If you’re looking for a safe and short-term investment that offers reliable returns, Mahabank’s latest term deposit scheme is worth considering. Offering an interest rate of 7.40% for a tenure of 333 days, this scheme is ideal for those who want a guaranteed return on their investment within a relatively short period. Let’s dive deeper into what this scheme has to offer, how much you can earn, and why it’s a lucrative opportunity for both first-time and seasoned investors.
Key Features of Mahabank Term Deposits
- Interest Rate: 7.40% per annum
- Tenure: 333 days
- Minimum Investment: ₹10,000
- Interest Payment: Paid on maturity
- Safety: Government-backed, with low risk for investors
How Much Can You Earn on a ₹10 Lakh Investment?
To give a better perspective on how much wealth you can create with this scheme, let’s calculate the interest on a ₹10 lakh deposit for 333 days at a 7.40% interest rate.
Maturity Calculation:
- Principal: ₹10,00,000
- Interest Rate: 7.40% per annum
- Time Period: 333 days (approx. 0.91 years)
Results:
The maturity amount for ₹10 lakh would be approximately ₹10,67,512.33. This means a net gain of ₹67,512.33 over the course of 333 days.
Why Choose This Investment?
- High Return for Short Duration: With 7.40% returns in under a year, this term deposit beats many other short-term investment options in terms of profitability and time-efficiency.
- Low Risk: Being a term deposit from a reputed bank, it’s low-risk and suitable for conservative investors.
- Easy Liquidity Options: Mahabank allows easy withdrawal options in case of emergencies, though there might be slight penalties depending on the early withdrawal terms.
How to Get Started?
You can open this term deposit by visiting any Mahabank branch or through their official website if you prefer online banking. The process is straightforward, and you can get started with a minimum investment of ₹10,000.
Table of Estimated Returns at Different Investment Amounts
| Investment | Interest Rate | Tenure (Days) | Maturity Amount | Total Interest Earned |
|---|---|---|---|---|
| ₹10,000 | 7.40% | 333 | ₹10,675.12 | ₹675.12 |
| ₹50,000 | 7.40% | 333 | ₹53,375.61 | ₹3,375.61 |
| ₹1,00,000 | 7.40% | 333 | ₹1,06,751.23 | ₹6,751.23 |
| ₹5,00,000 | 7.40% | 333 | ₹5,33,756.13 | ₹33,756.13 |
| ₹10,00,000 | 7.40% | 333 | ₹10,67,512.33 | ₹67,512.33 |
Are you looking for a secure investment option that offers attractive returns? Mahabank is providing an excellent opportunity for investors with its term deposits. With an interest rate of 7.40% for regular investors and an additional 0.50% for senior citizens, the total interest rate can go up to 7.90%.
Investment Details
If you’re considering investing ₹10 lakhs in Mahabank’s term deposit for 333 days, here’s a breakdown of the wealth you can accumulate:
| Investor Type | Principal Amount (₹) | Interest Rate (%) | Interest Earned (₹) | Total Amount After Maturity (₹) |
|---|---|---|---|---|
| Regular Investor | 10,00,000 | 7.40 | 67,123.29 | 10,67,123.29 |
| Senior Citizen | 10,00,000 | 7.90 | 67,646.03 | 10,67,646.03 |
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