Bank of Maharashtra offers multiple savings accounts depending on the needs of the customers. These accounts offer complete safety of your savings and provide the best financial returns on your money. The bank offers all categories of savings account from regular to premium savings accounts. Having a savings account in today’s time is the need of an hour and is an essential component to lead a stress-free and peaceful life. Below is the detailed study of each account which the bank has to offer.
Bank of Maharashtra Savings Account Interest Rate
Bank of Maharashtra provides an interest rate of 2.75% per annum on all saving balances. The below-mentioned formula explains the rate of interest calculated in a savings account.
Interest on a monthly basis = Daily Balance x (Number of days) x Interest/ (Days in a year)
For example: If the invested amount is Rs. 8 lakh and the interest rate on the savings account is 2.75% a year, the computation n will be:
8,00,000 x 30 x (2.75/100)/365 = Rs. 1,808 per month in interest
Read more: Savings Account Interest Rates 2023
Types of Bank of Maharashtra Savings Account
Bank of Maharashtra offers below-mentioned savings account.
|Bank of Maharashtra Savings Account||Yuva Yojana|
|Lok Bachat Yojana||Royal Saving Account|
|Purple Saving Account||Zero Balance Salary Account Scheme|
|Supreme Payroll Scheme||Mahabank Salary Account Scheme|
Features and Benefits of Bank of Maharashtra Savings Account
Bank of Maharashtra Savings Account
This savings account by Bank of Maharashtra is designed for individuals who are new to opening a savings account. The account is focused to provide such individuals a favorable rate of interest on their savings. This savings account offers below-mentioned benefits to the account holder.
- Free SMS banking, mobile banking, net banking
- Free Mahabank Visa ATM/debit card
- The account holder is expected to maintain a minimum monthly average balance in the account. If not so, service charges will be applicable once in every quarter
This savings account by Bank of Maharashtra is specially designed for children/kids/students. This account for children can be opened by simply depositing Rs. 10. There is no minimum balance to be maintained in this savings account. However, it will be mandatory to maintain a minimum balance in the account once the child reaches the age of 18. It is to be noted that no chequebook will be issued in this saving account. The account offers below-mentioned features.
- Transfer of funds from the parent’s account is free
- A debit card is provided for free with a specified spending limit
- Loan can be availed for eligible students who are holding the account for more than 6 months
Lok Bachat Yojana
This account by Bank of Maharashtra is focused on individuals who hold low income and who fall in the category of below poverty line can open this account in a single name or jointly. All the account holders should belong to below poverty line category to be eligible for this savings account. Initially the account can be opened with any amount, the amount can be as low as Rs. 1. This account offers below-mentioned features.
- No need to maintain minimum balance in this account
- Free chequebook having 10 pages is provided
- Collection of third party cheques is not allowed
- Visa/Insta ATM – cum – debit card facility is provided to new and existing accounts
Royal Savings Account
This savings account can be opened by resident individuals in single name of jointly, Hindu undivided families, associations, trusts, clubs, societies etc. There is no need to deposit any amount at the time of opening this account, it can be opened with zero balance, however, the account holder is expected to maintain Rs. 1,00,000 as minimum monthly average balance in the account. The savings account by Bank of Maharashtra offers the below-mentioned benefits to its account holders.
- Personal air accident death cover insurance of Rs. 50,00,000 is provided for free
- Personal accident death cover insurance of Rs. 10,00,000 is provided for free
- 100 personalized cheque leaves per annum are provided for free
- Free ATM cum Visa debit card with no maintenance charges at the time of opening the account
- A relationship manager is provided for personal assistance if the account holder maintains an average monthly balance of Rs. 10,00,000
- 50,000 can be withdrawn from ATM per day
- POS limit per day is Rs. 50,000
- The customer will get free internet banking facility
- Tax payment through ATM and internet banking is free
- The account holder will be charged Rs. 1,000 per quarter upon not maintaining minimum monthly average balance
- A penalty of Rs. 1,000 will be charged if the account holder closes the account before one year of opening the account
Purple Saving Account
This savings account by Bank of Maharashtra is specially curated for ultra high net worth individuals. This account can be opened by resident individuals in single name or as a joint account. The account can be opened with zero balance, however, the account holder will have to maintain an average minimum monthly balance of Rs. 3,00,000. The account offers the below-mentioned features and benefits to the account holders.
