1. Preamble:

One of the important functions of the Bank is to accept deposits from the public for the purpose of lending. In fact, depositors are the major stakeholders of the Banking System. The depositors and their interests form the key area of the regulatory framework for banking in India and this has been enshrined in the Banking Regulation Act, 1949. The Reserve Bank of India is empowered to issue directives / advices on interest rates on deposits and other aspects regarding conduct of deposit accounts from time to time. With liberalization in the financial system and deregulation of interest rates, banks are now free to formulate deposit products within the broad guidelines issued by RBI.

This policy document on deposits outlines the guiding principles in respect of formulation of various deposit products offered by the Bank and terms and conditions governing the conduct of the account. The document recognizes the rights of depositors and aims at dissemination of information with regard to various aspects of acceptance of deposits from the members of the public, conduct and operations of various deposits accounts, payment of interest on various deposit accounts, closure of deposit accounts, method of disposal of deposits of deceased depositors, etc., for the benefit of customers. It is expected that this document will impart greater transparency in dealing with the individual customers and create awareness among customers of their rights. The ultimate objective is that the customer will get services they are rightfully entitled to receive without demand.

While adopting this policy, the bank reiterates its commitments to individual customers outlined in Bankers' Fair Practice Code of Indian Banks' Association. This document is a broad framework under which the rights of common depositors are recognized. Detailed operational instructions on various deposit schemes and related services will be issued from time to time.

2. Types of Deposit Accounts:

While various deposit products offered by the Bank are assigned different names. The deposit products can be categorized broadly into the following types. Definitions of major deposits schemes are as under: -

i) "Demand deposits" means a deposit received by the Bank, which is withdrawable on demand;

ii) a]"Savings deposits" means a form of demand deposit which is subject to restrictions as to the number of withdrawals as also the amounts of withdrawals permitted by the Bank during any specified period;

b] Mahabank Lokbachat Yojana- [No frill A/cs]- This is a novel Scheme for the benefit of unbanked segment of the Society in the Rural and Semi Urban Area.  Any individual falling under Below Poverty Line can open this a/c singly or jointly with another individual falling under below Poverty Line with initial deposit of Re.1/- One cheque book of 10 leaves is issued in a year free of cost. This Scheme will have all other features of Savings Deposit Scheme except-

1] No Debit Card /ATM facility.
2] No Collection of third party Cheques
3] No Service Charges are debited for want of minimum balance
4] Relaxed KYC norms are applicable to this Scheme. The conditions [Subject to changes from time to time] are-

Self declaration from the Customer is obtained to the effect that excluding the amount of Government Grants or Subsidy, balance in all the accounts taken together will not exceed Rs. 50000/- and total credits in all the accounts will not exceed Rs. 1 lakh in a year.

Introduction will be obtained from any of the account holder who is maintaining satisfactory a/c for at least six months and who has been subjected to full KYC procedure. He will certify the Photo and address of the opener of a/c.
In the absence of an introduction as mentioned above, any other evidence as to the identity and address to the satisfaction of Bank will do.

c] Mahabank Yuva Yojana-This is a Special Scheme for younger generation with age 10 and above. They can open and operate saving a/c with initial Deposit of Rs. 10/-. There will be no restriction of Minimum Balance there after.  Withdrawals from this a/c will be self only. This a/c will have all features of Savings a/c except issuance of Cheque Books, which will be issued when minor, attains age of 18. They can also open Recurring Deposit a/c of Rs 10/- and more and keep Fixed Deposits.

iii) "Term deposit" means a deposit received by the Bank for a fixed period withdrawable only after the expiry of the fixed period and include deposits such as Recurring Deposit Scheme / Sulabh Deposit Scheme/ Fixed Deposit Scheme/ MIDS/QIDS/ Short Term Deposit Scheme/ Mahabank Unit Deposit Scheme/Cumulative Deposits Scheme / Mixie Deposit Scheme etc.

