Maha Millionaire / Maha Lakhpati RD

• Under the Maha Millionaire RD scheme, the depositor will receive at least one Million Rupees (i.e., Rs.10 lakh) on maturity.
• Accounts can be opened for minimum period of one year and in multiples of years. Maximum period is 10 years.
• Rate of interest will be same as that on retail term deposits, as decided by the Bank from time to time.
• Senior citizens will be eligible for additional interest as applicable to term deposits.
• The monthly installment under the scheme shall be arrived at taking into account the period of deposit and rate of interest applicable for the period prevailing on the date of deposit and to have a maturity value of not less than Rs.1 million (Rs.10 lakh).
• Method of interest calculation and penalty for late payment of installment will be same as applicable to other RD accounts.

Maha Lakhpati RD (MLRD) Scheme :

Salient features of the Scheme are as under :