Fixed Deposit 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 Millionaire RD (MMRD) 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 one Million Rupees (Rs.10 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.
Features & Benefits
Pros
- Flexible minimum deposit requirements.
- No limit on the maximum deposit amount.
- Recurring deposits to achieve a minimum maturity value of Rs.10,00,000 and above.
Cons
- No tax saving benefits.
Pros & Cons
How to Open?
- Internet Banking
- Mobile Banking (Mahamobile Plus App)
- Branch
Product Review
About this content
Public source: Original MyRupaya page
Captured 2026-11-06T10:59:33Z. Public page text has been preserved and restyled. Historical financial/product information may be outdated. Embedded widgets and forms are not copied or connected to live services.
