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Fixed Deposit

Bank of Maharashtra offers a host of fixed deposit schemes with various features to its customers. Let us take a look at the different types of schemes on offer.
 

Bank of Maharashtra FD Rates

FD Tenure

Interest rate (in %)

Regular Citizens Senior Citizens
7-45 days 4.25 4.25
46-90 days 5.25 5.25
91-364 days 6.00 6.50
365 Days/one year 6.50 7.00
Over 1 year to 3 years 6.25 6.75
3 years / Mahalaxmi Term Deposit 6.25 6.75
Above3 years 6.00 6.50

Note: Interest rates applicable w.e.f. 16th January 2017 on deposits below Rs 1 Crore are liable to change without prior information.

Features of various Bank of Maharashtra Fixed Deposit Schemes

Mahabank Term Deposit Scheme

A deposit scheme designed to save tax under Section 80C of the Income Tax Act. The features of the scheme are as follows:
 

  • Individuals or HUF can open the account either solely or jointly
  • Interest rate on deposits ranges from 4.50% to 7.51% p.a.
  • Minimum deposit amount is Rs.100
  • Minimum deposit tenure is 5 years
  • Deposit can be accepted in MIDR / QIDR / FDR / CDR schemes with interest payable half-yearly / quarterly / monthly / or in lump sum on maturity respectively
  • Interest earned on the deposits will be taxed under section 194A or 195 of the Income Tax Act
  • Premature withdrawal is not allowed before the expiry of 5 years
  • Deposits can be transferred easily from one branch of the bank to the other
  • Nomination facility is available
  • Trading, pledging and loan against deposit is not allowed

Bank of Maharashtra Recurring Deposit Scheme

A scheme where investment is to be made every month.The features of the deposit are as follows:
 

  • Any individual, firm, partner, company or minors can open the account
  • Minimum monthly deposit is Rs.50
  • Minimum term of deposit is 6 months
  • Deposits can be made in cash every month or by placing a Standing Instruction of the existing Savings or Current Account to debit the requisite amount every month
  • Penalty levied on late payments
  • Interest is payable on maturity
  • Loan facility is available at up to 90% of the deposit amount
  • Deposit can be easily transferred from one branch of the bank to the other
  • Nomination facility available

Bank of Maharashtra Monthly Interest Deposit Scheme

 A scheme which provides monthly incomes in the form of interest earned on deposits. The features are:
 

  • Account can be opened by an individual, minor, joint depositors, firms, corporates, clubs, etc
  • Minimum amount of deposit is Rs.1000
  • Monthly interest payable is calculated at a discounted rate
  • Minimum deposit period is of 12 months
  • Interest will be credited monthly to the savings, current or recurring deposit account
  • Loan facility is available at up to 90% of the deposit amount
  • Nomination facility is available

Bank of Maharashtra Quarterly Interest Deposit Scheme

A scheme where quarterly interest is paid on deposits. The features of the deposit are as follows:
 

  • Account can be opened by an individual, minor, joint depositors, firms, corporates, clubs, etc
  • Minimum amount of deposit is Rs.1000 and thereafter in multiples of Rs.100
  • Deposit can be made for a period of 12 months or 1 year to a maximum of 120 months or 10 years
  • Loan facility is available at up to 90% of the deposit amount
  • Nomination facility is available
  • Interest will be calculated and credited quarterly to the savings, current or any other account

Cumulative Deposit Scheme (CDR)

A scheme with quarterly compounded interest. The features are:
 

  • An individual either solely or jointly can open the account
  • A firm, corporate, club, etc. can also open the account
  • Interest is calculated quarterly and is reinvested with the principal to earn future interest which is paid cumulatively on maturity
  • Minimum amount of deposit is Rs.100 and thereafter in multiples of Rs.100
  • Deposit can be made for a period of 6 months or 0.5 year to a maximum of 120 months or 10 years
  • Loan facility is available at up to 90% of the deposit amount
  • Nomination facility is available
  • TDS will not be applicable if duly filled Form 15G or 15H are submitted
  • The customer may give the bank instructions to renew his deposit automatically

Maha Millionaire Scheme

A Recurring Deposit scheme with Rs.10 lakhs payable on maturity. The features are:
 

  • Account can be opened for a minimum period of 1 year and in multiples of a year thereafter up to a maximum of 10 years
  • The interest rate on the deposit is 8.25% p.a. for individuals and 8.75% p.a. for senior citizens
  • A free insurance coverage of Rs.1 lakh
  • Senior citizens, staff members and retired members of the staff are eligible to earn a higher rate of interest
  • Monthly installments will be calculated taking into consideration the term and interest to reach a maturity value of Rs.10 lakhs or a million
  • Deposit can be encashed any time
  • Loan facility is available at up to 90% of the deposit amount

Maha Lakhpati Scheme

A scheme where at least Rs.1 lakh is payable on maturity. The features are:
 

