Bank of Maharashtra, Warasgaon, raigad Bank Branch & ATMs in Warasgaon, raigad, maharashtra

What is MIDS/QIDS? MIDS is an investment scheme similar to a fixed deposit that allows the individuals to invest a large sum of money for a set period. However, this income stream provides the interest on a monthly basis rather than upon maturity. QIDS, similarly, provides the interest payout on quarterly basis. Subsequently, these income schemes can be particularly appealing for senior citizens, retirees, freelancers, or anyone in need of a steady cash flow.

Benefits of Bank of Maharashtra MIDS/QIDS scheme:

Fixed Returns: Regular interest payments ensure a fixed and steady capital flow, making this scheme ideal for senior citizens and retirees who look for a consistent source of income.

Attractive Interest Rates: Mahabank MIDS/QIDS scheme offers competitive interest rate. Click here to know more.

Risk Mitigation: This deposit scheme is known for its low-risk nature. Even with regular interest payouts, the principal amount remains safe and secured until maturity.

Budget Planning: The predictable consistent income facilitates individuals to manage their unexpected expenses, reduce the need of short-term borrowing and help them to align their financial goals.

Eligibility Criteria for Bank of Maharashtra MIDS/QIDS:

Individuals above 18 years of age Joint Account Holders Firms, Corporates, NRIs, etc. Minors have the option to open accounts with guardian assistance.

Period of Deposit: The tenure of Monthly Interest Deposit Scheme ranges from 6 months and above. Moreover, the tenure of Quarterly Interest Deposit Scheme ranges from 12 months and above. How to Apply for MIDS/QIDS: Individuals can open the MIDS/QIDS account in a few simple steps directly through their mobile phone on Mahamobile Plus application (Mobile Banking) or through Internet Banking. Steps to open MIDS/QIDS through Mobile Banking:

Login to the Mahamobile Plus application and click on Deposit FD/RD Click on Open Fixed Deposits Select the term range and interest payout of your preference and select your debit account number Don't forget to select MIDS or QIDS in the product type Calculate Maturity Input transaction pin, Accept the terms and it is done!

Click here to download the Android app. To watch a complete video tutorial, click here.

Steps to open MIDS/QIDS through Internet Banking:

Login to Mahaconnect.in using your Internet Banking credentials Click on ‘Investments’ Click on ‘Open e-FD’ Select the term range and interest payout of your preference Select Monthly or Quarterly in the Interest Payment Option, select your savings account number and Hit ‘Next’ Choose Product Category, Principal Amount & Tenure Enter Your Transaction Pin, Review Your Details and Submit

In essence, opting for a regular payout scheme within a Fixed Deposit offers a prudent approach to securing a steady income source, particularly for retirees or individuals with surplus funds. By leveraging this financial instrument strategically, investors can open doors to a myriad of benefits including budget planning, risk mitigation, fixed monthly payout and attractive interest rates. Through fixed deposit schemes with monthly or quarterly payout option, Bank of Maharashtra has not only empowered customers to navigate through economic uncertainties but also paved a way for them to achieve financial peace of mind.