Monthly Interest Deposit Scheme

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Mahabank's monthly interest deposit scheme offers the convenience of getting monthly income, just like an added income to normal earnings, making it possible to plan monthly budget.

Eligibility :

The Account can be opened in the name of an individual, minor, joint depositors, firms, corporate, clubs etc.

Amount of Deposit :

Minimum amount of deposit Rs.1000/- 

Rate of Interest :

Attractive Rate of interest as decided by Bank from time to time on maturity patterns. The monthly interest is calculated at discounted value.

Period of Deposit :

Period of deposit would range from a minimum period of 12 months to maximum period of 120 months.

Other benefits:

  • Int. would be credited as per instructions of depositor to his SB, CA, RD a/c etc.
  • Loan facility is available Upto 90% of the deposit.
  • Nomination facility is available.

Frequently Asked Questions

1. What is the Monthly Interest Deposit Scheme?
The Monthly Interest Deposit Scheme is a fixed deposit option that provides regular monthly interest payouts, helping investors earn a steady income alongside their savings.

2. Who is eligible to open a Monthly Interest Deposit account?
This scheme can be opened by individuals, minors (with guardians), joint account holders, firms, corporates, and clubs.

3. What is the minimum deposit amount required?
The minimum deposit required to open an account under this scheme is ₹1,000.

4. What is the tenure of the Monthly Interest Deposit Scheme?
The deposit tenure ranges from 12 months to 120 months (1 to 10 years).

5. How is interest paid in this scheme?
Interest is calculated at a discounted value and is credited monthly to the depositor’s savings, current, or other linked accounts as per instructions.

6. Is the interest rate fixed?
The interest rate is decided by the bank and may vary based on the deposit tenure and prevailing rates at the time of booking.

7. Can I get a loan against this deposit?
Yes, you can avail a loan of up to 90% of the deposit amount, subject to bank terms and conditions.

8. Is nomination facility available in this scheme?
Yes, the scheme offers a nomination facility for added security and ease of transfer.

9. Where is the monthly interest credited?
The interest amount is credited as per your instructions to your Savings Account, Current Account, or other deposit accounts.

10. Is this scheme suitable for regular income planning?
Yes, it is ideal for individuals seeking monthly income, such as retirees or those looking to supplement their earnings.

11. Can the deposit be opened online?
Yes, deposits can typically be opened through internet banking, mobile banking, or by visiting a branch.

12. Is there any maximum limit on deposit amount?
There is generally no upper limit on the deposit amount, but it is advisable to confirm with the bank for specific conditions.

13. Can the deposit be closed before maturity?
Yes, premature closure is usually allowed as per bank rules, which may include applicable penalties.