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Bank Maharashtra FD - Scheme, Eligibility, Documents

Bank of Maharashtra Fixed Deposit Highlights

Last Updated 21st Jun 2021

Bank of Maharashtra fixed deposit is a reliable, secure and beneficial investment option that offers various benefits such as guaranteed returns, Government insurance, loan borrowing facility and flexible fixed deposit tenure.

Interest Rate 2.75% to 4.90%
Minimum Tenure 7 days
Maximum Tenure 10 years
Deposit Amount Rs 1000
Maximum Deposit No Limit
    Earn upto 6.95% on FD APPLY NOW

    Bank of Maharashtra FD

    Bank of Maharashtra is one of the leading fixed deposit providers in the country. The Bank offers FD with flexible tenures ranging between 7 days to 10 years. Apart from that, Bank of Maharashtra FD offers regular returns on fixed deposits ranging between 2.75% to 4.90%. For senior citizens, the interest rates on fixed deposits range between 2.75% to 5.40%. In addition to that, Bank of Maharashtra fixed deposit plans offer tailor-made fixed deposit products for different kinds of fixed deposit investors.

    Types of Bank of Maharashtra Fixed Deposit Schemes

    Different type of Bank of Maharashtra term deposit products offered to the investors are listed as follows:

    Standard Fixed Deposit

    Description:

    Benefits of Bank of Maharashtra FD

    Bank of Maharashtra fixed deposit is a popular investment option due to a number of benefits it provides to the FD investors. Some of these are mentioned below:

    • Guaranteed returns: The best thing about Bank of Maharashtra FD is that it offers guaranteed and assured returns to the investors. The return offered on a fixed deposits is regulated by the Bank on a monthly, or quarterly basis, as per the Bank’s choice. Currently, Bank of Maharashtra offers FD rates up to 4.90%. The interest rates offered on Bank of Maharashtra FD is not only assured but also way higher than a savings account.
    • Insured by the Government: The Deposit Insurance and Credit Guarantee Corporation offers deposit insurance of ₹ 5 Lakh to fixed deposits across all banks. Investing in a fixed deposits with the highest rating of AAA, rated by ICRA and CRISIL, is a reliable investment option.Thus, Bank of Maharashtra term deposit is safe and secure, as the funds are backed by the government no matter what the current situation of the Bank is.
    • Loan against FD: The investment made in an FD scheme is not only a reliable investment option but can also act as an asset. This is because Bank of Maharashtra fixed deposit allows one to borrow a secured loan against Bank of Maharashtra FD. Benefits of Loan Against FD of Bank of Maharashtra are as follow:
      • Loan against FD of Bank of Maharashtra offers the loan amount upto 90%-95% of the FD amount.
      • The interest charged on the loan against FDs are generally low and are 2% to 3% higher than the FD interest rate.
      • Loan against FD of the Bank of Maharashtras flexible repayment options.
      • The processing fee of Loan Against FD in the Bank of Maharashtra is nil.
      • It is a hassle-free loan and does not require the depositor to break the FD.
    • Flexible tenures: Bank of Maharashtra FD offers the investors the flexibility to choose the investment tenure as per their convenience. Bank of Maharashtra offers fixed deposit for a minimum tenure of 7 days up to a maximum tenure of 10 years. Bank of Maharashtra offers different interest rates across FD tenures.
    • Flexible investment: Apart from the flexibility of tenure, Bank of Maharashtra fixed deposit offers the flexibility of funds to FD investors as funds can be invested with a minimum amount of Rs 1000. Apart from that, one can invest in the Bank of Maharashtra FD up to a maximum of No Limit.

    Premature Withdrawal Terms and Conditions

    Though a fixed deposit with Bank of Maharashtra means depositing funds for a fixed period of time in expectation of a regular return. However, keeping in view the instability in the markets, the Bank allows premature withdrawals of funds from a fixed deposit. This means that investors can withdraw their funds before the date of maturity to fulfil their urgent financial conditions.

    Withdrawing funds prematurely from Bank of Maharashtra will attract an interest rate lowered by Allowed below the effective rate on the date of booking the FD. The penalty charged on fixed deposits is valid only on fixed deposits with a tenure greater than seven days. In case of premature withdrawal of Bank of Maharashtra fixed deposits with tenure less than seven days, the bank does not pay any interest.

    Eligibility Criteria for Bank of Maharashtra FD

    Bank of Maharashtra FD facility can be availed by the following type of investors:

    • Indian Citizens
    • Members of HUFs or the Hindu Undivided Family
    • Business firms
    • Local governing bodies
    • Government departments
    • Employees of private limited companies
    • Trust accounts

    Documents for Bank of Maharashtra FD

    Bank of Maharashtra fixed deposit requires one to submit the following documents:

    • Passport size photographs
    • Identity proofs such as Aadhar card, passport, PAN card, and driving license.
    • Address proofs such as passport, ration card, utility bills such as water, gas or electricity bill.
    • Age proof such as birth certificate, matriculation passing certificate, and Voter ID card.
    • Bank account details such as passbook and account number.

    Credit Card Against Bank of Maharashtra FD

    Credit Cards againstBank of Maharashtra FD are secured credit cards. They are availed against the amount deposited in the term deposits. They are an ideal option for individuals with low CIBIL score and salary. Below mentioned are the important features of Credit Cards against Bank of Maharashtra FD:

    • The limit offered on the credit card depends upon the amount deposited in the fixed deposits. Generally, banks offer around 80% of the deposit amount as the total credit limit on the card.
    • Credit Cards against the fixed deposits require minimum documentation.
    • The minimum tenure of the term deposits should be 6 months to avail credit card against it.
    • Secured Credit cards also offer discounts, cashback and rewards.
    • The cardholder continues to earn the same applicable interest rate on FD.

