(U/s. 80-C of IT Act.)

Eligibility

Individual or HUF

Amount of Deposit

Minimum Rs 100/- Or in multiple thereof with maximum of Rs. 1.5 lakh in one Year i. e. from 1st April to 31 st March.

Tenure of the Deposit

Not less than 5 Years - Maximum up to 10 Years.

Interest Rate

Subject to change by the Bank from time to time.

Types of Deposits & Interest Payment

The Deposits can be accepted under the scheme in MIDR / QIDR/FDR/CDR
Accordingly interest to be paid half yearly/ quarterly/monthly/in lump sum on maturity.

Investment Limits

Minimum of Rs. 100/- or in multiple thereof with maximum of Rs. 1.5 lakh in one year i.e. from 1st April to 31st March.

Tax aspects

Interest on these term deposits shall be liable to tax under the Act,

The tax on such interest shall be deducted in accordance with the provisions of section 194A or section 195 of the Act

Premature withdrawal

Not allowed. No term deposit shall be encashed before the expiry of five years from the date of its receipt.

But in the event of the death of the holder of a term deposit in respect of which a nomination is in force, the nominee or nominees shall be entitled at any time before or after the maturity of the term deposit to encash the term deposit.

Transferability Feature

Can be transferred from one branch to another branch of the BOM but not to any other banks branch.

Nomination Facility

Available as per our existing practice in the Bank.

Trading and Pledging

Not allowed. The term deposit shall not be pledged to secure loan or as security to any other asset even after completion of 5 years.

Loan Against Deposit

Not allowed in any case.

Mode of Holding

  1. Single holder type
  2. Joint holder type deposits. Provided that in the case of joint holder type deposit, the deduction from income under section 80C of the Income Tax Act shall be available only to the first holder of the deposit.
 
 
 
 
 
 
 
 
 
 
Integrety Pledge by CVC

User Manual - UPI
Is your Bank Account KYC compliant?
Locate Branch/ATM
Bank's Willful Defaulters
List of ATMs in Six Metro Cities (New Delhi, Mumbai, Kolkata, Bengluru, Chennai, Hyderabad)

RBI Monetary Museum - Reserve Bank of India

General Information about the Museum
 
 
CUSTOMER EDUCATION : Security Features of Indian Banknotes
 
A Little extra care makes your online transactions more secure

1- English Version
 
Mahabank gold loan scheme - Loan Against gold ornaments
 
Account Portability : Transfer of account from one branch to another branch in the Bank
New Recurring Deposit Schemes : Maha Millionaire, Maha Lakhpati & Mahasanchay Systematic Deposit Plan
Bank's Codes of Commitments to Customers
 
Service Charges
 
Mahabank Gold Loan Scheme - Loan against Gold Ornaments
 
Top Up Loan for Home Loan Borrowers to meet various needs
 
Interest on domestic term deposits
 
List of branches authorized for opening of PPF Account

List of Specialized Branch
State wise Holiday
Visitor Counter
Stats
IMPORTANT: Bank of Maharashtra never ask for Bank account details for any purpose through phone call/email/SMS.

Bank appeals to all the customers not to respond to such phone call/email/SMS and not to share their bank account detail with any one for any purpose. Never share your CVV/ PIN No. of Debit/Credit card to anyone.