• Mahabank's Monthly Deposit Scheme

    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.

    Eligibility Criteria to apply for BOM Monthly Interest Deposit Scheme

    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.

    Get risk-free returns with our instant, paperless Fixed Deposits. Explore Fixed Deposits

    Features of Bank of Maharashtra Monthly Interest Deposit Scheme

    • Tenure: The deposit tenure can run from anywhere between 12 months (minimum) to 120 months (maximum).
    • Amount: The amount than can be deposited must be a minimum of Rs.1,000, and can be added to in multiples of Rs.100 for larger investments.
    • Interest credit: Interest under this deposit scheme is payable on a monthly basis, and can be directed into the depositors chosen bank account, SB, CA, RD a/c, etc.
    • Loan: Depositors have the added advantage of being able to take out a loan against this scheme, for up to 90% of its value.
    • Nomination: There is a nomination facility available under this scheme.

    Interest rate of Bank of Maharashtra Monthly Interest Deposit 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 rate of Bank of Maharashtra Monthly Interest Deposit Scheme

    1. How does this deposit work?

      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.

    2. Is the plan flexible in terms of deposit tenure?

      Yes, the plan offers you the flexibility to choose between a tenure of just 12 months, to a tenure up to 120 months.

    3. Is the plan flexible in terms of deposit amount?

      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.

    4. Can a loan be taken against this deposit?

      Yes, a loan for up to 90% of the deposit value can be taken.

    5. Can a minor open this deposit account?

      An account can be opened for a minor but his / her legal guardian / parent.

    Useful Information on BOM Fixed Deposit

    Other Fixed Deposit Schemes Offered by BOM

    Special FD Schemes

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    Mahabank's Monthly Deposit Scheme Reviews

    Write a Review
    • Bank of Maharashtra
      "Good"
      0.5 5.0/5 "Blown Away!"
      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.
      Was this review helpful? 4
      , new delhi
      Reviewed on Jan 19, 2019
    • Bank of Maharashtra
      Bank of Maharashtra
      "Dream FD"
      0.5 4.5/5 "Excellent!"
      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.
      Was this review helpful? 13
      , pune
      Reviewed on Dec 10, 2015
    • Bank of Maharashtra
      "Fixed Deposit"
      0.5 4.0/5 "Great!"
      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.
      Was this review helpful? 9
      , pune
      Reviewed on Jul 19, 2015
    • Bank of Maharashtra
      "Its good "
      0.5 4.0/5 "Great!"
      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.
      Was this review helpful? 8
      , pune
      Reviewed on Apr 27, 2015
    • Bank of Maharashtra
      "Fixed Deposit Description"
      0.5 2.5/5 "Just OK"
      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.
      Was this review helpful? 13
      , nagpur
      Reviewed on Mar 30, 2015
    • Bank of Maharashtra
      "Very good interest rate provided"
      0.5 5.0/5 "Blown Away!"
      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.
      Was this review helpful? 8
      , bangalore
      Reviewed on Dec 02, 2014
    • Bank of Maharashtra
      "Fixed deposit"
      0.5 4.5/5 "Excellent!"
      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.
      Was this review helpful? 7
      , new delhi
      Reviewed on Nov 29, 2014
    • Bank of Maharashtra
      "Its good"
      0.5 4.0/5 "Great!"
      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.
      Was this review helpful? 12
      , pune
      Reviewed on Aug 22, 2014
    • Bank of Maharashtra
      "Very good experience"
      0.5 5.0/5 "Blown Away!"
      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%.
      Was this review helpful? 4
      , hyderabad
      Reviewed on Jul 29, 2014
    • Bank of Maharashtra
      "Can provide options"
      0.5 4.0/5 "Great!"
      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
      Was this review helpful? 4
      , pune
      Reviewed on Jul 10, 2014
    • Bank of Maharashtra
      "Average"
      0.5 3.0/5 "Satisfactory"
      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.
      Was this review helpful? 16
      , mumbai
      Reviewed on Jun 19, 2014
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