iii] a] Term Deposit which are accepted for 7 days and over up to 12 months are called Short Term Deposits.
The salient features of the Schemes are given more precisely in Annexure A

iv) Notice Deposit means term deposit for specific period but withdrawable on giving at least one complete banking day's notice;

v) "Current Account" means a form of demand deposit wherefrom withdrawals are allowed any number of times depending upon the balance in the account or up to a particular agreed amount and will also include other deposit accounts which are neither Savings Deposit nor Term Deposit; 

vi)  Ordinary Non-Resident (NRO)-  NRIs   can   open  Non-Resident  Ordinary   (NRO)  deposit  accounts  for  collecting   their funds  from   local bonafide  transactions.  NRO  accounts being Rupee  accounts,  the exchange  rate  risk  on  such  deposits  is  borne  by   the depositors themselves. When a resident  becomes  a  NRI,  his  existing  Rupee  accounts  are  designated  as  NRO.Such   accounts  also  serve  the  requirements   of  foreign  nationals  resident  in  India. NRO  accounts   can   be  maintained  as   current,  saving,  recurring   or   term   deposits.  while  the  principal  of  NRO  deposits   is   non-repatriable, current income and interest earning  up   to   US $ 1   million   per   calendar  year   is  repatriable  out  of  the  NRO  balances / sale proceeds of assets held in  India. Interest income from NRO  accounts is not exempt from income tax, as is the case  with domestic deposits.

vii)  Non-Resident  (External)  (NRE)  Accounts-  The  Non-Resident  (External)  Rupee Account NR(E)RA scheme, also known as the NRE scheme,  was  introduced  in  1970. Any NRI can open an NRE account with funds remitted to India through a bank  abroad. This  is  a  repatriable  account  and  transfer  from  another  NRE  account  or FCNR(B) account is also permitted. A NRE rupee account may be opened as current, savings  or term  deposit . Local  payments  can  be  freely  made  from  NRE  accounts.  Since this account  is  maintained  in  Rupees,  the  depositor  is  exposed to exchange risk. NRIs / PIOs  have  the  option  to   credit  the  current  income  to their Non-Resident (External) Rupee  accounts,  provided  the  authorised  dealer is satisfied that the credit represents current  income of  the non-resident  account  holders and income-tax thereon has been deducted / provided for.

 2.1 Account Opening and Operation of Deposit Accounts

A) The Bank before opening any deposit account will carry out due diligence as required under "Know Your Customer" (KYC) and Anti-money Laundering guidelines issued by RBI, Government of India and or such other policy norms or procedures adopted by the Bank. If the decision to open an account of a prospective depositor requires clearance at a higher level, reasons for any delay in opening of the account will be informed to him and the final decision of the Bank will be conveyed at the earliest to him.

B) The account opening forms and other material would be provided to the prospective depositor by the Bank. The same will contain details of information to be furnished and documents to be produced for verification and or for record, it is expected of the Bank official opening the account, to explain the procedural formalities and provide necessary clarifications sought by the prospective depositor when he approaches for opening a deposit account.

C) For deposit products like Savings Bank Account and Current Deposit Account, the Bank will normally stipulate certain minimum balances to be maintained as part of terms and conditions governing operation of such accounts. Failure to maintain minimum balance in the account will attract levy of charges as specified by the Bank from time to time. For Saving Bank Account the Bank may also place restrictions on number of transactions, cash withdrawals, etc., for given period. Similarly, the Bank may specify charges for issue of cheques books, additional statement of accounts, duplicate passbook, folio charges, etc. All such details, regarding terms and conditions for operation of the accounts and schedule of charges for various services provided will be communicated to the prospective depositor while opening the account. Such details will be given in the Pass Book for Savings A/c as well.

D) Savings Bank Accounts can be opened for eligible person / persons and certain organizations / agencies (as advised by Reserve Bank of India (RBI) from time to time) Current Accounts can be opened by individuals / partnership firms / Private and Public Limited Companies / HUFs / Specified Associates / Societies / Trusts, etc. Term Deposits Accounts can be opened by individuals / partnership firms / Private and Public Limited Companies / HUFs/ Specified Associates / Societies / Trusts, etc.

