The Trust Deposit Scheme by the Bank of Maharashtra aims to give Public Trusts a place in which to invest their corpus, and gain benefits under the scheme.
The scheme is only available to registered Public Trusts, and those SB Accounts of Public Trusts whose income is entirely exempt from paying income tax under the Income Tax Act, 1961.
Interest on deposits will be payable at regular intervals at prevailing rates to be disclosed by the bank from time to time.
This scheme is designed to enable Public Trusts to invest their corpus and gain interest benefits at regular intervals.
Depositors can also receive discounts and concessions on charges like collection charges and commission charges, depending on their eligibility.
*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.
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