Bank of India vs Mahindra Finance Recurring Deposit Comparison 2026
Compare Recurring Deposit interest rates, maturity amounts, and features between Bank of India (Public Sector) and Mahindra Finance (Private Sector). Analyze the security of public sector banking versus the convenience of private sector services.
BOI
Mahindra Finance
Adjust the parameters below to see how returns compare between the two banks
Five Thousand rupees
Interest Rate Comparison
General rates across different tenures
Current selection: 3 years (1095 days) -BOI: % |Mahindra Finance: %
Direct comparison of general rates
Feature Comparison
Features | BOI Public Sector | Mahindra Finance Private Sector |
|---|---|---|
Minimum RD Amount | ₹500 | ₹0 |
Current Interest Rate(Selected Tenure) | % | % |
Premature Withdrawal Penalty | 1% | 1% |
Official Rate Source | View Official Rates | View Official Rates |
Key Advantages:
Key Advantages:
₹5 Lakh Insurance Limit
The Deposit Insurance and Credit Guarantee Corporation (DICGC) provides insurance coverage of up to ₹5 lakhs per depositor per bank. This includes both principal and accrued interest for RDs.
⚠️ Recommendation:
Keep your total deposits (RDs + FDs + Savings) under ₹5 lakhs per bank. If you need larger investments, distribute them across multiple banks.
Smart Distribution Strategy
Multiple RDs: Open RDs in both BOI and Mahindra Finance
Family Accounts: Use different family members' accounts for additional coverage
Best of Both: Combine BOI (security) with Mahindra Finance (convenience)
💡 Pro Tip:
RDs are perfect for goal-based investing. You can open separate RDs for different financial goals across different banks to maximize returns and safety.
Key Insights & Recommendations
- • Minimum amount: ₹500
- • Public Sector banking preference
- • Government-owned bank with strong security
- • Established in 1906, nationalized in 1969
- • Wide branch network across India
- • Minimum amount: ₹0
- • Private Sector banking preference
- • NBFC with CRISIL AAA/Stable and India Ratings IND AAA/Stable ratings
- • Senior citizens get +0.25% additional interest for Samruddhi Deposits
- • Senior citizens get +0.10% additional interest for Dhanvruddhi Deposits (up to 5 Cr)
- • Open multiple RDs for different goals
- • Keep ≤₹5L per bank for insurance
- • Use BOI for stability
- • Use Mahindra Finance for convenience
- • Review rates periodically
Explore more RD comparisons
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