  • Account can be opened for a minimum period of 1 year and in multiples of a year thereafter up to a maximum of 10 years
  • Interest rates on the deposit is 8.25% p.a. for individuals and 8.75% p.a. for senior citizens
  • Senior citizens, staff members and retired members of the staff are eligible to earn a higher rate of interest
  • Monthly installment will be calculated taking into consideration the term and interest to reach a maturity value of Rs.10 lakhs or a million
  • Loan facility is available at up to 90% of the deposit amount

Mahasanchay Systematic Deposit Plan

The features of the deposit scheme are as follows:
 

  • A scheme with a fixed Core Monthly Installment and a flexible Flexi Installments which depend on the capacity of the customer
  • Minimum core investment required is Rs.100 and thereafter in multiples of Rs.100 subject to a maximum of Rs.10, 000.
  • The flexi investments can be made up to 10 times the core investment in Rs.100 or its multiples thereof up to a maximum of Rs.50, 000 including the core investment.
  • The period of deposit is a minimum of 12 months and thereafter in multiples of 3 months subject to a maximum of 60 months or 5 years
  • Senior citizens, staff members and retired members of the staff are eligible to earn a higher rate of interest
  • Loan facility is available at up to 90% of the deposit amount
  • Premature withdrawal of deposits and nomination facility is available
  • A free insurance coverage of Rs.1 lakh for the first year to the accountholder in the age Group of 18-35 years with a minimum core investment of Rs.5000 per month

Mahabank Sheetal Jama Yojana

A deposit scheme with the following features:
 

  • Account can be opened by individuals either solely or jointly, firms, corporate bodies, public sector undertakings, associates, trusts, etc.
  • Minimum amount of deposit is Rs.5000 which is treated as 5 units of Rs.1000 each and thereafter in multiples of Rs.1000. there is no ceiling on the maximum amount of deposit
  • Interest is payable half-yearly without compounding
  • A passbook will be issued to depositors who should fill the application form for opening the deposit scheme and avail a proper introduction from the bank’s existing customer
  • Withdrawals can be made in the account under the LIFO basis in multiples of Rs.1000 called as units. The remaining portion of deposit earns interest on the specified rate.
  • On maturity, automatic renewal is applicable in the absence of any other instruction
  • Loan facility is available at up to 90% of the deposit amount
  • Premature withdrawal of deposits and nomination facility is available
  • The deposit can be easily transferred from one branch of the bank to the other

Mahasaraswati Scheme

A monthly investment scheme with the following features:
 

  • The depositor under the scheme is treated as a preferred customer for the Bank of Maharashtra Model Education Loan scheme to avail an Education Loan to fund higher education
  • Minimum amount of instalment monthly is Rs.50 and in multiples of Rs.10 thereof for rural or semi-urban areas and  Rs.100 and in multiples of Rs.10 thereof for metro or urban areas
  • Deposit period ranges from 36 months minimum to 120 months to maximum
  • Accident Insurance Coverage and a Permanent Total Disablement Cover of Rs.50, 000 is available with the deposit
  • A free international ATM – cum – Debit Card
  • Minors can open the account aged 6 months and above till 20 years

Mixie Deposit Scheme

A deposit scheme with the following features:
 

  • Any individual can open the account solely or jointly
  • Minimum monthly deposit is Rs.10, 000 and thereafter in multiples of Rs.1000
  • The period of deposit is a minimum of 2 years and thereafter in multiples of 3 months subject to a maximum of 120 months or 10 years
  • 2 or more Mixie deposit schemes can be clubbed together to obtain the facility of Mixie Overdraft Account
  • After a cheque book is issued a Mixie overdraft Account is opened against which cheques will be debited. The overdraft can be cleared with interest and customers can enjoy a revolving credit. The rate of interest for the overdraft is 2% over the deposit rate of interest
  • No charges for the Overdraft Account
  • Nomination facility is available 

Mahabank Trust Deposit Scheme

A deposit scheme for trusts with the following features:
 

  • A registered Public Trust can open the account
  • The trusts should maintain a deposit of Rs.5 lakhs for a minimum period of 3 years or should hold Rs.50, 000 as an average balance in the Savings or Current Account
  • 50% discount in collection charges
  • 25% discount in commission of DDs / MTs / POs
  • Donations are freely accepted

Maha Double Deposit Scheme

A deposit scheme which promises to double the investment on maturity. The features of the scheme are as follows:
 

  • Deposits will double in 108 months or 9 years for the general public at an interest rate of 7.75%
  • For senior citizens, the deposit will double in 102 months i.e. 8.5 years at a rate of interest of 8.25%
  • Interest payable is compounded quarterly
  • Maximum limit on deposits made is less than Rs.1 crore
  • Premature withdrawal is allowed for which interest rate will be calculated at 1% below the normal rates

Mahalabh Term Deposit

A deposit scheme for a fixed tenure. The features are as follows:
 

  • Fixed tenure of deposit will be 666 days
  • Applicable rate of interest will be 8.02% compounded quarterly
  • Maximum limit on deposits made is less than Rs.1 crore
  • Senior citizens are granted an additional rate of interest
  • Premature withdrawal is allowed
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