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.
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I have a Fixed Deposit in Bank of Maharashtra because its near to my place but the interest rate is very low compared to Punjab Maharashtra Cooperative Bank. It was opened before one year and have deposited 6L. I think the rate of interest is 8.25%. The services are excellent, I would suggest them to increase the interest rate.
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4
ASHWANI KUMAR DHAWAN
, new delhi
Reviewed on Jan 19, 2019
am using online services for Fixed deposit. I withdraw the interest monthly which gives me better Rate of interest than Standard 4%. The Best part is you can make Fixed Deposit in Multiples of 1000(Thousands),with minimum amount of Rs.1000. In other banks minimum Amount is 10,000. and helpd you to earn around 8-9% which is double than your normal ROI.
I am using online services for Fixed deposit.
I withdraw the interest monthly which gives me better Rate of interest than Standard 4%.
The Best part is you can make Fixed Deposit in Multiples of 1000(Thousands),with minimum amount of Rs.1000. In other banks minimum Amount is 10,000. and helpd you to earn around 8-9% which is double than your normal ROI.
I am holding a Fixed deposit with Bank of Maharastha. They have done a very good job. It was closed after maturity and the same was used for my daughters marriage. I am holding this for the past 5 years and it is a tax saver FD. Interest rate offered by them was medium which is 9% and they have provided the FD certificate also.
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8
ARUN SHANKAR KADAM
, pune
Reviewed on Apr 27, 2015
The FD types in Bank of Maharashtra is very difficult to understand.
I was trying to figure out if there is an option to create a Tax Saver FD online, but when I checked the FD types, and the names of FD, it was very confusing.
Ultimately I need to google each FD types to understand what that means.
The FD types should be made simpler like that of SBI and ICICI.
I had opened up the fixed deposit with Bank of Maharashtra before a year. Its a very good interest rate provided and its competitive too. The relationship with this bank is too good and they are customer friendly. Customer service as well as on line services is too great.
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8
RAGHAVENDRA VISHWESWARARAO JINGADE
, bangalore
Reviewed on Dec 02, 2014
Bank of Maharashtra's Fixed Deposit offers interest rate @9% approx. I did it for one year and the sum is Rs.50000. I applied it with my net banking online. It is a nice product for long term accumulation. You can deposit sum on a monthly basis. My overall experience was quite good.
Maharashtra bank Fixed Deposit is good their rate of interest is low when compared with other banks, it was opened as a joint account with my wife and the prime reason why I opened this account is because I was planning for a housing loan and that is why.
It was a good experience of holding a fixed deposit with Bank of Maharashtra. I have closed the FD an year ago. There was no documentation required for creating the FD because I was holding a savings account with them. They do have online facility however I didn't avail the service. Customer service and response are too good and I genuinely having a very good experience. Bank executives are very pro-active. Rate of interest was 8.5%.
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4
GIRISH DOREPALLY
, hyderabad
Reviewed on Jul 29, 2014
I am holding an FD account with Bank of Maharashtra and I went to their Branch personally and I applied for that it was for 5 years and its great and I am happy with the interest rates and through on line I check all the FD details it will be really good if they provide the options for the change of amount or tenure online
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4
PRALHAD RAMNATH PAGAR
, pune
Reviewed on Jul 10, 2014
Couple of months ago I started my first fixed deposit with bank of Maharashtra. I am a salary account holder for a while. It was quite easy to start a fixed deposit as there are no documents required. Rate of interest is good compared to other banks. Customer service is fine but not good as other private banks. I would suggest the bank to introduce online services.
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16
SMITA SADANAND MESTRY
, mumbai
Reviewed on Jun 19, 2014
