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Company History - Bank of MaharashtraYEAR EVENTS
1969 - The Company was I ncor por ated on 19t h J ul y. The Bank i s aGovernment of I ndi a undert aki ng and carr i es on al l t ypes ofbanki ng busi ness. The Bank was brought i nto exi st ence by an
ordi nance i ssued on 19t h J ul y, by t he Cent r al Gover nment . I nt erms of t he Or di nance, t he undert aki ng of `The Bank ofMahar ashtr a Ltd. ' was t r ansf er r ed t o and vest ed i n the new
bank.The or di nance was r epl aced by t he Banki ng compani es ( Acqui si t i onand Transf er of Undert aki ngs) Act , 1969. The Act was decl arednul l and voi d by t he Supreme Cour t on 10t h Februar y,
1970. An Or di nance was t her eupon promul gat ed whi ch was l at t er r epl aced byt he Banki ng Compani es ( Acqui si t i on and Transf er of Undert aki ng)Act , 1970 whi ch was made ef f ect i ve r et r ospect i vel y f r om19t h J ul y.
- Under t he `Lead Bank Scheme' t he Bank was al l ot t ed 5di st r i ct s
of Mahar asht r a, vi z. Pune, Sat ar a, Nasi k, Aur angabad
( j oi nt l ywi t h Cent r al Bank of I ndi a) and Thane. Sur veys were
car r i ed outi n t hese di str i cts f or t he i dent i f i cat i on of growt h
cent r es.
1970 - The Bank opened 39 br anches i n these f i ve `Lead Bank'di st r i ct s
out of t he t ot al of 47 br anches opened. The Bankcont i nued t o
f ol l ow t he scheme i n t he subsequent year s and anot herdi st r i ct
was al l ot t ed t o i t .
1976 - I n August , t he Bank sponsored a regi onal r ural bank under t hename `The Mar at hwada Gr ami n Bank Lt d. , ' Nanded.
1980 - Rs. 81, 30, 725 capi t al i sed f r omReserve Fund.
1982 - One mor e Regi onal Rural Bank was sponsor ed on 7t h December,under
t he name Aurangabad- J al na Gr ami n Bank Lt d. I n t hesubsequent
years, another RRB under t he Thane Gr ami n Bank wassponsored by
t he Bank. These t hree RRBs t oget her had 312 branches asat the
end of Mar ch 1994.
1984 - Rs. 12 l akhs cont r i but i on by Government .
1985 - Rs. 1, 308 l akhs cont r i but ed by Gover nment .
1986 - Rs. 800 l akhs cont r i but ed by Gover nment .
1988 - Rs. 2, 100 l akhs cont r i but ed by Gover nment .
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1991 - Rs. 10, 500 l akhs cont r i but ed by Gover nment .
1992 - Rs. 3, 500 l akhs cont r i but ed by Gover nment .
1993 - Rs. 15, 000 l akhs cont r i but ed by Gover nment .
1996 - The bank opened t wo ext ensi on count ers at Gogal ( Goa) andKhandal a
( Rat nagi r i ) dur i ng t he year .
- The bank i nt r oduced a new mot i vat i onal scheme t i t l ed TheBest Col l eague Scheme)
t o encour age, r ecogni se and mot i vat e si ncer e,mer i t ori ous and hel pf ul st af f members.
- The Bank l aunched a maj or comput er i sat i on programme wi t ht he basi c obj ect i ve of
maki ng use of t he l at est devel opment s i n i nf ormat i ont echnol ogy t owards bet t erment
of cust omer ser vi ce and i mprovement i n housekeepi ng.
- Shr i . V. Leel adhar, has been appoi nt ed as t he Execut i veDi r ect or of t he Bank vi de t he
Government of I ndi a, Mi ni st r y of Fi nance, Depart ment ofEconomy Af f ai r s.
1999 - The bank i nt r oduced i t s t el ebanki ng servi ce, whi ch i s t hef i r s t
of i t s ki nd by any of t he nat i onal i sed bank i n t her egi on.
