Bank of Maharashtra Cumulative Deposit Scheme
This scheme is the ideal scheme as it give a rate of return that is much higher than the apparent rate as state in the deposit receipt as the interest earned on this scheme is compounded on a quarterly basis.
Eligibility Criteria for applying for BOM Cumulative Deposit
Following can apply for Bank of Maharashtra Cumulativedeposit scheme:
- Any individual
- Single firms
- Joint firms
- Corporate
- Clubs, etc.
Also, Check - Fixed Deposit
Features of Bank of Maharashtra Cumulative Deposit Scheme
The features of this scheme are as follows:
Account Type | Joint/Single |
Amount | Minimum– Rs.100And 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– 6 monthsMaximum – 120 months |
Nomination | Nomination facility is available with this scheme. |
TDS | Not applicable if the Form 15H and Form 15G is not submitted. |
Loan against Bank of Maharashtra Cumulative deposit scheme | Loan facility of up to 90% of the deposit is allowed. |
Auto renewal | Applicable. |
Bank of Maharashtra Cumulative 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 of Maharashtra branch to know the interest rate.
FAQs on Bank of Maharashtra Cumulative Deposit
- Who should opt for the Bank of Maharashtra Cumulative deposit scheme?
Those who wish to invest and earn a higher rate of interest should opt for Bank of Maharashtra Cumulativedeposit scheme.
- Who are eligible for the Bank of Maharashtra Cumulative deposit scheme?
The scheme can be taken by any individual, single or joint firm's, corporate, etc.
- What is the deposit period offered by Bank of Maharashtra for its Cumulative deposit scheme?
The deposit period offered by Bank of Maharashtra for its Cumulativedeposit scheme ranges from 6 months to 120 months.
- Is loan facility available with the Bank of Maharashtra Cumulative deposit scheme?
Yes, loan of up to 90% of the deposit is available against the Bank of Maharashtra Cumulative 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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