Fixed Deposit Details
Bank Name
Bank of Maharashtra
Eligibility
Minor / Student aged 6 months and above
Minor / Student singly aged 10 years
Minor / Student jointly with parent or Guardian
By parent / Guardian on behalf of Minor Student
Interest Rate
6.50% per annum.
Tenure
36 to 120 months.
Fixed Deposit Type
Minor
Maha Saraswati 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
This scheme is specially designed for minors/ students.
Minimum deposit of Rs.100.
Minimum tenure of 36 months and a maximum of 120 months.
Users will get preferential treatment in Educational Loan with concession in rate of interest up to 0.25% for normal Mahasaraswati A/c holders, and 0.50% for Below Poverty Line (BPL) beneficiaries.
Free VISA international ATM card.
Pre-mature withdrawal is allowed.
Minimum Investment Amount
100
Features & Benefits
Pros
Low minimum deposit requirements.
Concession for students in Education loan.
Free VISA international ATM.
Cons
The minimum tenure for this scheme is 36 months.
Pros & Cons
Account Opening Procedure
How to Open?
Internet Banking
Mobile Banking (Mahamobile Plus App)
Branch
Application Procedure
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