- The bank has al so set up a core credi t moni t ori ng cel l ati t s
headquar t er s i n Pune t o cont i nuousl y assess t heper f or mance
r eport of borr owers ( above Rs. 25 l akhs) , whi ch woul dbe
pr ovi ded by r egi onal and zonal cent r es.
2000 - Bank of Maharasht r a ( BoM) i s l aunchi ng i t s new cashmanagement
pr oduct .
- The Expor t I mport Bank of I ndi a ( Exi m Bank) i s sl at ed t osi gn a
Memor andum of Underst andi ng ( MoU) wi t h Bank of
Mahar asht r a (BoM)on Febr uary 28 f or pr ovi di ng advi sory ser vi ces on exportf i nance.
- BoM l aunched i t s i nf or mat i on technol ogy t r ai ni ngi ns t i t ute, the
f i r st of i t s ki nd i n banki ng i ndust r y i n t he count r y.
- Sukomal Chandr a Basu has succeeded Madan Mohan Vai sh ast he Chai r man
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and Managi ng Di r ect or of t he Company.
- Bank of Maharasht r a (BoM) , a publ i c sect or ( PSU) bank, hasf ormed an equal j oi nt
vent ur e wi t h Magi c Sof t war e, an I sr ael i sof t war edevel oper and i t s I ndi an subsi di ar y.
2004
- Comes out wi t h Rs 230 cr ore publ i c i ssue of equi t y shares( 100, 000, 000 equi t y shar es of Rs 23 each) , i ssue over subscr i bed 10. 5t i mes
- Baj aj Aut o and Bank of Maharasht r a ( BoM) have si gned a st r ategi cal l i ance t o of f er t wo- wheel er l oans i n I ndi a.
2005- Bank of Maharasht r a has i nf ormed t hat Mr s. Li l a F Poonawal l a,Di r ect or r esi gned f r omt he Di r ect orshi p of t he Bank and she st andsr el i eved f r om her Di r ect or shi p wi t h ef f ect f r om August 01, 2005
2006
- Bank of Maharashtr a t i es up wi t h Uni t ed I nsur ance Company
2007
- Bank of Mahar asht r a and Li f e I nsurance Corpor at i on of I ndi a havet ogether unvei l ed two products, Maha Sur aksha Deposi t Scheme andMahaGr i h Suraksha scheme.
2009
- Bank of Mahar asht r a has i nf ormed that i n t erms of gui del i nes of t heRBI vi de l et t er dat ed December 01, 2008, t he Bank has appoi ntedf ol l owi ng f i ve Char t er ed Account ant s f i r ms as St at ut or y Cent r alAudi t ors ( SCAs) of t he Bank f or t he year 2008- 09.
1. M/ s. C R Sagdeo & Co. , Nagpur
2. M/ s. Shah Bahet i Chandak & Co. , Nagpur
3. M/ s. Wahi & Gupt a, New Del hi
4. M/ s. V C Gaut am & Co. , New Del hi
5. M/ s. B Chhaawchhar i a & Co. , Kol kat a
The appoi nt ment M/ s. B Chhawchhar i a & Co. , Kol kat a i s made i n pl aceof M/ s. S K Meht a & Co. , whose term was compl eted. The ot her audi t orsare r eappoi nt ed f or cont i nui ng as SCAs f or t he year 2008- 09.
Source : Dion Global Solutions Limited
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BankofMaharashtra(Marathi:)isthepremierbankofMaharashtra,operatinginthecountryofIndia.Registeredon16thSept1935withanauthorizedcapitalofRs10.00lakh
andcommencedbusinesson8thFeb1936.
Knownasacommonman'sbanksinceinception[citationneeded]
,itsinitialhelptosmallunitshas
givenbirthtomanyoftoday'sindustrialhouses.Afternationalizationin1969,thebank
expandedrapidly.Itnowhas1375branches(asof31March2008)alloverIndia.TheBankhas
thelargestnetworkofbranchesbyanyPublicsectorbankinthestateofMaharashtra.The
BankwasfoundedbyagroupofvisionariesledbytheLateV.G.KaleandtheLateD.K.Sathe
andregisteredasaBankingCompanyon16September,1935atPune.Today,Bankof
Maharashtrahasover12millioncustomersacrossthelengthandbreadthofthecountryserved
through1577branchesin23statesand2unionterritories.[citationneeded]
Ason30.09.2011Bankhas1564BranchesinalloverIndia.
