Bank of Maharashtra Quarterly Interest Deposit Scheme
This scheme is the ideal scheme to plan tax liabilities or for investment depending upon the quarterly interest paid on the deposit.
Following can apply for Bank of Maharashtra Quarterly interest deposit scheme:
- Any individual
- Firms
- Corporate
- Minor
- Joint depositors
- Clubs, etc.
Features of Bank of Maharashtra Quarterly Interest Deposit Scheme
The features of this scheme are as follows:
Account Type | Joint/Single |
Amount | Minimum– Rs.1,000And thereafter in multiples of Rs.100. |
Rate of Interest | The bank reserves the right to decide the rate of interest. The interest rate is decided based on the maturity patterns. |
Period | Minimum– 12 monthsMaximum – 120 months |
Nomination | Nomination facility is available with this scheme. |
TDS | Tax benefits as applicable are available for Bank of Maharashtra Quarterly interest deposit scheme. |
Loan against Bank of Maharashtra Quarterly interest deposit scheme | Loan facility of up to 90% of the deposit is allowed. |
Interest payment | The interest will be deposited on a quarterly basis as per the instructions of the depositor to his savings account or current account or to any other account. |
Bank of Maharashtra Quarterly Interest Deposit Scheme Interest Rates
The rate of interest is decided by the Bank of Maharashtra and it can differ from person to person based on the maturity pattern that the depositor is opting for and on the amount of the deposit. Please visit the nearest bank to know the interest rate.
FAQs on Bank of Maharashtra Quarterly Interest Deposit Scheme
- What is the deposit period offered by Bank of Maharashtra for its quarterly interest deposit scheme?
The deposit period offered by Bank of Maharashtra for its quarterly interest deposit scheme ranges from 12 months to 120 months.
- Who should opt for the Bank of Maharashtra Quarterly interest deposit scheme?
Those who wish to invest and also want tax benefits should opt for Bank of Maharashtra Quarterly interest deposit scheme.
- Who are eligible for the Bank of Maharashtra Quarterly interest deposit scheme?
The scheme can be taken by any individual, firm, corporate, joint depositors, etc.
- Is loan facility available with the Bank of Maharashtra Quarterly interest deposit scheme?
Yes, loan of up to 90% of the deposit is available against the Bank of Maharashtra Quarterly interest deposit scheme.
- Can I be able to choose a nominee for this scheme?
Yes, nomination facility is available and you can choose a nominee of your choice.
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