What are the documents required to apply for Mahabank Sheetal Jama Yojana?

Customers who wish to deposit money into their Mahabank Sheetal Jama Yojana accounts will receive a passbook after they have submitted the account opening form to the bank after due introduction.

Can I close the account prematurely?

Yes, customers are allowed to close their accounts prematurely.

Can I transfer the account from one branch to another?

Yes, customers are allowed to transfer the account from one branch to another in case they are moving from their current residence to a new location.

What is the maximum amount of loan I can take out against this scheme?

The bank offers a loan of up to 90% of the amount accrued on the Mahabank Sheetal Jama Yojana.

How does the withdrawal process work?

Customers are allowed to withdraw freely in multiples of Rs.1000 after filling in and submitting the special slips provided by the bank. The funds that remain unwithdrawn continue to earn interest at a contracted rate, and the method applied for withdrawals is LIFO (Last In, First Out).

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Mahabank Sheetal Jama Yojana

Mahabank Sheetal Jama Yojana is a scheme offered by Bank of Maharashtra combining the best features of a current account and small term deposits.

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Features of Mahabank Sheetal Jama Yojana

Account Type	Joint or single
Amount	The minimum amount of money that can be deposited into this account is Rs.5000. All deposits must be made in multiples of Rs.1000 and there is no maximum limit on the amount that can be put into this account.
Rate of Interest	Interest is calculated on a half-yearly basis and is subject to change from time to time at the discretion of the bank.
Period	The minimum period for deposits under this scheme is 15 days and the maximum period is five years.
Loan against Mahabank Sheetal Jama Yojana Scheme	Up to 90% of the accrued amount.
Automatic renewals	On maturity
Nomination facility	Yes

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FAQs on BOM Sheetal Jama Yojana

What are the documents required to apply for Mahabank Sheetal Jama Yojana?
Customers who wish to deposit money into their Mahabank Sheetal Jama Yojana accounts will receive a passbook after they have submitted the account opening form to the bank after due introduction.
Can I close the account prematurely?
Yes, customers are allowed to close their accounts prematurely.
Can I transfer the account from one branch to another?
Yes, customers are allowed to transfer the account from one branch to another in case they are moving from their current residence to a new location.
What is the maximum amount of loan I can take out against this scheme?
The bank offers a loan of up to 90% of the amount accrued on the Mahabank Sheetal Jama Yojana.
How does the withdrawal process work?
Customers are allowed to withdraw freely in multiples of Rs.1000 after filling in and submitting the special slips provided by the bank. The funds that remain unwithdrawn continue to earn interest at a contracted rate, and the method applied for withdrawals is LIFO (Last In, First Out)

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