Mahasanchay Deposit Plan (MSDP)|Bank of Maharashtra Fixed Deposit Rates-– Interest Rate, Calculator & Benefits

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

How to Open?

• Internet Banking
• Mobile Banking (Mahamobile Plus App)
• Branch

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