Quarterly Interest Deposit Scheme

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Bank of Maharashtra Quarterly interest deposit scheme is an ideal scheme to plan tax liabilities or investment depending upon the quarterly interest paid on deposit.

Eligibility :

Any individual, firm, corporate, minor, joint depositors or club etc.

Amount of Deposit :

Minimum amount is Rs.1,000/- 

Rate of Interest :

The bank decides attractive rate of interest from time to time on maturity patterns.

Period of Deposit :

Period of deposit varies from 12 months to 120 months.

Nomination :

INomination facility is available.

Other benefits:

  • Loan facility is available Upto 90% of the deposit.
  • Interest will be deposited quarterly as per instructions of the depositor to his SB, CA or any other account.

Frequently Asked Questions

1. What is the Quarterly Interest Deposit Scheme?

The Quarterly Interest Deposit Scheme is a type of fixed deposit where interest is paid to the depositor every quarter instead of at maturity, providing regular income.

2. Who can open a Quarterly Interest Deposit account?

The scheme is open to individuals, firms, corporates, minors, joint account holders, and clubs.

3. What is the minimum deposit amount required?

The minimum deposit amount to open this account is ₹1,000.

4. What is the tenure of the deposit?

The deposit tenure ranges from a minimum of 12 months to a maximum of 120 months (10 years).

5. How is the interest paid in this scheme?

Interest is credited quarterly to the depositor’s savings, current, or any designated account as per instructions.

6. What are the interest rates offered?

Interest rates are determined by the bank from time to time and vary based on the deposit tenure.

7. Is loan or overdraft facility available against the deposit?

Yes, customers can avail a loan of up to 90% of the deposit amount without breaking the deposit.

8. Is the nomination facility available?

Yes, the nomination facility is available under this scheme.

9. Can I withdraw the deposit before maturity?

Yes, premature withdrawal is allowed as per bank rules, though it may attract a penalty or revised interest rate.

10. Is this a cumulative or non-cumulative deposit?

This is a non-cumulative deposit scheme where interest is paid periodically (quarterly) instead of being compounded till maturity.

11. Can the interest be credited to another account?

Yes, the quarterly interest can be credited to a savings, current, or other eligible account as specified by the depositor.

12. Is there any maximum limit on deposit amount?

There is generally no maximum limit on the deposit amount, making it suitable for both small and large investors.

13. Is TDS applicable on interest earned?

Yes, TDS is applicable as per prevailing income tax rules if the interest exceeds the prescribed threshold.

14. How can I open a Quarterly Interest Deposit account?

You can open the account through:

  • Internet banking
  • Mobile banking app
  • Visiting the nearest branch

15. Who should invest in this scheme?

This scheme is ideal for individuals seeking regular quarterly income, such as retirees or those looking for periodic cash flow from investments.