Mahabank's Monthly Deposit Scheme
This deposit scheme is set up with the aim to provide depositors with a monthly income in the form of interest payments on their deposits.
Eligibility Criteria to Apply for BOM Monthly Interest Deposit Scheme
Any individual, firm, company, organization, or club can open this deposit account. Individuals can also open the account for minors. Joint depositors can also open a deposit account under this scheme.
Features of Bank of Maharashtra Monthly Interest Deposit Scheme
- Tenure: The deposit tenure can run from anywhere between 12 months (minimum) to 120 months (maximum).
- Amount: The amount than can be deposited must be a minimum of Rs.1,000, and can be added to in multiples of Rs.100 for larger investments.
- Interest credit: Interest under this deposit scheme is payable on a monthly basis, and can be directed into the depositors chosen bank account, SB, CA, RD a/c, etc.
- Loan: Depositors have the added advantage of being able to take out a loan against this scheme, for up to 90% of its value.
- Nomination: There is a nomination facility available under this scheme.
Interest Rate of Bank of Maharashtra Monthly Interest Deposit Scheme
- The rate of interest for deposits under this scheme will be decided on the banks discretion, based on maturity patterns.
- The monthly interest rate payable is calculated at a discounted value.
Note:
- All amounts, tenures, repayment requirements, time frames, interest rates, charges, fees, ceilings, requirements, criteria, exclusions, terms and conditions mentioned above are as of December, 2021.
- Bank of Maharashtra reserves the right to modify, replace, or add to or subtract from any of the above, in any way, at any time, and at its own discretion.
FAQs on Bank of Maharashtra Monthly Interest Deposit
- How does this deposit work?
Interest in this deposit scheme is not paid out as a lump sum on maturity, but is paid out every month to be used for monthly budgeting and planning.
- Is the plan flexible in terms of deposit tenure?
Yes, the plan offers you the flexibility to choose between a tenure of just 12 months, to a tenure up to 120 months.
- Is the plan flexible in terms of deposit amount?
In order to subscribe for this deposit, all you need is Rs.1,000. If you wish to increase the amount of deposit, increments can be made in multiples of Rs.100.
- Can a loan be taken against this deposit?
Yes, a loan for up to 90% of the deposit value can be taken.
- Can a minor open this deposit account?
An account can be opened for a minor but his / her legal guardian / parent.
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