Mission
To ensure quick and efficient response to customer expectations.
To innovate products and services to cater to diverse sections of society.
To adopt latest technology on a continuous basis.
To build proactive, professional and involved workforce.
To enhance the shareholders wealth through best practices and corporate governance.
To enter international arena through branch network.
To be a vibrant, forward looking, techno-savvy, customer centric bank serving diverse sectionsof the society, enhancing shareholders' and employees' value while moving towards globalpresence.
Our Logo
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The Deepmal
With its many lights rising to greater heights.
The Pillar
Our institution- Symbolising strength.
The Diyas
Our Branches- Symbolising service.
The 3 M'ssymbolising
Mobilisation of Money
Modernisation of Methods and
Motivation of Staff.
Milestones in the journey for nation building:
Registered on 16-09-1935
Commitment stated in the prospectus issued on 21-10-1935:
Steadily to spread its business operations all over Maharashtra and as opportunity allows,outside that area offering varied services to the general public while trying to be useful to trade ,commerce and industry consistently with high standards of safety and efficiency
1936 : Commenced operations on 08-02-1936 in Pune
1938 : Second branch of the bank was opened in 1938 at Fort, Bombay.
1940 : Third branch came up at Deccan Gymkhana, Pune
1944 : Status as Scheduled Bank obtained
1946 : Deposits crossed Rs One crore markFormed fully owned subsidiary, The Maharashtra Executor & Trustee CompanyFirst branch outside Maharashtra opened in Hubli (Mysore Starte, Now Karnataka)
1949 : Expansion to AP: Hyderabad branch opened
1963 : Expansion to Goa: Panjim Branch opened
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1966 : Expansion to Madhya Pradesh: Indore branch openedEntered in Gujarat: Baroda branch opened
1969 : Nationalised alongwith 13 other BanksEntry in Delhi by opening Karolbagh branch on 19-12-69
1974 : Deposit base crossed Rs. 100 Crore mark
1976 : Marathwada Grameena Bank, first RRB established on 26-08-1976
1978 : New Head Office building inaugurated by Hon'ble Prime Minister of India Shri.Morarji DesaiDeposits crossed the figure of Rs.500 Crores
1979 : Mahabank Agricultural Research and Rural Development Foundation, registered asa public trust, was established for undertaking research and extension work and toprovide more extensive services to farmers.
1985 : 500th branch in Maharashtra state was opened at the hands of the then Prime Minister,Mrs Indira Gandhi at Nariman Point, Mumbai.
First Advanced Ledger Posting Machine (ALPM) was installed at the branch.Golden Jubilee Year Celebrations launched at the hands of Dr. Manmohan Singh,Governor Reserve Bank of India
1986 : Thane Grameena Bank sponsored
1987 : The 1000th branch of the Bank was inaugurated at Indira vasahat, Bibwewadi, Pune atthe auspicious hands of Dr.Shankar Dayal Sharma, the Honourable Vice President ofIndia
1991 : "Mahabank Farmer Credit Card " was launchedEntered in to Domestic Credit Card BusinessMain Frame Computer installed
Became member of the SWIFT1995 : Diamond Jubilee Celebrations - Dr C Rangarajan the RBI Governor was the Chief
GuestDeposits crossed Rs 5000 crore mark
1996 : Moved into A category from the earlier C category. Autonomy obtained
2000 : Deposits crossed Rs 10000 crore mark
2004 : Public Issue of Shares 24% owned by PublicListed in BSE and NSE
2005 : Bancassurance and Mutual Fund distribution business started
2006 : Crossed total business level of Rs.50,000 CroreBranch CBS Project started
2009 : Entered in to 75th year of dedicated service to the NationAdopted 75 underdeveloped villages for integrated overall development
2010 : 100% CBS of branches achievedTotal Business crossed Rs One lakh croreOpened 76 branches in the Platinum Year taking the total to 1506
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Housing Loan Scheme
List of approved Builders by Bank of Maharashtra (City Wise)
Bangalore Chennai Solapur Pune Nasik Delhi
Purpose Buildyourownhouse Purchasenewhouse/Flat(OldorNew) Repairs/Renovationofexistinghouse
Eligibility
Salaried
Persons,
Professionals,
Businessmen
with
sufficient
disposable
income.Farmershavingminfiveacresofirrigatedlandholding.Non
ResidentIndiansarealsoeligible.
