This deposit scheme is set up with the aim to provide depositors with a monthly income in the form of interest payments on their deposits.
Any individual, firm, company, organization, or club can open this deposit account. Individuals can also open the account for minors. Joint depositors can also open a deposit account under this scheme.
The rate of interest for deposits under this scheme will be decided on the banks discretion, based on maturity patterns.
The monthly interest rate payable is calculated at a discounted value.
*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.
Interest in this deposit scheme is not paid out as a lump sum on maturity, but is paid out every month to be used for monthly budgeting and planning.
Yes, the plan offers you the flexibility to choose between a tenure of just 12 months, to a tenure up to 120 months.
In order to subscribe for this deposit, all you need is Rs.1,000. If you wish to increase the amount of deposit, increments can be made in multiples of Rs.100.
Yes, a loan for up to 90% of the deposit value can be taken.
An account can be opened for a minor but his / her legal guardian / parent.
Useful Information on BOM Fixed Deposit