Fixed Deposit Details
Bank Name
Bank of Maharashtra
Eligibility
Individuals, singly or jointly, firms,clubs , Associations and Corporate Bodies etc complying with kyc norms.
Interest Rate
6.50 to 6.75% per annum.
Tenure
12 months to 5 years.
Fixed Deposit Type
Flexible Recurring Deposit
Mahasanchay Deposit Plan (MSDP)
Tax Benefits
None
Credit Ratings
CRISIL A1+
Interest Payment Frequency
Monthly/Quarterly/Annual, at the discretion of the user. 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
Both
Features
Customers have to declare the monthly instalment i.e. “Core amount” at the time of opening of the account. Minimum:100, Maximum: 10,000.
Flexi/Variable Monthly Instalment can be 10 times of core instalment, subject to a maximum of Rs.50,000 p.m. including the core amount.
The tenure for this scheme can range from 12 months to 60 months.
Minimum Investment Amount
100
Features & Benefits
Pros
Flexible deposit options starting from Rs 100.
Flexible monthly deposit above the fixed core installment.
Premature closure of the deposit is allowed.
Cons
Tenure of 5 years only.
The maximum core amount that can be deposited in a month is 50,000.
Pros & Cons
Account Opening Procedure
How to Open?
Internet Banking
Mobile Banking (Mahamobile Plus App)
Branch
Application Procedure
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