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Product Details
Bank Name

Bank of Maharashtra

Eligibility

The Account can be opened in the name of an individual, minor, joint depositors, firms, corporate, clubs etc.

Interest Rate

6.50 to 6.75% per annum.

Tenure

1 to 10 years.

Fixed Deposit Type

Recurring

Maha Lakhpati RD (MLRD) Scheme

Maha Lakhpati RD (MLRD) Scheme

Tax Benefits

None

Credit Ratings

CRISIL A1+

Interest Payment Frequency

At maturity. Typically for fixed deposits having interest payment at maturity, compound interest is applicable and for fixed deposits having monthly interest payment, simple interest is applicable. Typically fixed deposits having a tenure of one year or less, simple interest is applicable. It is best to consult the bank officials before you book a fixed deposit.

Cummulative/Non-Cummulative

Cumulative

Features
  • Under this scheme, the depositor will receive at least 1 lakh on maturity.

  • The account can be opened for a minimum period of 1 year and a maximum period of 10 years.

  • A loan facility is available.

  • The minimum deposit amount will depend upon the interest rates and tenure of the deposit.

Minimum Investment Amount

Depends upon the tenure and interest rates.

Fees and Charges
Pros
  • Flexible minimum deposit requirements.

  • No limit on the maximum deposit amount.

  • Recurring deposits to achieve a minimum maturity value of Rs.1,00,000 and above.

Cons
  • Low interest rates.

Pros & Cons
Account Opening and Procedure
How to Open?
  • Internet Banking

  • Mobile Banking (Mahamobile Plus App)

  • Branch

Application Procedure

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