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.
Eligibility Criteria to apply for BOM Trust Deposit 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.
Features of Mahabank Trust Deposit Scheme
- Registered Public Trusts that are eligible for this scheme will only receive benefits when:
- It is able to maintain a Term Deposit of a value no less than Rs.5,00,000, and
- It is able to maintain this Term Deposit for at least 3 years, and / or
- It is able to maintain Savings Deposits for at least 3 years with an average balance of Rs.50,000, and / or
- It is able to maintain Current Deposits for at least 3 years with an average balance of Rs.50,000.
- The legend “Under Mahabank Trust Deposit Scheme” can be used to differentiate the account from other accounts.
- A concession of 50% is given to depositors on Collection Charges.
- A concession of 35% is given to depositors on the Commission of DDs / Pos / MTs.
- Free acceptance of donations.
- For SB accounts, only the Public Trusts whose entire income is exempted from income taxation under the Income Tax Act, 1961, can be eligible for this scheme.
Interest Rates of Mahabank Trust Deposit Scheme
Interest on deposits will be payable at regular intervals at prevailing rates to be disclosed by the bank from time to time.
Mahabank Trust Deposit SchemeFAQs
- Who is the Bank of Maharashtra Trust Deposit scheme for?
This scheme is designed to enable Public Trusts to invest their corpus and gain interest benefits at regular intervals.
- What other benefits are available for depositors, in addition to the interest benefit?
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.