E) The due diligence process, while opening a deposit account will involve satisfying about the identity of the person, verification of address, satisfying about his occupation and source of income. Obtaining introduction of the prospective depositor from a person acceptable to the Bank and obtaining recent photograph of the person/s opening / operating the account are part of due diligence process.

F) In addition to the due diligence requirements, under KYC norms the Bank is required by law to obtain Permanent Account Number (PAN) or General Index Register (GIR) Number or alternatively declaration in Form No. 60 or 61 as specified under the Income Tax Act / Rules.

G) Deposit accounts can be opened by an individual in his own name (status: known as account in single name) or by more than one individual in their own names (status: known as Joint Account). Savings Bank Account can also be opened by a minor jointly with natural guardian or with mother as the guardian (Status: known as Minor's Account). Minors above the age of 10 will also be allowed to open and operate Saving Bank account, Recurring Deposit, Term Deposits and Deposits under Yuva Yojana Scheme independently for depositing amounts in the a/c and self-withdrawals.

H) Operation of Joint Account - The Joint Account opened by more than one individual can be operated by single individual or by more than one individual jointly. The mandate for operating the account can be modified with the consent of all account holders. The Savings Bank Account opened by minor jointly with natural guardian / guardian can be operated by natural guardian only.

I) The joint account holders can give any of the following mandates for the disposal of balance in the above accounts :
i. Either or Survivor: If the account is held by two individuals say, A & B, the final balance along with interest, if applicable, will be paid to survivor on death of anyone of the account holders.


ii. Anyone or Survivor/s : If the account is held by more than two individuals say, A, B and C, the final balance along with interest, if applicable, will be paid to the survivor on death of any two account holders.  
The above mandates will be applicable to or become operational only on or after the date of maturity of term deposits. This mandate can be modified by the consent of all the account holders.

J) At the request of the depositor, the Bank will register mandate / power of attorney given by him authorizing another person to operate the account on his behalf.

K) The term deposit account holders at the time of placing their deposits can give instructions with regard to closure of deposit account or renewal of deposit for further period on the date of maturity. In absence of such mandate, the Bank will seek instructions from the depositor/s as to the disposal of the deposit by sending intimation before 15 days of the maturity date of term deposit.

L) Nomination facility is available on all deposit accounts opened by the individuals. Nomination is also available to a sole proprietary concern account. Nomination can be made in favour of one individual only. Nomination so made can be cancelled or changed by the account holder/s any time. While making nomination, cancellation or change thereof, it is required to be witnessed by a third party. Nomination can be modified by the consent of account holder/s. Nomination can be made in favour of a minor also.
Bank recommends that all depositors avail nomination facility. The nominee, in the event of death of the depositor/s, would receive the balance outstanding in the account as a trustee of legal heirs. The depositor will be informed of the advantages of the nomination facility while opening a deposit account.

M) A statement of account will be provided by the Bank to Savings Bank as well as Current Deposit Account Holders periodically as per terms and conditions of opening of the account.. Alternatively, the Bank may issue a Pass Book to these account holders who opt / request for the same.

N) The deposit accounts may be transferred to any other branch of the Bank at the request of the depositor

2.2 Interest Payments      
                                                                                      
I) Interest shall   be paid on saving account at the rate specified by Reserve Bank of India directive from time to time. However, term deposit interest rates are decided by the Bank within   the general   guidelines issued    by the Reserve Bank of India from time to time.

In case of saving bank deposits, interest shall be calculated on daily product basis but shall be credited only when interest payable is Re. 1/- and above on half yearly basis on 30th September and 31st March every year.

