mahagramin.in Term Deposit Scheme : Maharashtra Gramin Bank

Organization : Maharashtra Gramin Bank
Service Name : Term Deposit Scheme
Home Page : http://mahagramin.in/index.aspx
Website : http://mahagramin.in/

Term Deposit Scheme :

Eligibility:
** Individual or HUF
** Amount of Deposit
** Minimum Rs 100/- Or im muliple thereof with maximum of Rs. 1 lakh in one Year i. e. from 1st April to 31 st March.

Related : Burhani Qardan Hasana Scheme Application Online Mumbai : https://www.statusin.in/8075.html

Tenure of the Deposit:
Over 1 year and in multiple of 3 months.

Interest Rate:
Subject to change by the Bank from time to time.

Types of Deposits & Interest Payment:
** The Deposits can be accepted under the scheme in MIDR / QIDR/FDR/CDR
** Accordingly interest to be paid half yearly/ quarterly/monthly/in lump sum on maturity.

Investment Limits:
Minimum of Rs. 100/- or in multiple thereof with maximum of Rs. 100,000/- in one year i.e. from 1st April to 31st March.

Tax aspects:
Interest on these term deposits shall be liable to tax under the Act, The tax on such interest shall be deducted in accordance with the provisions of section 194A or section 195 of the Act

Transferability Feature:
Can be transferred from one branch to another branch of the bank.

Nomination Facility:
Available as per our existing practice in the Bank.

For latest details please contact our nearest branch.

FAQs :
What is PLR / PTLR?
It is minimum prime lending rate at which credit line is offered to prime borrowers. This rate is also offered to certain loan schemes like education loan scheme.

When does PLR/PTLR change?
Normally after review of market conditions, banks business position and guidelines received from regulatory authorities from time to time, the decision to change PLR/PTLR is taken.

Who can become guarantor to a loan?
Any person ,known to bank and having worthiness to repay the loan of the borrower in case the borrower becomes defaulter, can become guarantor.

Is it necessary that guarantor should be account holder of Maharashtra Gramin Bank?
Not necessary but he should be known to the bank and be capable to repay the dues of the bank if the borrower becomes defaulter.

What is margin money?
It is the contribution by the borrower towards the cost of project for which loan is applied for.

What is a clean loan?
It is a loan where no primary or secondary security is taken by the bank.However, bank can insist for a guarantor for the loan.

Why insurance of house is required in case of housing loan?
It helps in recovery of bank dues, in case of untoward incidence and reduces the liability of the borrower to a certain extent.

Is housing loan available for purchase of land?
Only for purchase of land, it cannot be availed. However, purchase of land is allowed along with construction of house within 2 years, which is mandatory. It is a composite loan for land & construction of house.

Is cost of stamp duty considered for housing loan?
Yes, up to Rs 1 lakh.

About Us :
The RRBs were established in India under RRB Act 1976 [23(1)]. During the period from 1976 to 2006 banking industry had undergone various changes and RRBs were no exception.

Considering the need for structural changes in RRBs in view of dynamically changing economic scenario, Govt. of India vide its notification dt. 25.03.2008 amalgamated the two RRBs i.e. Aurangabad Jalna Gramin Bank & Thane Gramin Bank into a single RRB named Maharashtra Godavari Gramin Bank.