenure Action
    Bajaj Finance FD6.85%60 MonthsAPPLY
    PNB Housing Finance FD6.95%120 MonthsAPPLY
    DBS Bank Savings Account5.00%N.A.APPLY

    Bank Maharashtra Recurring Deposit Calculator

    Bank of Maharashtra, a leading Public Sector Bank in India offers attractive interest rates upto 6.60% on its Recurring deposits.
    RD maturity amount that you will get depends upon

    • Deposit amount
    • Rate of interest
    • RD tenure
    • Compounding frequency
    • TDS applicability and TDS rate

    Bank Maharashtra Recurring Deposit Interest Calculator

    • In a periodic interest payout option, Bank of Maharashtra would transfer the interest earned at each interval (say, quarterly) to your bank account. The interest would remain same across the life of the deposit. On maturity of RD, unless the deposit is renewed, would transfer the principal amount to your bank account.
    • In case you opt for a Bank of Maharashtra cumulative deposit, on maturity you would get a credit for the principal and interest earned net of TDS.
    • Calculate the RD maturity amount using the RD calculator.

    Tax on Recurring Deposit Bank of Maharashtra

    • In case the interest earned by you across all your recurring deposits across all branches of Bank of Maharashtra in a year exceeds 10,000, the bank must deduct TDS at 10.3%. In case your IT PAN is not updated in the Bank of Maharashtra records, it must deduct twice the TDS at 20.6%. So, do remember to update your PAN on your RD.
    • We aren’t done yet. This was only the TDS. Now, you would need to add the interest income on all your Bank of Maharashtra RD’s and other RD’s to your taxable income for the year. Based upon your tax bracket, income tax is payable on this income. You must estimate the interest income and all your other incomes and, based on this, pay advance tax on advance tax payment dates (15th Sep, 15th Dec, 15th March and 31st March).
    • Bank of Maharashtra will also issue you a Form 16A giving details of tax deducted on RD interest and tax deposited by it with government treasury. The TDS amount deposited by the bank with Income Tax Department can be verified in your 26AS statement available online on IT department website or through your net banking account. You can claim credit for the TDS amount in your annual Income Tax Return.

    Bank Maharashtra RD interest rate calculator – Check your city

    • Keep your KYC documents - PAN card, address proof and photo ready.
    • To know more or apply, contact any of the branches of Bank of Maharashtra in your city

    FAQs

    What is the highest interest earned on Bank of Maharashtra recurring deposit?

    You can earn a maximum interest of 6.60% on Bank of Maharashtra recurring deposit.

    Are there any extra benefits for senior citizens on fixed deposit of Bank of Maharashtra?

    Yes, senior citizens get extra benefit of 0.5% interest rates on their RD in Bank of Maharashtra.

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    Bank Maharashtra News - Jan 2021
    • 2021-01-19 : ank of Maharashtra reported Q3 profit up of ₹154 crore
      Bank of Maharashtra reported a net profit of Rs. ₹154 crores in the third quarter ended December 31, 2020, against ₹135 crores in the year-ago quarter. Advances that include home, personal, car, two-wheeler and gold loan along with business and mudra loans increased by 12 per cent year-on-year to ₹1,04,904 crore. Further, deposits which include FD and Rds increased by 14% to ₹1,61,971 crore. The share of the low-cost current account, savings account (CASA) deposits improved to 50.91% of total deposits from 50.51% in the preceding quarter.
    • 2020-01-21 : Bank Of Maharashtra reports Q3 profit of 135 crores
      State-run Bank Of Maharashtra reported a Q3 profit of 135 crores in the quarter ending December. Net interest income increased to 36% to 1186 crore and fixed and recurring deposits increased by 4.4% to Rs 141986 crore. According to RBI, Bank restructured 3445 MSME account which constitutes business loans worth Rs 24747 lakh in the 2nd quarter of the current FY.
    *Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More
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