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Bank of Maharashtra FD Schemes

Bank of Maharashtra FD Schemes

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Bank of Maharashtra FD Schemes

Monthly Deposit Scheme

  1. Interest will be deposited monthly.
  2. Minimum deposit amount is Rs 1,000.
  3. Tenure: 1 year to 10 years.
  4. Depositors can available of loans of up to 90% of the deposit amount.
  5. Nomination facility is available.

Quarterly Deposit Scheme

  1. Interest will be deposited quarterly.
  2. Minimum deposit amount is about Rs 1,000.
  3. Tenure: 1 year – 10 years.
  4. Nomination facility is available.
  5. A loan facility of up to 90% of the deposit amount is permitted.

Bank Term Deposit Scheme

  1. Deposit amount: Minimum- Rs 100; Maximum- Rs 1.5 lakhs in a financial year.
  2. Tenure: 5 years.
  3. Premature withdrawal is not allowed.
  4. The account can be transferred to one branch from another the bank.
  5. Nomination facility is available.
  6. The deposit shall not be pledged to secure a loan or as collateral for any other asset.
  7. Loan against deposit is not permitted.

NER Account

  1. The principal, as well as interest earned, are fully repatriable.
  2. Nomination facility is available.
  3. Power of attorney can be accessed by a local person allowing them to make local transactions or make investments etc.

NOR Account

  1. Eligibility: Non-Resident Indians (NRIs) and Persons of Indian Origin.
  2. The amount in this account is not repatriable except in the following cases:
    2.1 Up to US$ 30,000 per academic year to meet the educational expenses of their children.
    2.2 Up to US$ 1,00,000 to meet medical expenses abroad of a depositor or their family members.
    2.3 Up to US$ 1,00,000 per year in sales revenues from immovable properties held by them for at least 10 years.
    2.4 Current income such as dividend, interest, pension, rent, etc., net of applicable taxes.

FCNR Deposit

  1. Eligibility: Non-Resident Indians & Overseas Corporate Bodies.
  2. This FD scheme can be opened in the following currencies: US Dollar , Pound Sterling (GBP), Euro, Australian Dollar. and Canadian Dollar.
  3. Tenure: 1 year – 3 years.
  4. The principal, as well as interest earned, is fully repatriable.
  5. Nomination facility is available.

RFC Account

  1. This scheme is offered to individuals of Indian origin or nationality who have returned to India for permanent settlement after being resident outside India for a minimum continuous period of 1 year.
  2. This FD scheme can be opened in the following currencies: US Dollar, Pound Sterling (GBP), Euro, Australian Dollar and Canadian Dollar.
  3. Nomination facility is available.

Premature Withdrawal

  1. In case of premature withdrawal of FD, It’s interest is payable at the interest rate applicable to the tenure for which deposit has been actually held with the bank.
  2. No penalty is levied by the bank for premature withdrawal of deposits up to 1 year. However, a 1% penalty is charged on the applicable interest rate on deposits with a maturity period of more than 1 year.

Bank FD Calculator

Applicants can use the Bank of Maharashtra website to calculate their FD interest amount using an FD calculator.

http://Zerodha

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