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    Overview of Bharatiya Mahila Bank Fixed Deposit

    Established in 2013, Bharatiya Mahila Bank is a pioneer in the Indian banking industry when it comes to economic empowerment of women. In a short span of 2 years, the bank has grown to have 80 branches under its umbrella, catering to financial requirements of women across the country. The bank aims to achieve sustainable growth, offering unique products designed to cater to the economically ignored women in India, both in the rural and urban areas.

    Bharatiya Mahila Bank not only offers exclusive products for women, but also helps train them to generate more growth and job opportunities in a bid to eliminate discrimination against women and empower them to achieve new heights, promoting entrepreneurship and self-sustenance. The bank is the winner of two prestigious awards, having won the Asian Banker Achievement Award for Technology Implementation in 2015 and the Core Banking Initiative Award in 2014.

    Fixed Deposits from Bharatiya Mahila Bank

    Bharatiya Mahila Bank offers three Fixed Deposit accounts, each one catering to a unique requirement. Simple Fixed Deposit, Cumulative Fixed Deposit and Tax Benefit FD are the options one can choose from, depending on their specific need. These deposits offer flexible term periods and attractive interest rates, making them highly sought after by customers. Features like auto renewal and low deposit amounts add great value to these products offered by Bharatiya Mahila Bank.

    Eligibility – who can open a fixed deposit account with Bharatiya Mahila Bank?

    The eligibility criteria to open a Fixed Deposit account with Bharatiya Mahila Bank vary, depending on the type of fixed deposit one intends to open. These criteria are mentioned below.

    • Simple Fixed Deposit – A Simple FD can be opened by either an individual in his/her own name, by more than 1 individuals in their joint names (limit of 3 people for a joint account), by a guardian for a minor and by organizations, clubs, proprietorship/partnership firms, government bodies, trusts, educational institutions, etc.
    • Cumulative Fixed Deposit - A Cumulative FD can be opened by either an individual in his/her own name, by more than 1 individuals in their joint names (max limit of 3 people for a joint account), for a minor by a guardian and by organizations, clubs, proprietorship/partnership firms, government bodies, trusts, educational institutions, companies, etc.
    • Tax Benefit FD – This can be opened only by residents in their individual names and Hindu Undivided Families of less than 2 people by either 2 adults or an adult and a minor.

    What are the terms of deposit available for fixed deposits at Bharatiya Mahila Bank?

    Bharatiya Mahila Bank FDs come with tenures/terms designed to suit different needs of an individual. Simple and Cumulative fixed deposits have tenures ranging from a minimum of 7 days to a maximum of 10 years, with an option to increase a particular tenure in multiples of 3 months.

    Tax Benefit FDs have different tenures compared to simple and cumulative FDs, with the minimum term being 5 years and the maximum being 10 years.

    What are the interest rates on Bharatiya Mahila Bank Fixed Deposits?

    Interest rates offered by Bharatiya Mahila Bank vary according to the term of a particular FD and the type of FD an individual holds. These rates are in the range of 5% per annum to 8.25% per annum for the general category, with the highest rates offered for the longest term.

    FDs with a term of up to 90 days earn an interest of 5% per annum, with a term of 4 months earning an interest of 7% per annum and terms of 6 and 9 months earning 7.75% per annum. FDs with a term of 1 or 2 years earn 8.10% per annum, with FDs of 3 and 4 year periods earning 8% per annum. An FD with a tenure of 5 years earns an interest of 8.25% per annum.

    *These rates are for deposits less than Rs 1 crore.

    What is the minimum and maximum deposit amount?

    The minimum and maximum deposit amount depend on the type of FD chosen, with simple and cumulative fixed deposits having a minimum deposit amount of Rs 5,000 for urban branches and Rs 1,000 for rural branches. There is no upper limit on the deposits for these accounts.

    A tax benefit fixed deposit requires a minimum deposit of Rs 100, with the maximum set at Rs 1.5 lakhs per year.

    Does Bharatiya Mahila Bank offer special rates to senior citizens?

    Yes, Bharatiya Mahila Bank offers special interest rates to senior citizens. Senior citizens are entitled to rates which are 50 bps higher than interest rates offered to the general category. This essentially means they earn interest which is 0.50% higher than others.

    Does Bharatiya Mahila Bank allow premature closure of account?

    Yes, Bharatiya Mahila Bank allows for premature closure of its simple or cumulative fixed deposit accounts. A penalty of 1% is imposed for premature closure of accounts under 6 months.

    There is no premature closure/withdrawal allowed for the Tax Benefit FD.

    Can one avail a loan against a Fixed Deposit?

    Individuals can avail loans only against their simple and cumulative fixed deposits. One can take a loan for a minimum of Rs 5,000 from these accounts, with an overdraft facility of Rs 10,000. An interest of 1.5% over and above the interest a particular FD earns will be charged for such loans.

    There is no loan facility available for those who have a Tax Benefit FD with Bharatiya Mahila Bank.

    Does Bharatiya Mahila Bank offer reinvestment options?

    Yes, individuals can opt to reinvest the interest earned on their FDs.

    Does Bharatiya Mahila Bank allow for renewal?

    Yes, Bharatiya Mahila Bank offers automatic renewal of FDs

    Other Product from Bharatiya Mahila Bank

    BMB FD Reviews

    • review Fixed Deposit
      "Best FD rates"
      0.5 5.0/5 "Blown Away!"
      You will get the best FD rates in BMB. It has higher rates as compared to other public sector banks. And being wholly owned by GOI, your money is safe with them. The plus point is their customer service which is quite good unlike other public sector banks.
      Was this review helpful? 4
      , mumbai
      Reviewed on Feb 06, 2016
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