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  • Bank of Maharashtra Recurring Deposit

    BANK OF MAHARASHTRA RECURRING DEPOSIT
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    Overview of Bank of Maharashtra

    Bank of Maharashtra is one of the leading Public Sector banks in India registered under the Indian Companies Act, and incorporated on 16th September 1935. The Indian Government holds 81.2% of the bank’s total shares. It has over 15 million customers across India and has a strong network of more than 1868 branches.

    Recurring Deposit from Bank of Maharashtra

    Bank of Maharashtra offers RD schemes with unique features and attractive interest rates. These deposits offer customers the best benefits to meet their varied financial requirements. Individuals, firms, partnerships & companies can open Recurring Deposit account with the bank. Even a minor can open Recurring Deposit account with Bank of Maharashtra under some specified conditions. The schemes offered by the Bank are ideal for professionals such as engineers, businessmen, doctors, etc. and even students and homemakers, with minimum documentation. The Bank also offers internet and mobile banking facilities for the convenience of the customers.

    Recurring Deposit schemes offered by Bank of Maharashtra

    Bank of Maharashtra offers three special RD schemes to its customers:

    • Maha Millionaire RD (MMRD)Scheme
    • Maha Lakhpati RD (MLRD) Scheme
    • Mahasanchay Systematic Deposit Plan (MSDP)

    1. Maha Millionaire Recurring Deposit Scheme (MMRD)

    Features

    • Maha Millionaire RD scheme promises the depositor that he/she will receive at least Rs.10 lakh on maturity of the scheme.
    • Minimum period for holding this RD account is one year and maximum period is 10 years.
    • This scheme comes with a unique offer of free life insurance. Depositors (sole/ first depositor) who fall in the age group of 18-50 years, receive a cover of Rs.1 lakh for first term year (i.e. September to August).
    • Senior citizens, members of staff and retired members of staff are eligible for additional interest over the normal interest offered to regular customers.
    • The monthly instalment under the scheme will be decided by taking into account the period of deposit and rate of interest as applicable during the date of deposit, and the maturity value not falling less than Rs.1 million (Rs.10 lakh).

    2. Maha Lakhpati Recurring D Scheme (MLRD):

    Features

    • Maha Lakhpati RD scheme promises the depositor that he/she will receive at least one Lakh Rupees on maturity of the deposit.
    • Minimum period for holding this RD account is one year and maximum period is 10 years.
    • Senior citizens, members of staff and retired members of staff will be eligible for additional interest, over the normal interest offered to regular customers.
    • The monthly instalment under the scheme will be decided by taking into account the period of deposit and rate of interest as applicable for during the date of deposit and the maturity value not falling less than Rs.1 lakh.
    • Interest calculation method, as well as penalty for late payment of instalment will be calculated as applicable to other RD deposit accounts.

    3. Mahasanchay Systematic Deposit Plan (MSDP):

    Features

    The Bank replaced the Sulabh deposit scheme with Mahasanchay Systematic Deposit Plan (MSDP), which is offered to the segments of customers who have variable/fluctuating income and savings.

    Features

    • Mahasanchay Systematic Deposit Plan (MSDP) is a RD scheme with a fixed core monthly instalment and flexible instalments.
    • The minimum core instalment is Rs.100/- and after that instalments can be made in multiples of Rs.100/-.
    • Rs.10,000/- is the maximum core monthly instalment .
    • Flexi / Variable Monthly Instalment is one wherein 10 times of core instalment is deposited in multiples of Rs.100 subject to a maximum limit of Rs.50, 000 per month, including the core deposit.
    • Minimum period of deposit is 12 months and it can be extended in multiples of 3 months thereafter.
    • Maximum period of holding the RD account is 60 Months.
    • Additional interest is paid to senior citizens and members of the bank’s staff.
    • Up to 90% of the balance in RD account, including interest accrued is offered as loan amount to customers.
    • Nomination facility is available.
    • No tax deduction at source.
    • This scheme offers free life insurance. Depositors (sole/ first depositor) who fall in the age group of 18-35 years with minimum core monthly instalment of Rs.5,000/-, receive a cover of Rs.1 lakh for first term year (i.e. September to August).

    Features of Bank of Maharashtra Recurring Deposit

    1. Taxability - No TDS.
    2. Depositors can avail up to 90% of deposit amount as loan.
    3. Facility for nomination is available.
    4. The RD account can be easily transferred from one branch of the Bank to another.

    Eligibility Criteria

    An Individual, partner & company, or firm can open a recurring deposit account. Even a minor can open a Recurring deposit account with the Bank. It is ideal for professionals and students as well.

    Interest rates offered on Bank of Maharashtra’s Recurring Deposit

    Attractive rate of interest paid on the Recurring Deposit as regulated by the bank from time to time, based on the tenure and maturity patterns. There is a penalty for late payment of monthly instalments. The interest rates are 8.75% for regular customers and 9.25% for senior citizens and is subject to fluctuations.

    Flexible RD from Bank of Maharashtra

    Mahasanchay Systematic Deposit Plan (MSDP) is for segments of customers having variable/fluctuating income and savings and thus offers an option for flexible instalments. This is a RD scheme has a Core Monthly Installment (fixed) and also Flexi instalments. Flexi/ Variable Monthly Installment can be 10 times more than core instalment. It also comes with a free life insurance cover of Rs.1 lakh to individuals (sole/ first depositor only) in the age group of 18 - 35 with a minimum core monthly installment of Rs.5,000/-.

    FAQ’s

    How to open a Recurring Deposit account in Bank of Maharashtra?

    Customers of the Bank can either approach the Bank’s branches for opening a recurring account or open one online.

    What is the Minimum & Maximum amount to open Recurring Deposit in Bank of Maharashtra?

    Monthly installment ranges from a minimum amount of Rs.50/- and can be increased to multiples of Rs.10/-. Under the Mahasanchay Systematic Deposit Plan (MSDP) scheme minimum core instalment is Rs.100/- and Rs.10,000/- is the maximum core monthly instalment. 10 times of core instalment can be deposited in multiples of Rs.100 but with a maximum limit of Rs.50,000 per month (inclusive of the core deposit).

    What are the Minimum or Maximum period for RD in Bank of Maharashtra?

    Minimum period of RD is 6 months, up to a maximum period of 120 months.

    Is nomination facility enable for RD offered by Bank of Maharashtra?
    Yes.

    Is TDS (Tax Deductible at Source) applicable on Recurring Deposits?

    No. As per income tax rules TDS is not applicable on RD.

    Does the RD account of Bank of Maharashtra provide loan against the deposit?

    Loan facility is available against the security of the deposit– upto 90% of deposit and interest accrued.

    Do Senior citizens get any extra benefit on Recurring Deposits?

    Yes.

    Can I make premature withdrawal of RD?

    Yes, premature withdrawals can be made but this is subject to penalty on interest accrued as per Bank regulations.

    What kind of insurance coverage is provided under the RD schemes offered by Bank of Maharashtra?

    Free Life Insurance cover of Rs.1 lakh is provided to individual depositors (sole/first depositor only) under the Maha Millionaire Recurring Deposit (MMRD) Scheme, as well as the Mahasanchay Systematic Deposit Plan (MSDP) with minimum monthly core

    instalment of Rs.5,000/-.

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