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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.
The bank accepts deposits of under Rs.1 crore from all parties, including senior citizens.
The interest rate under this scheme is:
*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.
Yes, the difference between depositors is only judged based on whether they belong to the senior citizen category or not.
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:
Only cumulative deposits are accepted under this scheme.
Benefits can be realized on maturity, or premature closure of the deposit account ,as the case may be.
Interest is compounded at the above mentioned rates on a quarterly basis.
Useful Information on BOM Fixed Deposit