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Product 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

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

Fees and Charges
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 and Procedure
How to Open?
  • Internet Banking

  • Mobile Banking (Mahamobile Plus App)

  • Branch

Application Procedure

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