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 Deposits can be prematurely closed and withdrawn from, in a process based on the terms and conditions of the bank.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Yes, the deposit account can be closed before the maturity of 666 days, and be withdrawn from, but will be subject to penalty on interest rates.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.
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I have a Fixed Deposit in Bank of Maharashtra because its near to my place but the interest rate is very low compared to Punjab Maharashtra Cooperative Bank. It was opened before one year and have deposited 6L. I think the rate of interest is 8.25%. The services are excellent, I would suggest them to increase the interest rate.
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4
ASHWANI KUMAR DHAWAN
, new delhi
Reviewed on Jan 19, 2019
am using online services for Fixed deposit. I withdraw the interest monthly which gives me better Rate of interest than Standard 4%. The Best part is you can make Fixed Deposit in Multiples of 1000(Thousands),with minimum amount of Rs.1000. In other banks minimum Amount is 10,000. and helpd you to earn around 8-9% which is double than your normal ROI.
I am using online services for Fixed deposit.
I withdraw the interest monthly which gives me better Rate of interest than Standard 4%.
The Best part is you can make Fixed Deposit in Multiples of 1000(Thousands),with minimum amount of Rs.1000. In other banks minimum Amount is 10,000. and helpd you to earn around 8-9% which is double than your normal ROI.
I am holding a Fixed deposit with Bank of Maharastha. They have done a very good job. It was closed after maturity and the same was used for my daughters marriage. I am holding this for the past 5 years and it is a tax saver FD. Interest rate offered by them was medium which is 9% and they have provided the FD certificate also.
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8
ARUN SHANKAR KADAM
, pune
Reviewed on Apr 27, 2015
The FD types in Bank of Maharashtra is very difficult to understand.
I was trying to figure out if there is an option to create a Tax Saver FD online, but when I checked the FD types, and the names of FD, it was very confusing.
Ultimately I need to google each FD types to understand what that means.
The FD types should be made simpler like that of SBI and ICICI.
I had opened up the fixed deposit with Bank of Maharashtra before a year. Its a very good interest rate provided and its competitive too. The relationship with this bank is too good and they are customer friendly. Customer service as well as on line services is too great.
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8
RAGHAVENDRA VISHWESWARARAO JINGADE
, bangalore
Reviewed on Dec 02, 2014
Bank of Maharashtra's Fixed Deposit offers interest rate @9% approx. I did it for one year and the sum is Rs.50000. I applied it with my net banking online. It is a nice product for long term accumulation. You can deposit sum on a monthly basis. My overall experience was quite good.
Maharashtra bank Fixed Deposit is good their rate of interest is low when compared with other banks, it was opened as a joint account with my wife and the prime reason why I opened this account is because I was planning for a housing loan and that is why.
It was a good experience of holding a fixed deposit with Bank of Maharashtra. I have closed the FD an year ago. There was no documentation required for creating the FD because I was holding a savings account with them. They do have online facility however I didn't avail the service. Customer service and response are too good and I genuinely having a very good experience. Bank executives are very pro-active. Rate of interest was 8.5%.
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4
GIRISH DOREPALLY
, hyderabad
Reviewed on Jul 29, 2014
I am holding an FD account with Bank of Maharashtra and I went to their Branch personally and I applied for that it was for 5 years and its great and I am happy with the interest rates and through on line I check all the FD details it will be really good if they provide the options for the change of amount or tenure online
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4
PRALHAD RAMNATH PAGAR
, pune
Reviewed on Jul 10, 2014
Couple of months ago I started my first fixed deposit with bank of Maharashtra. I am a salary account holder for a while. It was quite easy to start a fixed deposit as there are no documents required. Rate of interest is good compared to other banks. Customer service is fine but not good as other private banks. I would suggest the bank to introduce online services.
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16
SMITA SADANAND MESTRY
, mumbai
Reviewed on Jun 19, 2014