II) In terms of Reserve Bank of India directives, interest shall be calculated at quarterly intervals, on term deposits and paid at the rate decided by the Bank depending upon the period of deposits. In case of Monthly Deposit Scheme, the interest shall be calculated for the quarter and paid monthly at discounted value. The interest on term deposits is calculated by the Bank in accordance with the formulae and conventions advised by Indian Banks’ Association, as under:

1. Member Banks may not accept any deposits for a period longer then 10 years, excepting in terms of order of the Competent Courts or in the case of Minors where interests of minors are involved, provided banks are convinced that it is necessary to do so and Individual Banks may decide in this matter based on Asset Liability Management policies being followed.
2. Interest on deposits for fixed term may be paid, credited transferred or reinvested with frequency not less than the Quarterly rests. However, payment of monthly interest may be allowed, if required, by discounting the quarterly interest accrued.
3. Interest on deposits where the terminal period (monthly/quarterly/half year etc. as the case may be) is incomplete shall be paid on maturity.
4. On deposits repayable in less than three months or where the terminal quarter is incomplete, interest would be paid for the actual number of days on the basis of 365 days in a year.

Rounding off of Transactions-All transactions including Payment of Interest on Deposits/Charging of Interest on Advances shall be rounded off to the nearest Rupee; i.e., fraction of 50 paise and above shall be rounded off to the next higher rupee and fraction of less than 50 paise shall be ignored.

Payment of interest on Term Deposit maturing on Sunday/Holiday/Non- Business Working Day-In respect of a Term Deposit maturing for payment on a Sunday or a Holiday or a Non-Business Working Day (or Saturday in case of NRE Deposits) Interest shall be paid at the originally contracted rate on the deposit amount for the Sunday/Holiday/Non-Business Working Day (and also Saturday in case of NRE Deposits), intervening between the date of the expiry of the specified term of the Deposit and the Date of Payment  of the proceeds  of the Deposit on the succeeding working day.

III] .The rate of interest on deposits will be prominently displayed in the branch premises and on banks web site www.bankofmaharashtra.in. Changes, if any, with regard to the deposit schemes and other related services shall be also be   prominently displayed.

IV] The Bank has statutory obligation to deduct tax at source if the total interest paid / payable on all term deposits held by a person exceeds the amount specified under the Income Tax Act. The Bank will issue a tax deduction certificate (TDS Certificate) for the amount of tax deducted. The depositor, if entitled to exemption from TDS can submit declaration in the prescribed format at the beginning of every financial year. Besides, the Bank has statutory obligation to Charge / Deduct Service Tax as well as Transaction Tax as specified / notified by the Govt. of India, from time to time.

V] A. Discretion to pay additional interest not exceeding one per cent on deposits of bank’s staff and their exclusive associations
The Bank may, at its discretion, allow additional interest at a rate not exceeding one percent per annum over and above the rate of interest applicable to Deposits held in Domestic/Ordinary/Non-Resident (NRO) accounts and deposits held in Non-Resident (External) Accounts subject to following conditions:

1. In respect of a savings or a term deposit account opened in the name of:
2. a member or a retired member of the bank’s staff, either singly or jointly with any member or members of his/her family; or
3. the spouse of a deceased member or a deceased retired member of the bank’s staff; and
4. an Association or a fund, members of which are members of the bank’s staff;

The Bank will obtain a declaration from the depositor concerned, that the monies deposited or which may, from time to time, be deposited into such account belong to the depositor as stated in clauses i) to iii) above.

B) For the purposes of sub-paragraph 2.2 V] A

i) “a member of the bank’s staff“ means a person employed on a regular basis, whether full-time or part-time, and includes a person recruited on probation or employed on a contract of a specified duration or on deputation and an employee taken over in pursuance of any scheme of amalgmation, but does not include a person employed on casual basis.

