Fixed Deposit Details
Bank Name
Bank of Maharashtra
Eligibility
Individual and HUF
Interest Rate
6.50% per annum.
Tenure
5 years.
Fixed Deposit Type
Tax Saver
Tax Saving Term Deposit
Tax Benefits
Tax exemption under Section 80C of the Income Tax Act, 1961.
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
Tax Saver Fixed Deposit offers tax deduction on income of up to ₹1.5 Lakh under section 80C of the Income Tax Act.
No premature withdrawal facility or auto-renewal facility.
Minimum deposit of Rs 100 and a maximum of 1,50,000 per financial year for a 5-year lock-in period.
The lock-in period of 5 years.
Nomination facility is available.
Premature withdrawal is not allowed.
Minimum Investment Amount
100
Features & Benefits
Pros
Tax saving benefits.
Cons
The maximum tenure of this scheme is 5 years.
Pros & Cons
Account Opening Procedure
How to Open?
Internet Banking
Mobile Banking (Mahamobile Plus App)
Branch
Application Procedure
Add paragraph text. Click “Edit Text” to update the font, size and more. To change and reuse text themes, go to Site Styles.
Add a Title
Add paragraph text. Click “Edit Text” to update the font, size and more. To change and reuse text themes, go to Site Styles.