Money won’t grow in your mattress.
It will grow in a Fixed Deposit!
  • loading

    Bank of Maharashtra Monthly Interest Deposit Scheme

    Institution Name
    Deposit Amount Range
    Tenure Range
    Interest Rate
    NRI - FD
    Up to ₹1Cr
    1 Year to 10 Years
    6.5% - 6.8% Quarterly compounding
    Response Time Within 30 minutes
    Up to ₹1Cr
    7 Days to 10 Years
    4.75% - 7.3% Quarterly compounding
    Response Time Within 30 minutes
    Fixed Deposit BYTES FROM OUR KITCHEN

    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.

    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

    Close

    Tell us about yourself & we'll find the best Fixed Deposit offers for you.

    Got something to say? Go on, you can say it; we don't bite. In fact, the more said, the better. The only thing we ask is that you keep it squeaky clean and follow our posting guidelines. Do not disclose sensitive information like your bank account details or phone number (or home planet). Comments posted on the BankBazaar site are not reviewed or endorsed by representatives of financial institutions affiliated with the reviewed products, unless explicitly stated otherwise.

    reTH65gcmBgCJ7k - pingdom check string.
    reTH65gcmBgCJ7k - pingdom check string.
    This Page is BLOCKED as it is using Iframes.