1. In the case of employees taken on deputation from another bank, the bank from which they are deputed may allow additional interest in respect of the savings or term deposit account opened with it during the same period of deputation.
2. In the case of persons taken on deputation for a fixed duration, or on a contract of a fixed duration, the benefit will cease to accrue on the expiry of the term of deputation or contract, as the case may be.

ii) “A retired member of the bank’s staff”  means  an employee retiring whether                         
on superannuation  or  otherwise  as provided in the bank’s Service / Staff
Regulations,  but  does  not  include  an employee retired compulsorily or in
consequence of disciplinary action;


iii)  “Family” means  and  includes the spouse of the member / retired member  
of  the bank’s  staff  and  the  children,  parents,  brothers and sisters of the
member/retired member, but does not include legally separated spouse.

C. Payment  of  additional  interest  will  be  subject to the following conditions, 
namely;

1. The  additional  interest is payable only so long as the person continues to  be  eligible  for  the same and in case of his ceasing to be eligible, till  
   the maturity of a term deposit account;
2. In   case   of   the  employees  taken  over  pursuant  to  the  scheme  of amalgamation,  the  additional  interest  is  allowed only if the interest at
   the   contractual  rate  together  with  the  additional  interest  does   not
   exceed the rate, which could have been allowed if such employee were
   originally employed by the Bank. 
   

VI] Additional interest to Army Group  Insurance Directorate (AGID),  Naval  Group Insurance  Fund  (NGIF)  and  Air-Force  Group  Insurance Society   (AFGIS) -  The  Bank  may  pay  additional  interest  of 1.28 per  cent  per annum  over  and   above  the  normal   rate  of  interest  permissible in terms of directives on interest rates on deposits  issued by Reserve  Bank  of  India,  from  time to time, on term deposits for 2 years  and  above  of  Army  Group  Insurance  Directorate  (AGID),  Naval  Group  Insurance  Fund  (NGIF)  and  Air-Force  Group  Insurance  Society (AFGIS) only, provided such deposits are not in any way linked with payment of insurance premia by the bank.

VII] Discretion to pay additional interest not exceeding one per  cent on  deposits of Chairman and Managing Director and Executive Directors of the Bank-        The  Bank  may,  at  its  discretion,  pay  additional  interest  not  exceeding  one per cent per annum  over  and  above  the rate of interest stipulated in Annex E & F   on deposits accepted / renewed from Chairman, Chairman & Managing Director, Executive Director or such other Executive appointed for a fixed tenure. However, they are eligible to get the benefit under paragraph V]  above only during the period of their tenure.

VIII}Discretion to pay interest on current accounts  maintained by Regional   Rural Banks with sponsor banks-  Banks may pay interest on current account of  a Regional Rural  Bank  sponsored by them.

IX]  Discretion  to  pay  interest  on  the  minimum  credit balance in the composite cash credit account of a farmer- The Bank may, at its discretion, pay interest at a rate based on its perception and other relevant  factors on the minimum credit balance in the composite  cash   credit account  of  a  farmer during the period from the 10th to the last day of each calendar month.

X]  Deposit Scheme for Senior Citizens- Banks may formulate, fixed deposit schemes specifically for resident  Indian senior citizens offering higher and fixed rates of   interest as  compared  to  normal  deposits  of  any size. These  schemes  will  also  incorporate   simplified procedures for automatic transfer of deposits to nominee of such depositors in the event of death.

2.3 Additions or Deletion of the Name/s of Joint Account Holders
The bank may at the request of all the joint account holders allow addition or deletion of name/s of joint account holder/s if the circumstances so warrant or allow an individual depositor to add the name of another person as a joint account holder.

2.4 Customer Information
The customer information collected from the customers shall not be used for cross selling of services or products by the Bank, their subsidiaries and affiliates. If the Bank proposes to use such information, it should be strictly with the consent of the accountholder.

2.5  Secrecy of Customer’s Accounts
The Bank   shall not    disclose details / particulars of the   customer's    account to a third person or party without the expressed or implied consent from the   customer.  However, there are some exceptions, viz. disclosure of information under compulsion of law, where there is a duty to public to disclose and where interest of the Bank requires disclosure.

