The Maha Labh Scheme from the Bank of Maharashtra is designed to provide a quarterly compounding interest on deposits to investors, for a 666-day tenure.
Features of Bank of Maharashtra Maha Labh Term Deposit Scheme
- Tenure: The scheme will have a term till maturity of 666 days. Deposits can be prematurely closed and withdrawn from, in a process based on the terms and conditions of the bank.
- Deposit Amount: Per deposit receipt, amounts less than Rs.1,00,00,000 (Rs.1 crore) are accepted.
- Under this scheme, deposits can and will only be accepted under Domestic / NRO / NRE Cumulative Deposit Products.
- Maturity: After 666 days from the start of the scheme, the benefits of quarterly compounding interest will be payable on maturity.
- Account Closure: The scheme allows for premature closure of deposits. If a deposit has been closed before maturity, the interest payable will be according to the prevailing rules for term deposits as on the date of premature closure, according to the bank.
- Penalty interest: The penalty on the rate of interest will also be as per the prevailing rules for term deposits as on the date of premature closure, according to the bank.
- Additional interest: The additional rates of interest as applicable for senior citizens, staff members, retired staff members, senior citizen staff members, etc. will be the same as that which is allowed for other term deposits, as on the date and prevailing rules, terms, and conditions of the bank.
Interest rate of Maha Labh (666 days) Term Deposit Scheme
The interest rate in the Bank of Maharashtra Maha Labh (666 days) Term Deposit Scheme is 7.77% p.a.
The interest is compounded quarterly.
8.27% simple annualized yield on maturity.
*All amounts, tenures, repayment requirements, time frames, interest rates, charges, fees, ceilings, requirements, criteria, exclusions, terms and conditions mentioned above are as of December, 2015. 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.
Maha Labh (666 days) Term Deposit Scheme FAQs
- How often is the interest compounded?
Under this scheme, the interest is compounded at quarterly intervals.
- Can the deposit be prematurely closed / surrendered?
Yes, the deposit account can be closed before the maturity of 666 days, and be withdrawn from, but will be subject to penalty on interest rates.
- What is the maturity period for deposits in this scheme?
The maturity period is 666 days from the date of deposit.
- Is there any additional interest rate for seniors, staffers, etc.?
Yes, there will be additional interest payable for senior citizens, staff members, retired staff members, etc., and will be at the same rate as is allowed on other term deposits.
- What kind of deposits can be accepted under this scheme?
Only products under Domestic / NRO / NRE Cumulative Deposit products are allowed under this scheme.