BOM Maha Saraswati FD Scheme

Bank of Maharashtra (BOM) was officially constituted in 1935 and is one of the oldest banks in India. It offers a variety of Fixed Deposit (FD) schemes to its customers' investors with attractive payout options. One of the fixed deposit schemes offered by the Bank of Maharashtra is the ‘Maha Saraswati Scheme’.

BOM Maha Saraswati scheme is designed for minors and allows deposit as small as Rs.50.

Features of BOM Maha Saraswati FD scheme:

  1. With this fixed deposit, the depositor gets free accident insurance cover of Rs.50000 till deposit matures (subject to regular payment of installments).
  2. With this fixed deposit, the normal depositor gets a concession of up to 0.25% in interest rate while taking an education loan and the Below Poverty Line (BPL) depositor gets concession up to 0.50% in interest rate while taking an education loan.
  3. With this fixed deposit, the depositor also gets the benefit of Free International Visa ATM cum Debit card on opening a Yuva Yojna Account.

Eligibility criteria for BOM Maha Saraswati FD scheme:

The eligibility criteria for BOM fixed deposit are as follows:

  • Students/ minors aged six months and above can apply for this scheme.
  • Students/minors aged 10 years can singly apply for this scheme while below 10 years can apply jointly with guardian/parent.
  • Parents/guardian can apply for this scheme on behalf of the minor.
  • KYC compliance should be followed while opening the fixed deposit account.

Rate of Interest on BOM Maha Saraswati FD scheme:

  • The rate of interest applicable to this scheme will be the same as that of a regular fixed deposit scheme.
  • No TDS will be applicable on this FD scheme.

Tenure of BOM Maha Saraswati FD scheme:

  • The minimum tenure of BOM Maha Saraswati FD scheme is 36 months and the maximum tenure is 120 months.

Monthly Deposit allowed in BOM Maha Saraswati FD scheme:

  • The minimum deposit allowed in Rural & Semi Urban areas is Rs.50 and in multiple of Rs.10 thereafter.
  • The minimum deposit allowed in Urban & Metro areas is Rs.100 and in multiple of Rs.10 thereafter.

Premature withdrawal of BOM Maha Saraswati FD scheme:

Premature withdrawal of BOM Maha Saraswati FD scheme may be allowed as per regular fixed deposit rules.

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