2.6 Premature Withdrawal of Term Deposit
The Bank on request from the depositor, at its discretion may allow withdrawal of term deposit before completion of the period of the deposit agreed upon at the time of placing the deposit.  The Bank shall declare their penal interest rates policy for   premature withdrawal of term deposit for other than large value deposit of Rs. 1 crore and above.  The Bank shall make depositors aware of the applicable rate along with the deposit rate. The proposed provisions governing the premature withdrawal of deposits are given more precisely in Annexure-C

2.7 Premature Renewal of Term Deposit
In case the depositor desires to renew the deposit by seeking premature closure of an existing term deposit account, the bank will permit the renewal at the applicable rate on the date of renewal, provided the  deposit  is renewed for a period longer than the balance period of the original deposit. While prematurely   closing a deposit for the purpose of renewal,  interest  on the  deposit for the period it has remained with the bank will be paid at  the rate applicable   to the period for which the deposit remained with the bank and not at the contracted rate.

2.8  Renewal of Overdue Term Deposits
When a term deposit is renewed on maturity, on renewed deposit interest rate for the period specified by the depositor as applicable on the date of maturity would be applied. If request for renewal is received after the date of maturity, such overdue deposits will be renewed with effect from the date of maturity at interest rate applicable as on the due date, provided such request is received within 14 days from the date of maturity.    In respect of overdue deposits renewed after 14 days from the date of maturity, interest for the overdue period will be paid at the rates decided by the Bank from time to time. The latest guidelines in this respect are given in Annexure D

2.9 Advances Against Deposits
The Bank may consider request of the depositor/s for loan / overdraft facility against term deposits [unless prohibited under the respective deposit scheme] duly discharged by the depositor/s on execution of necessary security documents. The Bank may also consider loan against deposit standing in the name of minor, however, a suitable declaration stating that loan is for the benefit of the minor, is to be furnished by the guardian.

2.10 Insurance Cover for Deposits
All bank deposits are covered under the insurance scheme offered by Deposit Insurance and Credit Guarantee Corporation of India (DICGC) subject to certain limits and conditions. The details of the insurance cover in force will be made available to the depositor.

2.11 Stop Payment Facility
The   Bank   will   accept   stop  payment  instruction  from  the  depositors  in respect of cheques issued by them. Charges, as specified, will be recovered.

2.12 Dormant Accounts
Savings/Current Accounts which are not operated for a period of two years will be marked/ transferred to a separate dormant / inoperative account status in the interest of the Depositor as well as the Bank. The Depositor will be informed of charges, if any, which the Bank will levy on dormant / inoperative accounts. There will not be any charge for activation of dormant / inoperative account. The depositor can request the Bank to activate the account for operating it.
Further for the purpose of classifying an account as inoperative, both the types of transactions i.e. credit as well as debit transactions induced at the instance of customers as well as third party should be considered. Interest on fixed deposits is credited to SB/CA account as per the mandate of the customer and hence to be treated as customer induced transaction. As such the account will be treated as operative as long as the interest on FDR is credited to the account.

3. Minors accounts :

i) The minor can open Savings Bank Account and the same can be operated by the natural guardian or by minor himself / herself, if he/she is above the age of 10 years. In case of self operated minor accounts, in addition to photograph and proof of age, the documents required to establish the Identity and address as applicable in case of Individual is to be given.  The account can also be opened jointly.

ii) On attaining majority, the erstwhile minor should confirm the balance in his/her account and if the account is operated by the natural guardian / guardian, fresh specimen signature of erstwhile minor duly verified by the natural guardian would be obtained and kept on record for all operational purposes.

4. Account of illiterate / blind person :

The   Bank  may  at its  discretion  open deposit  accounts other than Current Accounts of illiterate  person. The account of such person may be opened provided he/she calls on the Bank personally along with a witness who is known to both the depositor and the Bank.  At the time of withdrawal / repayment of deposit amount and / or interest, the account holder should affix his / her thumb impression or mark in the presence of the authorized officer who should verify the identity of the person. The Bank will explain the need for proper care and safe keeping of the passbook etc. given to the account holder. The Bank official shall explain the terms and conditions governing the account to the illiterate / blind person.  Subject to fulfillment of certain   terms and conditions visually impaired customers can issue post-dated cheques of predetermined amounts to financial institutions, can avail lockers and ATM card.

