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As a customer of Bank of Maharashtra, you can open a fixed deposit (FD) account if you wish to maximise your savings. FDs are considered to be not only a great investment tool but is also very safe. You can deposit a certain amount for a fixed tenure on which you will earn interest and then withdraw the money when the account reaches maturity.
You may have to close your Bank of Maharashtra FD account after it has reached maturity. You may also want to close your FD account prematurely if you are facing cash crunch and need to withdraw the amount from your account.
Hence, you can close your FD account:
Online
Through mobile app
Offline
Online
Through mobile app
Offline
You will have to follow the process similar to the one mentioned for closing your FD account on maturity offline. You will have to submit an account closure form, KYC documents, and fixed deposit certificate to the bank. The only difference will be that before the bank disburses the amount to your bank account, you will have to pay a penalty for closing your fixed deposit account prematurely.
However, no penalty will be charged if withdrawal for deposits up to a tenure of 12 months. Otherwise, a penalty of 1% up to amount of Rs.2 crore is chargeable.
The maximum interest you can earn is 4.90% for deposit up to Rs.2 crore.
You will have to make a minimum deposit of Rs.1,000 to open an FD account with the bank.
The maximum tenure for which you can invest in a Bank of Maharashtra FD account is 10 years.
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