- 50,00,000 personal air accident insurance cover for free
- 10,00,000 personal accident insurance cover for free
- The account holder is provided 200 personalized cheque leaves per annum for free
- A specially designed ATM cum Visa debit card with no maintenance charges is provided for free
- Daily cash withdrawal limit from ATMs is Rs. 1,00,000
- POS limit per day is Rs. 1,00,000
- Free and unlimited RTGS and NEFT remittances
- Free and unlimited demand draft
- Tax payment through ATM and internet banking is free
Zero Balance Salary Account Scheme
This zero balance salary account scheme is curated for employers as well as employees. This savings account can be opened by an organization if the employee strength of the organization is minimum 20 and employees having take home salary of minimum Rs. 10,000. This account offers host of features and benefits to employers as well as employees. Below-mentioned are some of the features and benefits.
- Insta ATM card is provided for free at the time of opening the account
- Credit card facility is available, however, annual charges will be applicable
- Internet banking, mobile banking and SMS banking facility is provided for free
- Employees can use the international ATM/debit card in all Visa ATMs inside and outside India
Supreme Payroll Scheme
This savings account by Bank of Maharashtra offers host of features and benefits to employees as well as employers. This savings account can be opened with zero balance. Individuals planning to open this account can avail for personal loan as per revised Mahabank Personal Loan Scheme. It is to be noted that, organizations wanting to open this account must have minimum of 20 employees in the organizations and individuals taking home a salary minimum of Rs. 10,000 are eligible to open this account. This account offers below-mentioned features and benefits.
- There is no need to maintain any minimum balance in this savings account
- Per annum 20 cheque leaves are provided for free
- RuPay debit card is provided for free with no annual maintenance charges
- No charges on accessing BOM ATMs
- 5 free transactions are allowed in a non-BOM ATM in non-metro cities
- 3 free transactions are allowed in a non-BOM ATM in metro cities
Mahabank Salary Account Scheme
This savings account by Bank of Maharashtra can be opened with zero balance. There is no minimum amount to be maintained in this savings account. Mahabank Salary Account Scheme offers host of features and benefits to account holders. Let us know about the features and benefits offered by this savings account.
- There is no minimum requirement of number of employees in this savings account
- RuPay platinum debit card is provided for free with no annual maintenance charges
- Cash withdrawal limit through ATM is Rs. 50,000 perday
- POS limit per day is Rs. 2,00,000
- Number of transactions in Bank of Maharashtra ATMs are free and unlimited
- Number of transactions in other bank ATMs are also free and unlimited
- Personal accident death cover of Rs. 40,00,000 is provided
- Total permanent disability cover of Rs. 40,00,000 is provided
- Partial permanent disability cover of Rs. 20,00,000 is provided
- Air accident cover of Rs. 1,00,00,000 is provided
- The account holder is eligible to take a personal loan of Rs. 20,00,000 as per the eligibility of the account holder
- 24×7 fund transfer facility through internet banking/mobile banking/UPI is provided for free
- The account holder can access lounge twice per quarter at Rs. 2 per occasion if he/she is a RuPay platinum card holder
Documents Required for Opening a Savings Account in Bank of Maharashtra
The applicant needs to submit the below-mentioned documents at the time of opening a savings account in Bank of Maharashtra. Different entities need to present different types of documents. It is to be noted that the bank will require you to present original documents for reference and verification and certified copies to be presented to the bank.
Individuals applying for savings account need to present the below-mentioned documents:
Proof of Identity (any one of the following)
- Driving license
- PAN card or form no. 60/61 (as applicable)
- Voter’s identity card
- Job card issued by NREGA duly signed by an officer of the State Government
- Letter issued by UIDAI containing details of name, address, and Aadhaar number
- Identity card (subject to bank’s satisfaction)
- Letter from a recognized public authority or public servant verifying the identity and residence of the customer to the satisfaction of the bank
Proof of Address (any one of the following)
- Electricity bill
- Ration card
- Bank account statement
- Telephone bill
- Letter from any recognized public authority
- Letter from employer (subject to satisfaction of the bank)
- Rent agreement stating the address of the customer duly registered with State Government or similar registration authority
Please note that following additional documents will be required as below if:
Accounts for Minors
- Order of the court if guardian is appointed by the court
- Birth date certificate of the minor from the competent authority if the guardian is illiterate
Trusts and Foundations
- Certificate of registration of trusts and foundations
- Power of Attorney granted to transact business on its behalf
- Any official valid document to identify the trustees, settlers, beneficiaries and those holding Power of Attorney, founders/managers/directors and their addresses
- Telephone bill
- Resolution of the managing body of the foundation/association
It is to be noted that, in addition to above-mentioned documents, the applicant is expected to give an account opening form, customer information form etc. which is duly filled and authenticated.