5. Settlement of dues in Deceased Deposit Accounts :

i] If the depositor has registered nomination with the Bank; - the balance outstanding in the account of the deceased depositor will be transferred to the account of / paid to the nominee after the Bank satisfies about the identity of the nominee etc.

ii) The above procedure will be followed even in respect of a joint account where nomination is registered with the Bank.

iii) In a joint deposit account, when one of the joint account holders dies, the Bank is required to make payment jointly to the legal heirs of the deceased person and the surviving depositor(s). However, if the joint account holders had given mandate for disposal of the balance in the account in the forms such as "either or survivor, former / latter or survivor, anyone of survivors or survivor; etc., the payment will be made as per the mandate to avoid delays in production of legal documents by the heirs of the deceased.

iv) In the absence of nomination and when there are no disputes among the claimants, the Bank will pay the amount outstanding in the account of deceased person against joint application and indemnity by all legal heirs or the person mandated by the legal heirs to receive the payment on their behalf without insisting on legal documents up to the limit approved by the bank's board. This is to ensure that the common depositors are not put hardship on account of delays in completing legal formalities

Depositors are requested to refer ‘Operational Procedure for Settlement of Deceased Depositors’ for further details. The procedure document is available with the Branch Manager. It is also displayed on Bank’s web site www.bankofmaharashtra.in

5.1.  Interest Payable on Term deposit in Deceased Account
i) In the event of death of the depositor before the date of maturity of deposit and amount of the deposit is claimed after the date of maturity, the Bank shall pay interest at the contracted rate till the date of maturity. From the date of maturity to the date of payment, the Bank shall pay simple interest at the applicable rate obtaining on the date of maturity, for the period for which the deposit remained with the Bank beyond the date of maturity; as per the Bank's policy in this regard.

ii) However, in the case of death of the depositor after the date of maturity of the deposit, the bank shall pay interest at savings deposit rate obtaining on the date of maturity from the date of maturity till the date of payment.

Iii] In respect of Balances lying in Current a/c standing in the name of Deceased Individual / Sole Proprietorship Concern, interest shall be paid from the date of death of the depositor till the date of repayment to the claimant at the rate of interest applicable to Savings Deposits as on the date of payment. 

Iv] In case of NRE deposit when the claimants are residents, the deposit on maturity shall be treated as domestic Rupee deposit and interest shall be paid for the subsequent period at a rate applicable to the domestic deposit of a similar maturity.

6. Safe Deposit Lockers :

This facility is not offered through all bank branches and wherever the facility is offered, allotment of safe deposit vault will be subject to availability and compliance with other terms and conditions attached to the service. Safe deposit lockers may be hired by an individual (being not a minor) singly or jointly with another individual(s), HUFs, firms, limited companies, associates, societies, trusts etc. Nomination facility is available to individual(s) holding the lockers singly or jointly. In respect of lockers held in joint names, up to two nominees can be appointed. Joint locker holders can give mandate for access to the lockers in the event of death of one of the holders on the lines similar to those for deposit accounts. In the absence of nomination or mandate for disposal of contents of lockers, with a view to avoid hardship to common persons, the bank will release the contents of locker to the legal heirs against indemnity on the lines as applicable to deposit accounts.

7. Redressal of grievances :

Depositors having any complaint / grievance with regard to services rendered by the Bank has a right to approach authority (ies) designated by the Bank for handling customer complaint / grievances. The details of the internal set up for redressal of complaints / grievances will be displayed in the branch premises. The branch officials shall redress the grievances of the Customer if any. He will provide all required information regarding procedure for lodging the complaint in case complainant is not satisfied with his action.. In case the depositor does not get response from the Regional Office within 4 weeks from date of lodging complaint or if he is not satisfied with the response received from the Bank, he has a right to approach banks Nodal Officer for Public Grievances, Central Office, “ Lokmangal”, ‘1501, Shivajinagar Pune –411005 or Banking Ombudsman appointed by the Reserve Bank of India.

