Mahasanchay Deposit Plan (MSDP)

(MSDP REPLACE OUR EXISTING SULABH DEPOSIT SCHEME)

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Basic Feature : RD scheme with a core monthly instalment (fixed) & flexi Installments.

Eligibility : Individuals, singky or jointly, firms,clubs , Associations and Corporate Bodies etc complying with kyc norms.

Min/ Max Core Monthly Instalment Amt – Minimum core monthly instalment Rs.100/- & in multiples of Rs. 100 thereafter. Maximum core monthly instalment Rs. 10,000/-

Flexi / Variable Monthly Instalment - 10 times of core instalment in multiples of Rs.100 subject to maximum of Rs.50,000 p.m. including core component.

Period of Deposits –

Minimum – 12 months & in multiples of 3 months thereafter.

Maximum - 60 Months.

Interest - Same as applicable to retail term deposits.

Additional Interest to Seniord Citizens/Members of staff : Same as applicable to retail term deposits.

Facilities Available –

  • Loan upto 90% of balance including interest accrued.
  • Nomination facility is available.
  • Premature closure allowed as per rule of Term Deposits
  • Transfer from one branch to another branch allowed.

Frequently Asked Questions

1. What is the Mahasanchay Deposit Plan (MSDP)?

The Mahasanchay Deposit Plan (MSDP) is a flexible recurring deposit scheme that allows you to invest a fixed monthly instalment along with optional additional deposits to build savings over time.

2. What is the minimum and maximum monthly instalment under MSDP?

The minimum core monthly instalment starts at ₹100 (in multiples of ₹100), while the maximum core instalment is ₹10,000.

3. What is the Flexi Instalment facility in MSDP?

The Flexi Instalment feature allows you to deposit extra amounts over and above your fixed monthly instalment. You can deposit up to 10 times the core instalment, subject to a maximum limit of ₹50,000 per month.

4. What is the tenure of the Mahasanchay Deposit Plan?

The scheme offers a minimum tenure of 12 months and can be extended up to 60 months (5 years) in multiples of 3 months.

5. Who is eligible to open an MSDP account?

MSDP accounts can be opened by individuals (single or joint), as well as firms, companies, and other eligible entities as per KYC norms.

6. What interest rate is applicable for MSDP?

The interest rate is similar to term deposit rates offered by the bank and may vary from time to time. Senior citizens may receive additional interest benefits as applicable.

7. Can I take a loan against my MSDP account?

Yes, you can avail a loan of up to 90% of the deposit balance, including accrued interest, as per bank rules.

8. Is premature closure allowed in MSDP?

Yes, premature closure is allowed, subject to applicable terms and conditions, including penalties as per bank guidelines.

9. Is the nomination facility available for MSDP?

Yes, the nomination facility is available, allowing you to appoint a nominee for your deposit account.

10. How can I open a Mahasanchay Deposit Plan account?

You can open an MSDP account through internet banking, mobile banking, or by visiting your nearest Bank of Maharashtra branch.