Age Minimum21years Maximum50yrs.forsalariedpersons.
Maximum55yearsforotherthansalariedpersons
QuantumofLoan: Forsalariedclass
50timesofGrossSalaryor60timesofNetMonthlysalarywhicheveris
highersubjecttoapplicablemargin
ForBusinessmen
Equaltoavgannualincome(Netprofit+Depreciation)oflast3yrsX4
times(B/S,ITreturns)Alsonoterepaymentofanyothertermliabilities.
ForFarmers
4timesofavgannualnetincome.CrosscheckGrossincome,land
holding,croppingpattern,SugarFactory/APMC/otheragenciesbillsetc.
Ensureforrepaymentcapacity&repaymentexperience.Ifjointly
owned,considerjointholdersincome
MaximumLoanQuantum: NomaximumlimitforMetro/Urbanarea
Rs.15lakhinSemiUrban/Ruralarea
Rs.5lakhforrepairs/renovationinallareas
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Deductions TotaldeductionsincludingproposedEMIshouldnotexceed65%of
grossmonthlysalary/annualincome.
Security UptoRs25000/ OneGuarantorwithsufficientincome/networth
AboveRs
25000/
Equitable/Regd.
Mortgage
of
property
or
Equal
amountofpapersecurity(NSCs,FDRsofourBanketc.excludingshares)
guaranteeofthespouse,guaranteeofrelativeswhoseincomeis
consideredforquantum
Insurance Forfullvalueagainstfire/EarthquakeetcwithBanksclause.
ClickheretoviewtheInterestRateofHousingLoan
1. Actualsearch&titleverificationchargestobebornebytheborrower,tobepaidtotheempanelled
Advocate.
2. Valuationchargestobebornebyborrower,tobepaidtoempanelledvaluer3. StampdutyonvariousdocumenttobeexecutedbytheborrowerapplicableasperState
StampAct.
4. Documenta
tion
chargesas
given
below:
5. ProcessingFees:6.
Loanamount Charges
ForcreditfacilitiesUptoRs.2.00Lakh Nil
Rs.2,00,001/
to
Rs.10,00,000/
Rs.500/
Rs.10,00,001/ toRs.50,00,000/ Rs.1,500/
Rs.50,00,001/andabove Rs.5,000/
LoanSlab
Processing
fees
LoanuptoRs.25.00lakh NIL(till3062012)
LoanaboveRs.25.00lakh 0.50%(Max.Rs.50,000/)
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PrepaymentPenalty:
ForFloatingRateloans:NIL
ForFixedRateloans:
a)
NIL,
if
closed
from
own
sources
b)2%onprincipaloutstandingiftheloanistakenoverbyotherBanks/FIs
LifeInsurance:NA
Social Responsibility
Bank's Rural Development Centres at Hadapsar and Bhigwan are undertaking vaiousdevelopmental activities for the benefit of the famers vi. Lab to Land project, reuse /rehabilitation of Saline Soil and advice on scientific use of inputs for optimum results.
The Mahabank Agricultural Research and Rural Development Foundation (MARDEF) is activein socio-economic development of villages by encouraging farmers to take diversified activitieslike dairy, EMU farming, goat rearing, grape cultivation, horticulture and scientific use ofvarious inputs like fertilizers etc. The foundation assists farmers, especially small and marginalfarmers, in receiving timely bank credit.
The Bank has established Five Mahabank Self Employment Training Institutes (MSETI), oneeach at Pune, Aurangabad, Nagpur, Nasik and Amravati. These provide training to rural youthand women for self employment. A total of 4605 candidates have been trained by the institutesso far.
