Bank of Maharashtra FD Rates

Rate of Interest on Fixed Deposits of less than Rs. 1 crore

NRE (Non Resident External) Fixed Deposit Interest Rates

Note- No interest is payable if deposit is prematurely closed before 1 year. Also,there is a penalty of 1% on premature withdrawal after 1 year.

Interest rates of NRO (Non Resident Ordinary) term deposits are same as those applicable on domestic term deposits across tenures.

FCNR (Foreign Currency Non-Resident) and RFC (Resident Foreign Currency) Fixed Deposit Interest Rates

Note- The minimum deposit amount for FCNR(B) deposit in EUR, AUD, CAD, SGD stands at  5,000 in the respective currencies and at 2,000 in GBP. All figures in % annum.

1. Monthly Interest Deposit Receipt Scheme (MIDR)

Eligibility

• Resident Individual (sole or joint account)
• Minors
• Firms/Corporates/Clubs

Features

• The minimum deposit requirement under the scheme is Rs. 1,000.
• The deposit is accepted for a minimum of 12 months and for a maximum of 10 years.
• The interest is paid monthly at discounted value as per the card rates.
• A loan can be availed up to 90% of the deposit.

2. Quarterly Interest Deposit Receipt Scheme (QIDR)

Eligibility

• Resident Individual (sole or joint account)
• Minors
• Firms/Corporates/Clubs

Features

• The deposit can be made for a minimum of Rs. 1,000.
• The deposit tenure ranges from 12 months to 10 years.
• The interest is paid at quarterly intervals as per the card rates.
• The scheme allows a loan facility up to 90% of the deposit amount.

3. Cumulative Deposit Receipt Scheme (CDR)

Eligibility

• Resident Individual (sole or joint account)
• Minors
• Firms/Corporates/Clubs

Features

• The minimum deposit amount is Rs. 100.
• The deposit can be made for a minimum of 6 months and for a maximum of 10 years.
• The scheme offers an interest rate higher than card rates as interest is compounded quarterly.
• Loan facility up to the limit of 90% of deposit is available.

4. Mahabank Term Deposit Scheme 2006

Eligibility

• Resident Individual (sole or joint account)
• Hindu Undivided Family

Features

• The minimum and maximum amount of deposit stand at Rs. 100 and Rs. 1,50,000 respectively in a financial year.
• The deposit can be made for a minimum of 5 years and a maximum of 10 years.
• The scheme accepts deposit under MIDR /QIDR/FDR/CDR and pays interest accordingly either monthly/quarterly/half-yearly or in lump sum at maturity.
• No premature withdrawal is allowed before 5 years. However, in the event of death of the depositor, the nominee is permitted to withdraw the deposit any time before or after the maturity.
• No loan is allowed against the deposit.

5. Mixie Deposit Scheme

Eligibility

• Resident Individual (sole or joint account)

Features

• The minimum deposit amount stands at Rs. 10,000.
• The deposit is accepted for a minimum tenure of 2 years and and in multiples of 3 months thereafter. The deposit can be made for a maximum of 10 years.
• Interest shall be paid as per the card rates across tenures.
• Mixie Overdraft account can be availed by clubbing 2 or more Mixie Deposit receipts under the same name.

6. Mahabank Trust Deposit Scheme

Eligibility

• A registered public trust only if:

a) It maintains a term deposit of Rs. 5 lakh for at least 3 years and/or

b) It maintains a savings/current deposit with an average balance of Rs. 50,000.

Features

• The interest shall be paid as per the prevailing card rates.
• The scheme provides 50% concession in collection charges.
• Acceptance of donations is free
• 25% concession in the commission of Demand Drafts/Money Transfers/Pay orders.

7. Maha Labh (666 Days) Term Deposit Scheme

Eligibility

• Individuals
• Hindu Undivided Family
• Private and Public limited companies

Features

• The deposits are only accepted under products in Domestic/NRO/NRE cumulative deposit products.
• The scheme allows deposits of less than Rs. 1 crore.
• The tenure for the deposit stands at 666 days.
• Interest is paid at an interest rate of 6.75% p.a.(compounded quarterly).
• The scheme allows premature closure of deposit subject to prevailing rules.

8. Maha-Double Deposit Scheme

Eligibility

• Individuals
• Hindu Undivided Family
• Private and Public limited companies

Features

• The scheme only accepts cumulative deposits and is applicable only for deposits of less than Rs. 1 crore.
• For depositors other than senior citizens, deposit amount doubles up in 124 months, offering interest rate at 6.75% p.a. (compounded quarterly).
• For senior citizens, deposit amount doubles up in 116 months, offering interest rate at 7.25% p.a. (compounded quarterly).
• Premature closure of deposit is allowed, however, in such a case, interest is payable at 1% below the applicable rate applicable for the period for which deposit remained with the bank.

9. Mahasaraswati Deposit Scheme

Eligibility

• Minors who have attained the age of 6 months (valid till 20 years of age).

Features

• The minimum amount is Rs. 100 in metro and urban areas and Rs. 50 in rural and semi-urban areas.
• The deposit tenure ranges from 3 years to 10 years.
• The depositors under the scheme are given preference for the Bank of Maharashtra Model Educational Loan Scheme with concessional interest rates.
• Interest shall be paid as per card rates across tenures.
• The scheme offers additional benefits such as- accident insurance cover (from Rs. 50,000), permanent total disablement cover (from Rs. 50,000) and free International Visa ATM cum Debit card
• The scheme also allows its depositors to open Yuva Yojna Account with a minimum balance of Rs.10 only (for students).

Investors can check the maturity amount of the scheme by using the Bank of Maharashtra FD Interest Rate Calculator at Paisabazaar. Also, Bank of Maharashtra FD Interest Rates differ for different tenures. So the investors can also decide a preferred tenure of investment by entering different rates and calculating their total earning. In case of reinvestment schemes, investors can check the interest and the maturity amount by using the compound interest calculator.

You can visit the nearest Bank of Maharashtra branch and contact the officials for Bank of Maharashtra FD interest rates of schemes above Rs. 1 crore. You can check the IFSC of the branch at Paisabazaar.