The Maha Double Deposit Scheme from Bank of Maharashtra is a scheme that accepts only cumulative deposits, which reach maturity once the amount deposited has been effectively doubled – in 116 months for regular depositors, and 108 months for senior citizens.
Eligibility Criteria for applying for BOM Maha Double Deposit Scheme
The bank accepts deposits of under Rs.1 crore from all parties, including senior citizens.
Features of BOM Maha Double Deposit Scheme
- Tenure: The effective tenure of the scheme is:
- For non-senior citizen depositors: 116 months.
- For senior citizen depositors: 108 months.
- The scheme aims to double the investment deposited.
- Amount: Amounts under Rs.1,00,00,000 (Rs.1 crore) are accepted as deposits under this scheme.
- Deposits: Cumulative deposits are the only ones that are accepted under the Maha Double Deposit Scheme.
- Maturity: On the end of the tenure as mentioned above, the maturity value will be payable, which is equal to double the amount deposited.
- Premature closure: There is an option to prematurely close the deposit account and draw funds from it, but the interest payable will be 1% less than the applicable rate, for the total deposit period up to the date of premature closure.
Interest rate of BOM Maha Double Deposit Scheme
The interest rate under this scheme is:
- 7.25% p.a. for non-senior citizen depositors.
- 7.75% p.a. for senior citizen depositors.
*All amounts, tenures, repayment requirements, time frames, interest rates, charges, fees, ceilings, requirements, criteria, exclusions, terms and conditions mentioned above are as of December, 2015. Bank of Maharashtra reserves the right to modify, replace, or add to or subtract from any of the above, in any way, at any time, and at its own discretion.
FAQs of BOM Maha Double Deposit Scheme
- Does this scheme provide different interest rates and tenures depending on the depositor?
Yes, the difference between depositors is only judged based on whether they belong to the senior citizen category or not.
- What are the interest rates and tenures for different types of depositors?
The different types of depositors for this scheme are judged based on their age, specifically whether they belong to the senior citizen category or not. The different rates and tenures are:
- For non-senior citizens: 7.25% per annum for 116 months.
- For senior citizens: 7.75% per annum for 108 months.
- What kind of deposits is accepted?
Only cumulative deposits are accepted under this scheme.
- When does the deposit yield benefits?
Benefits can be realized on maturity, or premature closure of the deposit account ,as the case may be.
- At what intervals is the interest compounded?
Interest is compounded at the above mentioned rates on a quarterly basis.