Gramin Mahila Va Balak Vikas Mandal (GMVBVM), an NGO formed in 1989 by Bank ofMaharashtra, is actively involved in formation, nurturing of SHGs and facilitating linkage toBank Credit. The GMVBVM also helps SHGs to market their products through two sales outlets
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in Pune City named SAVITRI. GMVBVM assists the SHGs to secure quality raw material andinputs for their products and extends marketing and sales support. Matured SHGs are assisted toupgrade into Small and Medium Enterprises. GMVBVM has been declared as Mother NGO byGovt. of Maharashtra.
The Mahabank Vidarbha Shetkari Jagruti Abhiyan, a joint effort of Bank of Maharashtra andHanuman Vyayam Prasarak Mandal has reached out to more than 5750 Farmers in distress in sixdistricts of Vidarbha through counselling and training sessions
I] Loanschemes
1]LoanSchemeforExporters
ObjectiveoftheScheme:
Toprovidebettertermsofcreditincludingratesofinteresttoalleligibleexporters,includingthose
undersmallandmediumsector,comparedtothoseextendedtootherexportersbytheBank.
2}LoanSchemeforIndividuals
Loansagainstdeposits Ifyouhaveanytermdepositwithusyoucaninemergenciesalways
availofthisfacilitywhichweoffer.
3]LoanSchemeforProfessionalsandSelf-Employed
Topurchaseequipment/repairs/renovationtoexistingequipment,purchaseoftools,workingcapital
requirements,acquiring/repairingbusinesspremises.
4]HousingLoanScheme
Build your own house
Purchase new house/Flat (Old or New)
Repairs/Renovation of existing house
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5]MahabankAdharScheme
PersonalexpensesandgivenonlyforPensioners
6]LoanSchemeforCorporates
The Bank finances the corporate sector for its business activity and for setting up units,modernisation, diversification and upgradation.
Such finance is extended in the form of
Funded facilities Non Funded facilities
Funded facilities
1.
Term
Loans
:
Repaymentininstalmentsoverafixedtime.
2. CashCredit:Runningaccountfacility.
3. BillDiscounting:Inthenatureofpostsaleslimit.
Non Funded facilities
Letter of Credit facility to facilitate purchase of material / goods. Letter of Guarantor facility for the issuance of Guarantee in the nature of bid bonds,
performance bonds, etc.
For finance of International trade, the Bank provides Working Capital facility to
Exporters Importers
Exporters
Working Capital finance can be availed at
Pre-shipment stage Post shipment stage
At thepre-shipment stagefinance is provided in the form of Packing Credit Purpose :
For procuring / manufacturing of goods meant for export.
At thepost shipment stageexport finance is provided by way of
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Negotiation / Discounting of Export Bills, Rupee advances against collection bills, Advance against Export incentive.
For Importers
For Importers Funded Working Capital finance by way of cash credit facility and nonfunded Working Capital finance by way of Import Letter of Credit facility is provided tocorporates who are importers.
Loan Scheme for Entrepreneurs
For the endeavouring entrepreneur who dreams of setting up an enterprise, the Bank has anumber of financial schemes.
To service the industrial sector the Bank has Industrial Finance branchesatMumbai andPune.
SSI branches at Pune, Mumbai, Krishnanagar Satara, Piraman Gujarat, Satpur Nasik andI.E. Thane.
Finance can also be availed at any other branch of the bank.
The Bank finances the Industrial Sector for setting up a unit for modernization, diversification,upgradation, expansion.
Bank finance can be availed in the form of :
TermLoanforacquisitionofmachineryandfixedassets. WorkingcapitalbywayoffundedCashCreditlimit. NonfundfacilitiesintheformofLettersofCredit/LettersofGuarantee.
7]LoanSchemeforEntrepreneurs
For the endeavouring entrepreneur who dreams of setting up an enterprise, the Bank has anumber of financial schemes.
To service the industrial sector the Bank has Industrial Finance branchesatMumbai andPune.
SSI branches at Pune, Mumbai, Krishnanagar Satara, Piraman Gujarat, Satpur Nasik andI.E. Thane.
Finance can also be availed at any other branch of the bank.
