Maximize Savings with Mahasanchay Systematic Deposit Plan (MSDP)

Ever thought of having the freedom to choose how much you want to save each month and grow your wealth steadily? Worry not! Bank of Maharashtra has got you covered with its Mahasanchay Systematic Deposit Plan (MSDP).

About Mahasanchay Systematic Deposit Plan-

MSDP is a unique recurring deposit scheme designed to facilitate customers to make flexible monthly investment as per their financial choices and liquidity plans, and also earn competitive interest rates on the deposits on maturity.

Further, MSDP scheme comes with two key features to let you invest more flexibly. These are - Core Monthly Instalment (that remains fixed) and a Flexi instalment (that can vary as per your financial choice). Let us delve into these attributes in a much comprehensive way.

Core Monthly instalment is the fixed monthly investment amount that you have to declare at the time of opening the MSDP account. You can start with a minimum of Rs.100/-(& in multiplies of 100 thereafter) and a maximum of Rs. 10,000/-. Also, as the core monthly instalment value remains fixed, you cannot pay less than this value as the monthly instalment for the entire tenure of the deposit scheme.

Moreover, Flexi Instalment feature provides you the option to deposit additional flexible instalments up to 10 times of core monthly instalment in multiples of 100, subject to a maximum of Rs.50,000/- per month including the core instalment.

Example 1 : If a you open a MSDP account with the core monthly instalment of say Rs.300/-, then you have to deposit minimum Rs.300 every month. Additionally, if you wish to deposit more, then you can deposit the multiple of the core amount, i.e Rs.300, Rs.400, Rs.500 and so on up to a maximum of Rs.3000 (i.e 10 time of the core monthly deposit) in a month including your core monthly deposit.

Example 2 : If a you open a MSDP account with the core monthly instalment of Rs.10000/-, additional flexi amount you can deposit in a month will be Rs.10,000, Rs.20,000 up to Rs.50,000 including the core monthly deposit.

Eligibility Criteria for Bank of Maharashtra MSDP:

Individuals above 18 years of age
Joint Account Holders
Firms, Corporates, Associations, etc.
Minors have the option to open accounts with guardian assistance.

Benefits of Opening MSDP Account-

Smart Flexibility: This recurring deposit scheme allows you to choose your instalment amount along with the Flexi instalment option that can fit your budget, starting from as small as Rs.100/-
Attractive Interest Rates: MSDP offers attractive interest rates to let you get the most value of your savings. Bank decides these interest rates from time to time on maturity patterns. For senior citizens, additional rate of interest is also applicable.
Open for All: The MSDP scheme is available to individuals (singly/jointly), firms, clubs, and more to let everyone save their way
Customizable Tenure: You can select the deposit tenure that matches your financial goals from 12 to 60 months
Quick Loan Access: In case of financial emergencies, customers can avail up to 90% loan against their deposits

How to open Mahasanchay Deposit Account-

Bank of Maharashtra Mahasanchay Deposit account can be opened through three ways – Mobile Banking, Internet Banking and by visiting your home branch.

Steps to open MSDP account through Mobile Banking:

Login to Mahamobile Plus Application
Click on ‘Deposit FD/RD’
Select ‘Recurring Deposit’
Click on ‘Select Tenure’
Under Product Type, please select ‘MSDP_GEN-PUB-1Y-INR’ for 1 year. Similarly, you can choose maximum tenure of 5 years.
Enter the Instalment Amount
Select your debit account number from dropdown & calculate maturity
Accept the Terms & Conditions, enter your Transaction Pin and hit ‘Submit’
Review your details and press ‘Confirm’

Steps to open MSDP account through Internet Banking:

Login to Mahaconnect.in using your credentials & Click on ‘Investment’
Click on ‘E-FD’
Hit ‘Click here to view Investment Period & Applicable ROI’
Select ‘365 days/1 Year – 7.75%’ scheme for 1 year. Similarly, you can choose maximum tenure of 5 years.
Select ‘Maturity’ under Interest Payment option and hit ‘Next’
Select ‘Sulabh Recurring Deposits (RD)’ option under Product Category
Select ‘MSDP_GEN-PUB-1Y-INR’ as the product (Select it as per your goals)
Enter the Core Instalment Amount you want to invest monthly
Ensure to keep the tenure as 12 months subject to a maximum of 60 months.
Select your account number from the dropdown from which you want the amount to be debited
Enter your Transaction Password and Hit ‘Next’
Review your details & Press Confirm.

You can set up standing instructions for depositing in your account regularly without fail. For additional flexi deposits you can transfer from your account and deposit. All of this can be done using Mahamobile Plus app as well as through Internet Banking.

Steps to open MSDP account through Branch:

Visit your home branch
Fill & submit the MSDP form in-person

Like every other deposit scheme of Bank of Maharashtra, in MSDP too, you can avail the nomination facility and safeguard your financial well-being. Click here to know more about Nomination.

Overall, recurring deposits have always been the best investment option for individuals who have monthly savings objectives, and MSDP scheme make those objectives more resilient, easy and suitable for everyone’s pocket. By opting MSDP, one can get the coveted financial flexibility coupled with attractive interest rates and customizable tenure.

Author: Bank of Maharashtra
Date of Publish: 04 Dec, 2024