Bank of Maharashtra Fixed Deposit

Bank of Maharashtra is the first commercial bank established in 1840 in Maharashtra. Formerly known as the Bank of Bombay, it has achieved several banking milestones. Bank of Maharashtra offers multiple fixed deposits for various tenures with different interest rates to its investors. The interest rate on Bank of Maharashtra FDs is higher than their savings account. One can invest in Bank of Maharashtra FDs with just a minimum investment of INR 1,000. This article covers Bank of Maharashtra FD, its features and interest rates in detail.

Bank of Maharashtra Fixed deposit schemes

Following are the fixed deposit scheme by the Bank of Maharashtra:

• Maha Saraswati Scheme
• Monthly Interest Deposit Scheme
• Quarterly Interest Deposit Scheme
• Tax Savings Term Deposit

Bank of Maharashtra Maha Saraswati Scheme

Maha Saraswati Scheme is a monthly deposit scheme. Following are the features of the scheme:

• Tenure: 36 months to 12 months
• Minimum Deposit Amount: INR 50, and in multiples of INR 10 thereafter in Rural and Semi-Urban. INR 100 and in multiples of INR 10 thereafter in Urban and Metro.
• Deposit Payment: The deposit amount is repayable upon maturity.
• Premature withdrawals: Allowed, however, certain rules are applicable.
• Eligibility:
  • Minor or Student aged six months and above
  • Student or Minor singly aged ten years.
  • Minor or Student jointly with parent or guardian
  • By parent/guardian on behalf of Minor Student
  • (Also, In all cases, there should be KYC compliance while opening the account)

Bank of Maharashtra Monthly Interest Deposit Scheme

The monthly interest deposit scheme offers monthly income to its depositors. This is just like an additional income to regular earnings. Following are the features of the scheme:

• Tenure: 12 months to 120 months
• Minimum Deposit Amount: INR 1,000 and thereafter in multiples of INR 100
• Loan Facility: The depositors can avail a loan up to 90% of the deposit amount.
• Nomination Facility: Available
• Eligibility: Individual, minor, joint depositors, corporate, firm, clubs etc., can open the Monthly Interest Deposit Scheme.

Bank of Maharashtra Quarterly Interest Deposit Scheme

The quarterly interest deposit scheme is suitable for planning tax liabilities or investments. The scheme pays quarterly interest on the deposit amount. Following are the features of the scheme:

• Tenure: 12 months to 120 months
• Minimum Deposit Amount: INR 1,000 and thereafter in multiples of INR 100
• Loan Facility: The depositors can avail a loan up to 90% of the deposit amount.
• Nomination Facility: Available
• Eligibility: Individual, joint depositors, minor, corporate, firm, or clubs can open the Quarterly Interest Deposit Scheme.

Bank of Maharashtra Tax Savings Term Deposit

The tax savings term deposit is a scheme that offers the depositors the benefit of tax savings and investment. The deposits to this scheme qualify for tax exemption under Section 80C of the Income Tax Act. Following are the features of the scheme:

• Lock-in period: 5 years
• Minimum Deposit Amount: INR 100 and in multiples thereafter
• Maximum Deposit Amount: INR 1,50,000 per financial year
• Premature Withdrawals: Not allowed
• Loan Facility: Not available
• Nomination Facility: Available
• Eligibility: Individual or HUF

Key Features of Bank of Maharashtra Fixed Deposit

• Premature withdrawal: All Bank of Maharashtra FDs can be withdrawn prematurely except for tax saving FDs. For all deposits up to one year, the Bank of Maharashtra doesn’t charge any penalty. However, for all deposits withdrawn after one year but before maturity, the Bank of Maharashtra charges a 1% penalty on the interest.
• Nomination and auto-renewal facility: Bank of Maharashtra FD investors can nominate beneficiaries and also opt for auto-renewal of their FDs.
• Safety: All Bank of Maharashtra deposits are covered by the Deposit Insurance Scheme of RBI. The scheme covers all Bank of Maharashtra deposits up to INR 5,00,000.

How to open a Bank of Maharashtra FD deposit account?

One can open a Bank of Maharashtra FD account through various modes such as Internet Banking, Mobile App and offline.

Internet Banking

The following steps will help an individual to open a Bank of Maharashtra FD account through internet banking:

• Login to the Bank of Maharashtra NetBanking account.
• On the home page, select the ‘Term Deposit’ option.
• Choose the type of deposit scheme and provide all the necessary details, nominee details, payment and maturity instructions.
• Verify the details and click on ‘Submit. The account opening takes up to 24 hours, and a confirmation message will be sent to the registered mobile number.

Through Mobile App

Bank of Maharashtra App

The following steps will guide in opening an FD account through the Bank of Maharashtra Mobile App:

• Download the Bank of Maharashtra App and log in.
• Select the ‘Term Deposit’ option and choose the type of deposit account.
• Provide all the necessary details, nominee details, maturity and payment instructions.
• Verify the details and click on ‘Submit. The account opening takes up to 24 hours, and a confirmation message will be sent to the registered mobile number.

Offline Bank of Maharashtra FD Opening

To open a Bank of Maharashtra FD account offline, one has to visit the nearest Bank of Maharashtra branch. Fill the Bank of Maharashtra FD application form and submit all the necessary documents along with the deposit amount. On successfully processing the application, the Bank of Maharashtra will provide an FD receipt.

Documents required to open a Bank of Maharashtra FD

To open a Bank of Maharashtra fixed deposit account, one needs the following documents.

• Passport size photographs
• Bank of Maharashtra FD form
• Proof of identity (PAN Card, Aadhar Card, Passport, Voter ID, Driving License)
• Proof of address (Utility bills, Aadhar Card, Bank statement with cheque)

Eligibility to Open a Bank of Maharashtra FD

To open an FD account with the Bank of Maharashtra, one needs to be eligible. Following are the eligible persons and entities.

• Individual including joint depositors and minors
• Firms
• Corporates and clubs

How is Bank of Maharashtra FDs taxed?

Only investment in Bank of Maharashtra Tax Saving FDs qualifies for tax saving up to INR 1,50,000 per annum. Investment in no other Bank of Maharashtra FDs qualifies for tax saving under Section 80C of the Income Tax Act. The interest income from the Bank of Maharashtra FD is taxable as per the investor’s income tax slab rates. Moreover, the interest income is subject to a TDS of 10% if the income from the Bank of Maharashtra FD exceeds INR 40,000 per annum. For senior citizens, the limit is INR 50,000 per annum. Also, if the investor doesn’t disclose PAN Card details to the Bank of Maharashtra, then the TDS rate will be 20%.

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