Steps to apply for Bank of Maharashtra Fixed Deposit
The application process for Bank of Maharashtra Fixed Deposits (FDs) is hassle-free and can be done in a matter of minutes online. The bank pays investors a very competitive interest rate and also gives a number of other benefits such as loan/overdraft facility, credit card against deposit, etc.
Those who are unsure of opening a term deposit online, can still do so by paying a visit to the nearest bank branch.
Apart from this, the FD application form can also be downloaded online, duly filled in, and submitted to the respective bank branch. Bank of Maharashtra also offers customers mobile banking facilities and time deposits can also be opened through mobile banking.
Stepwise process to open Bank of Maharashtra FD online
Step 1: Log into internet banking with all credentials such as username and password
Step 2: Go to the home page and click on the term deposit option
Step 3: Choose the type of FD, amount you want to invest and the savings bank account from which you want the money to be debited
Step 4: Fill in all the columns, verify the information and click on the submit option
Step 5: The account will be opened within 24 hours and a confirmation message will be sent to the customers registered mobile number
Download application form
The other method that can be used to open a fixed deposit with the bank is by downloading the application form online, filling the same with all details, and making a submission to the bank. The Bank of Maharashtra FD application form can be downloaded here https://www.bankofmaharashtra.in/downdocs/TermDepositAccOpenForm.pdf.
Documents required
- Aadhaar card
- PAN card
Features of Bank of Maharashtra FD
The following are the features of Bank of Maharashtra FD:
- Tenure - The tenure of Bank of Maharashtra FD range between seven days and ten years. A depositor cannot change the tenure once it has commenced.
- Minimum and Maximum Investment - The minimum investment a customer can make in Bank of Maharashtra FD is Rs.1,000. In a Tax Saving FD, the minimum deposit amount is Rs.100. However, there is no maximum amount of making investment in FD in Bank of Maharashtra except for the Tax Saving FD, which is Rs.1.5 lakhs.
- Loan Against FD - Bank of Maharashtra also provides loans against where the investors can get 90% of the deposit amount as a loan.
- Nomination and Auto Renewal - Investors in Bank of Maharashtra FDs have the option of selecting beneficiaries as well as automatic renewal of their FDs.
- Safety - All Bank of Maharashtra deposits are provided as per the Deposit Insurance Scheme of the Reserve Bank of India (RBI). This scheme covers all Bank of Maharashtra deposits of up to Rs.5 lakhs.
Eligibility Criteria to Open a Bank of Maharashtra FD
To open a Bank of Maharashtra FD, you need to fulfil the following eligibility criteria:
- Individual including minors and joint depositors
- Corporates and clubs
- Firms
FD Calculator
You can use a fixed deposit calculator to determine your deposit's maturity amount based on the current interest rate for a specific tenure. It will be simpler for you to choose tenure would provide you the largest maturity amount for your fixed deposit by using the calculator, which is simple to use and will help you compare different tenures with varying interest rates from the Bank of Maharashtra.
Apply for Other Banks FD
- Apply for SBI FD
- Apply for HDFC FD
- Apply for Axis Bank FD
- Apply for Post Office FD
- Apply for Canara Bank FD
- Apply for IDBI Bank FD
- Apply for Bank of India FD
- Apply for Union Bank FD
- Apply for Indian Bank FD
- Apply for Central Bank of India FD
- Apply for IOB FD
- Apply for Abhyudaya Bank FD
- Apply for Oriental Bank FD
- Apply for IndusInd Bank FD
- Apply for Standard Chartered Bank FD
- Apply for Yes Bank FD
- Apply for Kotak Bank FD
- Apply for PNB FD
- Apply for RBL Bank FD
- Apply for HSBC Bank FD
- Apply for Bank of Baroda FD
- Apply for KVB FD
- Apply for Federal Bank FD
FAQs on Bank of Maharashtra Fixed Deposit Application
- What is the maximum tenure that I can open a Bank of Maharashtra FD?
The maximum tenure for a Bank of Maharashtra FD is 10 years.
- What do I do if I lose my Bank of Maharashtra FD receipt?
If you lose your Bank of Maharashtra FD receipt you can apply for a duplicate receipt from the bank's branch which had issued the original FD receipt.
- Are there any operational timings for opening a Bank of Maharashtra FD online?
You can apply for a Bank of Maharashtra FD online anytime between 8 am and 8 pm.
- Who can open a tax-saving FD with Bank of Maharashtra?
Indian resident individuals and Hindu Undivided Families (HUFs) can open a Bank of Maharasthra FD.
- How much is the monthly deposit required to open a Bank of Maharashtra Maha Saraswati Scheme?
The monthly deposit required to open a Bank of Maharashtra Maha Saraswati Scheme is Rs.50 and multiples of Rs.10 thereafter in semi-urban and rural areas and Rs.100 and multiples of Rs.10 thereafter in metro and urban areas.
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