Deposits
  • Fixed Deposits

    Deposits are accepted ranging from 30 days to 10 years and the interest is paid at regular intervals (monthly/quarterly/half yearly) at an attractive rate of interest.
    All individuals / associations etc. are eligible to open the Fixed Deposit Account.
    Fixed Deposits can also be accepted for any period in multiples of complete months or even for a period where the terminal month is incomplete.
    Ex. For 13 months and 12 days.
    For Rate of Interest Click Here

  • Mahesh Automatic Renewal Scheme (MARS)

    Short Term Deposits of 30 days duration are accepted under the scheme and will be automatically renewed together with interest repeatedly for 30 days at a time.
    No need to produce the deposit receipt for renewals. TDS if applicable will be deducted on every renewal.
    Deposits are accepted from Individuals as well as from Firms and Societies and issued in multiples of Rs. 100/-. >

  • Mahesh Cash Certificate (MCC)

    A small odd amount of deposit made today grows into a lumpsum rounded of sum i.e., in multiples of Rs. 100/- , Rs. 1000/-,Rs. 5000/-, and so on.

    Features :

      • Cash Certificates are issued in the denomination of Rs. 100 and its multiples.
      • Period of deposit ranging from 12 to 120 months and interest is compounded quarterly.
  • Mahesh Daily Deposit Scheme

    The scheme is intended primarily for those who are eager to save a small portion of their day to day needs for investment in a productive line of activity.

    • The minimum deposit shall be Rs. 1.00 and its multiple thereof per day and the period of deposit may extend from 1 year to 5 years.
    • Deposit account may be opened on the name of single individual only, in special cases accounts may be opened in the name of firm are two persons payable to either or survivor OR in the name of minors duly represented by their Guardians on giving declaration about the date of birth of minor.
    • Payments to the account can be made by a depositor through an authorized agent of the Bank.
    • The authorized agent of the Bank will collect the deposit at the doorstep of the depositor and issue MDD receipts.
    • The agent will carry an identity card containing a passport size photograph issued by the Bank in token of his credential.
    • The maximum rate of interest payable on this deposit is 3.5%
    • At the discretion of the Bank, Bank may consider granting of loans on the security of MDD upto 75% of the amount at credit at the deposit account and the minimum loan should not be less than Rs. 100/- .  The loans will carry interest rate 10% at present.
  • Mahesh Dynamic Fixed Deposit Scheme:

    It is a fixed deposit scheme coupled with automatic overdraft facility.
    Features:

    • Minimum Deposits under scheme is Rs. 5000/- or in multiples thereof.
    • Minimum period of deposit is 12 months.
    • Depositor is issued with a cheque book after opening an overdraft account and fixing the limit for overdraft facility on arriving at the margin of the deposit amount.
  • Mahesh Lakhpati Yojana)

    • The Scheme is aimed at mobilizing the savings of Salaried Employees and Wage earners
    • Helps depositors to plan their savings in order to meet their future contingencies like marriage expenses, higher education, retirement etc..
    • Under the scheme, depositor shall pay every month a specified amount for a specific period in order to receive minimum 1 Lac on the date of maturity.
    • Deposits are received for definite periods of 15, 24, 36, 48, 60 and 72 months for completed quarters.
    • Deposits can be opened independently or in joint names or by a firm / company / association.
    • Monthly instalments and period of the deposit cannot be altered subsequently under any circumstances.
    • Loans can be granted at the discretion of the Bank subject to margins and rate of interest prescribed by the Bank.

    For Interest Rate Click Here

  • Mahesh Mangal Nidhi (MMN)

    A rare combination with the both the features of Recurring Deposit and Cash Certificate. Investing the amount at monthly intervals for a specific period and tacit waiting will make you the owner of a sizable amount.

    Features:

      • An ideal scheme for recurring Lumsum amount at the end of 10 years by paying monthly instalments only for a limited no of years.
      • The scheme has three packages and all are for period of 10 years wherein the depositor is required to pay monthly installaments for a specified period depending upon the package chosen.
      • Deposits made for the specified period along with interest will remain with the Bank for the balance period of 10 years when the target amount as per the package will be paid.
      • Deposits can be in individual or joint names.
      • Monthly Installments / period of deposit cannot be altered subsequently under any circumstances.
  • Mahesh Multiplier Deposit Scheme

    It is a special term deposit under which the quarterly interest payable is reinvested. As a result the interest on term deposit transforms into a higher effective rate of interest. 

    • Deposits are accepted under the scheme in multiples of Rs. 100 , for periods ranging from 12 to 120 months.
    • Deposits can be opened by individual either singly or jointly with others.
    • A natural guardian can open the account on behalf of a minor by giving declaration of the date of birth of the minor.

    For Rate of Interest Click Here

  • Mahesh Tax Saver Fixed Deposit &   Mahesh Tax Saver Multiplier Deposit Scheme

    The Fixed Deposits and multiplier deposits made under this scheme are in all respects the same as our normal Fixed Deposit and Multiplier Deposits as for as governing the systems and procedures and interest rate structure ore concerned.

      • Investment in these deposits cannot exceed Rs. 1.50 Lac (As per the latest amendment by Govt. of India).
      • It can be any amount in multiples of Rs. 100 upto Rs. 1.50 Lac
      • Accounts can be opened by individuals or HUFs.
      • Deposit has to be at least for a period of 5 Years and no premature encashment are permitted before the expiry of 5 Years from the date of deposit receipt.
      • Deposits cannot be pledged at collateral security or otherwise.
  • Recurring Deposit:

    A recurring deposit may be opened in the names of Individuals, joint holders, minors, firms, institutions, associations and companies without restriction to number of accounts.

    • Recurring Deposit accounts are for definite period ranging from 12 to 120 months
    • Instalments in multiples of Rs. 5.00 per month are acceptable
    • Monthly instalment and period of the deposit cannot be altered subsequently under any circumstances.
    • If closed before 3 months, no interest needs to be paid.
    • Loans on recurring deposit may be granted subject to margin and rate of interest prescribed by Head Office from time to time.

     

Basic Savings

Features

No Minimum Balance, No initial deposit to open the account.

No restrictions like Age, Income Criteria for opening BSBD Account.

All provisions of KYC, AML, PML are applicable.

Passbooks are given free.

Maximum of Four withdrawals in a month including ATM withdrawals;

RuPay ATM Cum Debit Card with Accidental Insurance of Rs. 1.00 Lac free

No charges for all the above facilities

PMJDY

PMJDY

The Hon’ble Prime Minister in his Independence Day Speech on 15th August, 2014 announced a comprehensive program of Financial Inclusion targeting the large number of people who are currently deprived of even rudimentary financial services. The PradhanMantri Jan DhanYojana (PMJDY) sets out to provide a basic Bank account to every family who till now had no account.