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BOM's Maha Dhan Varsha Scheme

Published on August 31, 2022
Current Context: The Bank of Maharashtra (BoM) has launched a Fixed Deposit scheme, the Maha Dhan Varsha Scheme.
BOM's Maha Dhan Varsha Scheme
  • It is a Fixed Deposit scheme with a time period of 400 days and a maximum limit of up to Rs. 2 Cr.
  • The highest rate of interest for non-senior citizens will be 5.50% and for senior citizens will be 6%.
  • For a maturity period of 400 days, the Scheme is supposed to be offering the highest rate of interest in comparison to other banks.
  • Interest Rate on Deposits for a maturing period of:
    • 46-90 days is 3.50%
    • 91-119 days is 3.75%
    • 120-180 days is 3.90%
    • 180-270 days is 4.25%
    • 271-364 days is 5%
    • 365-399 days is 5.40%
  • These rates of interest are for non-senior citizens.
  • Rates of interest for senior citizens for all maturity slabs of 91 days or more and up to an upper limit of Rs. 2 Cr will be an additional 0.50% p.a.

Question:

Q.1 What is the rate of interest offered by BoM's Maha Dhan Varsha Scheme for senior citizens for a maturity period of 400 days?
a. 5.40%
b. 5.50%
c. 6%
d. 4.25%

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