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How to Open Bank of Maharashtra Fixed Deposit Account

Updated 03 Sep 2023

In today's dynamic financial landscape, Fixed Deposits (FDs) offer a secure and dependable means of investment. With interest rates typically higher than a regular savings bank account, FDs are a preferred choice for many. If you've been eyeing the Bank of Maharashtra, given its rich legacy and wide-reaching network, and contemplating opening an FD with them, then this guide is for you.

 

This article will outline the steps to open an FD account in the Bank of Maharashtra, the eligibility criteria, the documents required, and address some frequently asked questions.

How to Open an FD Account in the Bank of Maharashtra

Using Bank of Maharashtra Mobile Application (App)

Step 1: Log in to the Bank of Maharashtra mobile application
Step 2: Select ‘Term Deposit’ and choose the type of deposit account.
Step 3: Select the FD tenure and insert the deposit amount. After filling out the form one can submit the details and create an FD.

 

Using Bank of Maharashtra’s Internet banking website

Step 1: Log in to the Bank of Maharashtra Internet Banking website
Step 2: Navigate to the “Personal” tab.
Step 3: From the menu, select “Term Deposits”. FD page will display on the screen.
Step 4: Click on ‘Apply Now’. This will generate an online form in which you will be required to select the FD tenure and insert the deposit amount.
Step 5: After filling out the form one can submit the details and create an FD.
Step 6: The account will be opened within 24 hours of application and a confirmation message will be sent to the customer's registered mobile number.

 

Offline by visiting the nearest Branch:

Step 1: Visit the nearest Bank of Maharashtra branch
Step 2: Obtain and fill up the form to create a fixed deposit indicating the period, amount, and other preferences
Step 3: Submit the form along with a copy of your Aadhar and PAN card; the bank officials would process the form and create an FD.

Eligibility Criteria

  • Any person in his individual capacity  
  • More than one person in their joint names, 
  • Any minor jointly with a major 
  • Sole Proprietary concern
  • Members of charitable trusts
  • Educational institutions
  • HUF (Hindu Undivided Family)
  • Clubs
  • Private Traders 
  • Merchants
  • Agents
  • Professionals 
  • Partnership Firms
  • Societies & Corporates

Documents Required

Identity proofs

  • PAN Card
  • Driving License
  • Passport
  • Voter’s ID
  • Aadhar Card
  • Identity cards issued by reputed companies
  • Letter from a recognized public authority verifying the identity and address of the customer to the satisfaction of the bank

Address proofs

  • Aadhar Card
  • Electricity Bill
  • Telephone Bill
  • Ration Card
  • Bank account statement (not more than 3 months old)
  • Letter from a reputed employer
  • Letter from any recognised public authority /local body
  • Income tax/wealth tax Assessment order

FAQs

How is a tax saver FD different from a regular FD?

A tax-saving FD has a lock-in period of 5 years. No premature withdrawals, overdrafts, or loan facilities are available under a tax-saving FD. Whereas one can have a regular FD for any tenure as per an individual's choice, and they are eligible for premature withdrawals, loans, and overdraft facilities.

How many FDs can be opened in the Bank of Maharashtra?

There is no restriction on the number of FDs you can open with the Bank of Maharashtra.

Is the ₹5 lakhs DICGC insurance cover applicable on Bank of Maharashtra FD?

Yes. ₹5 lakhs Deposit Insurance and Credit Guarantee Corporation (DICGC) insurance cover applies to Bank of Maharashtra FD.

What is the maximum tenure for an investor to open an FD with the Bank of Maharashtra?

Investors can open an FD for a maximum time of 10 years.

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