                                                                                                                               
Annexure-A
Deposit Schemes of Bank of Maharashtra ( read with Para  No.1)

M= Month/Monthly    Y=Year/Yearly      C=Compound    S=Simple  D=Discounted

Subject to changes from time to time.

 Annexure- B

Interest Rate on Domestic Deposits:

1. Current A/c.-   Nil   
2. Savings A/c-   3.50% p.a (simple payable half yearly)
3.  Term Deposits (Interest % p.a.)

The revised rates are as under and come into force from 12.08.2010:
[Interest rate in % p.a.]

• The revised rates are applicable for both fresh deposits and renewal of existing deposits.
• The rates of interest for deposit amount more than Rs.5 cr mentioned above are INDICATIVE ONLY. The actual rate of interest on such deposits will be decided by the Treasury and International Banking Division (TIBD), Mumbai from time to time depending on market conditions. Branches are advised to take prior approval of the interest rate and amount of deposit from Treasury and International Banking Division (TIBD), Mumbai through their respective Regional Offices. This is applicable for both fresh deposits and renewal of existing deposits above Rs.5 Cr.
• Branches must expeditiously report acceptance/renewal of any deposit of Rs. 1.00 crore and above to TIBD and Planning Department, Central Office on the day of acceptance itself on daily basis.
• The deposit above Rs. 1 crore should be through a single deposit receipt.
• The rate of interest on Bank Term Deposit Scheme, 2006 (Tax Saving Scheme for 5 year term deposit) up to investment limit of Rs. 1.00 lakh only will be 7.25%.
• In case of premature withdrawal of deposit, the applicable rate would be 1% below the interest rate of the period for which deposit has been actually held.
• Deposits to be accepted for a maximum period of 10 years.
• Deposits accepted at one branch should not be split into other branches.
• Senior citizens will be offered an additional rate of 0.50% only uniformly across all maturity slabs of 91 days and above for an amount of less than Rs. One crore only.
• A member or a retired member or the spouse of a deceased member or spouse of a deceased retired member of the Bank’s staff will be offered an additional interest rate of 1.00% only upto an amount of less than Rs. One crore only. Senior citizen retired member of the Bank’s staff will not be allowed double benefit of interest for being a member of staff and a senior citizen as well.
• “A member of the Bank’s staff” means a person employed on a regular basis, whether full-time or part-time, and includes a person recruited on probation or employed on a contract of a specified duration or on deputation and an employee taken over in pursuance of any scheme of amalgamation, but does not include a person employed on casual basis. “A retired member of the bank’s staff” means an employee retiring whether on superannuation or otherwise as provided in the Bank’s Service/Staff Regulations, but does not include an employee retired compulsorily or in consequence of disciplinary action.
• The benefit of additional interest rate of 1.00% will be available to the associations or a fund, members of which are bank’s staff members, beyond a deposit amount of           Rs. 1 crore also.
• The revised rates would be applicable for all NRO term deposits.
• The revised interest rates are applicable to renewals and fresh (new) term deposits only.
• Accepting of multiple receipts from a single depositor on a single day for interest differential be discouraged.  
• All rates are subject to change from time to time.
• Bank can revise interest rate for Rs. 15 lakh and above at any time and Branch/Regional Office must keep themselves apprised of revised rates from CO and the Intranet.
• The above changes in the rates have been communicated through E-Mail. The ROs must inform about this revision in interest rate to the branches not having E-Mail. The Regional Offices must ensure display of this revised interest rate in the Branch Notice Board immediately.

Subject to changes from time to time.

 Annexure-C
Premature Payment of Term Deposits

Subject to changes from time to time.

                                                                                                                                                              
Annexure-D
Procedure for Interest Payable on renewal of Term Deposits

Subject to changes from time to time.