Target Group :

Public Trusts

Salient Features :

A Registered public trust will be eligible for opening the account under this scheme.

Scheme Details :

1. A Registered Public Trust will be eligible for benefits under the Scheme if a) It maintains a Term Deposit of Rs. 5 lakhs for minimum three years and/or Savings Deposits / Current Deposits of Rs. 50,000/- (average balance).
2. Apart from regular interest payable on these deposits as per prevailing rates the Trust will be eligible for following additional benefits.
   1. There will be 50% concession in Collection Charges.
   2. There will be 25% concession in the Commission of DDs/MTs/Pos.
   3. Free acceptance of donations.

Whenever such accounts are opened, a legend "UNDER MAHABANK TRUST DEPOSIT SCEME" may be recoded to distinguish the account from others.

(SB Account of only those Public Trusts can be opened whose entire income is exempt from payment of income tax under I.T. Act 1961)