    FAQs

    What is the loan against FD repayment tenure in Bank of Maharashtra?

    Loan against FD is the  facility which allows the investor to avail the loan against the amount deposited in the term deposit. Bank of Maharashtra offers the loan against FD facility to the FD investors with a repayment tenure of up to 10 years.

    What is the minimum investment for FDs under Bank of Maharashtra?

    Bank of Maharashtra Fixed Deposit is one of the safest investment avenues and it can be availed with a minimum deposit of Rs 1000.

    What is the minimum amount for a fixed deposit in Bank of Maharashtra?

    The minimum amount required for a fixed deposit investment in Bank of Maharashtra fixed deposit is Rs 1000.

    What is the current interest rate on FD in Bank of Maharashtra?

    Currently, Bank of Maharashtra offers an interest rate ranging between 2.75% to 4.90% on its fixed deposits.

    What is the penalty for early withdrawal in Bank of Maharashtra?

    Bank charges penalty on premature withdrawal of fixed deposits. The penalty for early withdrawal ranges between 0.5% to 1% in most cases, based on the loan amount and tenure.

    What is the minimum FD tenure for which a fixed Deposit account can be opened in Bank of Maharashtra?

    Bank of Maharashtra fixed deposit can be opened with a minimum tenure of 7 days. The tenure of the Bank of Maharashtra fixed deposits ranges from 7 days to 10 years.

    Can I deposit additional amount in my Bank of Maharashtra FD account?

    No, you cannot deposit any additional amount in your existing FD account as you are allowed to deposit only once at the time of opening the account. If you want to invest any additional amount in FD, you are required to open a new FD account.

    Who is eligible for opening an FD account in Bank of Maharashtra?

    All resident individuals, HUFs, NRIs, Firms including minors are eligible to open a fixed deposit account.

    What documents are required to open an FD account in Bank of Maharashtra?

    The documents required to open an FD account in Bank of Maharashtra includes KYC documents and Passport size photos.

    In how many years FD doubled in the Bank of Maharashtra?

    The time Bank of Maharashtra fixed deposits will take to double the initial amount will depend upon the rate of interest offered on the FD. You can calculate the maturity amount of the Bank of Maharashtra FD at MyLoanCare by entering the amount you want to deposit and the interest offered on FD.

    Can an NRI open a Bank of Maharashtra fixed deposit account?

    No, Non-Resident Individuals are not allowed to invest in Bank of Maharashtra schemes. It means that they are not eligible to invest in fixed deposits.

    Is the Bank of Maharashtra safe for FD?

    Yes, the Bank of Maharashtra is one of the safest avenues for any investments. Bank of Maharashtra is backed by the Government of India and the returns on any investment including fixed deposits are guaranteed.

    Is it wise to take a loan against FD from the Bank of Maharashtra?

    Yes, opting for a Loan Against FD is an excellent decision. The reasons to take loan from Bank of Maharashtra are:

    • It offers the loan upto 90%-95% of the FD amount.
    • The interest levied on the loan against FDs are generally low and are 2% to 3% higher than the FD interest rate.
    • Loan against FD offers flexible repayment options.
    • The processing fee of Loan Against FD is Nil.
    • It is a hassle-free loan and requires minimum documentation.
    • Loan against FD helps the depositors to avoid the option of premature withdrawal.

    However, there might be a chance that the alternative credit option is offering lower rates with better facilities. In that case, individuals must compare and decide on the credit option.


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    Bank Maharashtra News - Jul 2021
    • 2021-01-19 : ank of Maharashtra reported Q3 profit up of ₹154 crore
      Bank of Maharashtra reported a net profit of Rs. ₹154 crores in the third quarter ended December 31, 2020, against ₹135 crores in the year-ago quarter. Advances that include home, personal, car, two-wheeler and gold loan along with business and mudra loans increased by 12 per cent year-on-year to ₹1,04,904 crore. Further, deposits which include FD and Rds increased by 14% to ₹1,61,971 crore. The share of the low-cost current account, savings account (CASA) deposits improved to 50.91% of total deposits from 50.51% in the preceding quarter.
    • 2020-10-12 : Bank of Maharashtra revised its FD rates
      With effect from 9 October 2020, Bank of Maharashtra revised its fixed deposit rates. The FD rate for 7 to 45 days is 3%, it is 3.50% for 46 to 90 days and stands at 4% for 91 to 180 days. The fixed deposit rates for 181 to 364 days is 4.25% and stands at 4.90% for one year to above five years.
    • 2020-04-08 : Revised FD rates for Bank of Maharashtra
      Bank of Maharashtra revised its fixed deposit rates, with effect from 7 April 2020. The FD rate for 7 to 45 days is 3.50%, it is 4.50% for 46 to 90 days and stands at 4.75% for 91 to 180 days. The fixed deposit rates for 181 to 364 days is 5%, it is 5.75% for one year and stands at 5.50% for one year to above five years.
    • 2020-01-21 : Bank Of Maharashtra reports Q3 profit of 135 crores
      State-run Bank Of Maharashtra reported a Q3 profit of 135 crores in the quarter ending December. Net interest income increased to 36% to 1186 crore and fixed and recurring deposits increased by 4.4% to Rs 141986 crore. According to RBI, Bank restructured 3445 MSME account which constitutes business loans worth Rs 24747 lakh in the 2nd quarter of the current FY.
    *Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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