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The Bank finances the Industrial Sector for setting up a unit for modernization, diversification,upgradation, expansion.
Bank finance can be availed in the form of :
TermLoanforacquisitionofmachineryandfixedassets. WorkingcapitalbywayoffundedCashCreditlimit. NonfundfacilitiesintheformofLettersofCredit/LettersofGuarantee.
8]GOLDCARDSCHEMEFOREXPORTERS
Toprovidebettertermsofcredittoalleligibleexporters,includingthoseundersmallandmedium
sector,comparedtothoseextendedtootherexportersbytheBank.
9]MahabankRenewableEnergyEquipments
TopromoteadoptionofrenewableenergypracticesanduseofSolarHomeSystems.
10]SalaryGainScheme
Tomeetpersonalneedsofthecustomerswhoaresalaryearners.
11]VehicleLoanScheme
PurchaseofNew4or2wheelers/Secondhand4wheelersupto3yrsold.
12]MahabankPersonalLoanScheme
TomeetpersonalExpenses.
13]MahadeepSolarHomeSystems
Toinstallsolarhomesystemsfordomesticuseaswellasforentrepreneurstoestablishcentralbattery
chargingstations
and
hire
out
solar
lights
to
small
businesses
such
as
street
hawkers
and
households
on
dailyfeebasis.
14]ConsumerLoanScheme
PurchaseofConsumerDurables/Computer.
15]TopUpLoanforHomeloanborrowers
Existinghomeloanborrowersnotbeyondageof60yearsareeligible,butonlyafterminimum24
monthlyinstallmentsarepaid.
16]MahaGoldLoanScheme(LoanagainstGoldOrnaments)
Thescheme
is
implemented
through
176
selected
branches
of
the
bank
across
India
as
per
the
list
enclosed.
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I I] Deposits scheme
1] Saving Bank Scheme
A] Mahabank Deposits
Any individual can open savings bank account singly or jointly. SB Account of minors can beopened jointly with natural guardian/legal guardian. The applicant should furnish identity andaddress proof as given in account opening form (CIF for individuals), two photographs & PANnumber/Form No. 60/61 while opening new account. In case the customer is unable to give anydocumentary proof of identity & address, to the satisfaction of the bank, the account can beopened with the introduction from existing account holder who has been subjected to full KYCprocedure & having satisfactory operations in the account for over six months.
B] Yuva Scheme New Scheme for Students :
With a view to making children develop the habit of banking and also to make them our futurecustomers, we have introduced suitable scheme for kids / children / students.
C] Mahabank Lok Bachat Yojana
To enable people belonging to bottom of the pyramid (Low income group) to open an accountwith the Bank.
I I] Current Deposits
A] Mahabank Current Account Scheme
Any individual, proprietorship or partnership firm or a legal person i.e. Institution or a Companyor Trust, Corporate Bodies, Government / Semi-Government Departments, a developmentalAgency formed by Government, can open a Current Account. Application for opening theAccount should be tendered in Account opening form prescribed by the Bank The applicant / sshould fulfill KYC norms by furnishing identity and address proof, two photographs & PANnumber / Form No. 60 / 61 while opening new account as applicable to the constitution ofapplicant and as mentioned in the form.
B] Current Account Scheme Pearl, Sapphire & Diamond
III] Term Deposits
A] Mahabank Term Deposit Scheme
Individual or HUF Tenure of the Deposit
Not less than 5 Years - Maximum up to 10 Years.
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B] Recurring Deposit Scheme
AnIndividual,firm,partner&company,canopenrecurringdepositaccount.Evenaminorcanopen
Recurringdepositaccountwithus.ItisidealforDoctors,Engineers,Businessmen,students,household
womenetc.
C]MonthlyInterestDepositsScheme
Mahabank'smonthlyinterestdepositschemeofferstheconvenienceofgettingmonthlyincome,just
likeanaddedincometonormalearnings,makingitpossibletoplanmonthlybudget.
D]CumulativeDepositScheme
Mahabank's Cumulative deposit scheme gives a rate of return much higher than the apparent rate statedon the deposit receipt as this deposit earns an interest on quarterly compounded basis.