BOM Maha Saraswati FD Scheme

FAQs on BOM Maha Saraswati FD

• Who is eligible to open a Bank of Maharashtra Maha Saraswati Scheme Fixed Deposit account?

  The Bank of Maharashtra Maha Saraswati Fixed Deposit Scheme is open to minors or students aged six months and above. It can also be opened singly by minors or students aged ten years or jointly with a parent or guardian. Guardians or parents can open an account on behalf of a minor or student. KYC compliance is required in all cases. 

• What is the minimum monthly deposit required for the Bank of Maharashtra Maha Saraswati Scheme Fixed Deposit?

  In rural and semi-urban areas, the minimum monthly deposit required for the Bank of Maharashtra Maha Saraswati Scheme Fixed Deposit is Rs. 50, and it should be in multiples of Rs. 10. In urban or metro areas, the minimum monthly deposit is Rs. 100, also in multiples of Rs. 10. 

• What is the minimum and maximum tenure for a Bank of Maharashtra Maha Saraswati Scheme Fixed Deposit account?

  The minimum tenure for the Bank of Maharashtra Maha Saraswati Scheme Fixed Deposit is 36 months, and the maximum tenure is 120 months. 

• What is the rate of interest for the Bank of Maharashtra Maha Saraswati Scheme Fixed Deposit?

  The Bank of Maharashtra Maha Saraswati Scheme Fixed Deposit carries the same rate of interest as the regular term deposit scheme. No Tax Deducted at Source (TDS) is applicable to the Maha Saraswati Scheme. 

• Are there any additional features or benefits with the Bank of Maharashtra Maha Saraswati Scheme Fixed Deposit?

  Yes, there are additional features with the Bank of Maharashtra Maha Saraswati Scheme Fixed Deposit, including a free accident insurance cover of Rs. 50,000, which is available until maturity. There is also preferential treatment in educational loans with a concession in the rate of interest for account holders. Additionally, account holders are eligible for a free VISA international ATM card. 

• What happens at the maturity of the Bank of Maharashtra Maha Saraswati Scheme Fixed Deposit?

  The Bank of Maharashtra Maha Saraswati Scheme, Fixed Deposit amount becomes repayable on the maturity date when the agreed-upon period is over, or one month after the credit of the last instalment, whichever is later. It will be repaid along with the interest earned. 

• Can I make premature withdrawals from my Bank of Maharashtra Maha Saraswati Scheme Fixed Deposit account?

  Premature withdrawals from Bank of Maharashtra Maha Saraswati Scheme Fixed Deposit may be allowed as per the regular term deposit scheme rules and regulations. Penalty for non-payment or late payment of instalments will be applicable and deducted at the time of closing the account from the maturity proceeds. The account can also be closed on maturity by payment of the maturity value to the account holder, or in case of the account holder's death, the amount will be paid to the legal heirs or nominees after fulfilling the required formalities.