Note: Required KYC documents may vary from time to time as per bank’s internal policy.
Bank of Maharashtra Savings Account Fees and Charges
|Category||Fees and Charges|
|Issue of cheque leaves||
|Account maintenance (ledger folio charges)||No charges|
|Cash deposit at the bank||No charges|
|Cash withdrawal from the bank||No charges|
|SMS alert||Rs. 15 per quarter|
|Change in address/mobile/email||Free for the first time, thereafter, Rs. 150 will be charged per occasion|
|Addition/deletion of names in the account||Rs. 200 per occasion|
|Change of signatures||Rs. 150 per occasion|
|Closing of account||
|Inoperative charges||No charges will be levied irrespective of the balance in the account|
|Loss of token||Rs. 100 per lost token|
|Issuance of a new debit card||
|Add-on debit card||Rs. 300|
|Replacement of debit card||Rs. 200|
|Re-issue of hot-listed debit card||Rs. 200|
Eligibility Criteria for Opening a Savings Account in Bank of Maharashtra
|Type of Account||Eligibility Criteria|
|Savings Account||Any individual|
|Yuva Yojana||Children between the age of 10-18 years|
|Lok Bachat Yojana||Any individual falling under below poverty line|
|Royal Saving Account||Resident individuals, HUFs, Associations, Trusts, Clubs, Societies etc|
|Purple Saving Account||Resident individuals|
|Salary Account||Regular employees of State Government, Central Government, PSUs, Semi Government organizations, State/Central Government, Corporations, Urban development authorities, Educational institutions/Universities, MNCs, Reputed public ltd companies, Selected (approved from R.O.) Private ltd companies etc|
|Supreme Payroll Scheme||Employees of Central Government, State Government, Central/State PSUs, and Corporates having salary payment arrangement with bank|
|Mahabank Salary Account Scheme||All employees of Central/State Government & State Government & State PSUs and Corporate having salary payment arrangement with the bank. Account of Bank’s own staff members shall not be opened under this scheme|
How to Open Bank of Maharashtra Savings Account Online
To open a savings account in Bank of Maharashtra, the applicant can follow the below-mentioned steps:
Step 1: Go to Bank of Maharashtra’s official website and navigate towards “Online SB Account” on the page
Step 2: Upon click on “Online SB Account”, click on “Open Savings Bank Account”
Step 3: You will be directed to a “Digital Account Opening” page, click on “Let’s go”
Step 4: Once you click on “Let’s go”, on the next page, choose your preferred language
Step 5: On the next page, choose your branch and the type of account you want to choose
Step 6: You will be then redirected to a page where you will have to provide your personal details which will include your name, phone number, and email address
Step 7: Once you provide your mobile number, the bank will send an OTP for authentication
Step 8: Upon authentication, provide your documents and address for verification
Step 9: Once you submit all your personal details and documents for verification, the bank will verify the details
Step 10: Upon verification your account will be opened
How to Open Bank of Maharashtra Savings Account Offline
To open a savings account in Bank of Maharashtra offline, the applicant will have to visit the nearest branch of the bank. The below-mentioned steps explain how to open an offline savings account in Bank of Maharashtra.
Step 1: Upon visiting the nearest branch of the bank, fill in the savings account application form
Step 2: Once you fill in the application form, the bank official will ask you to share your personal details and ask you to choose the type of savings account you want to open
Step 3: Along with your personal details, provide your self-attested PAN and Aadhaar card
Step 4: Collate all your documents and submit the documents to the banking official
Step 5: You will have to provide the deposit cash slip if the chosen account type is not a zero balance savings account. Provide the slip with your proof of identity
Step 6: Once the banking official has all your details, your documents will be verified
Step 7: Upon successful verification, your account will be opened
Please note that the bank will provide you with a welcome kit containing all the necessary documents to help you operate your account.
Know More About Bank of Maharashtra
Bank of Maharashtra Savings Account FAQs
Q. Is it mandatory to add a nominee to my savings account in Bank of Maharashtra?
Ans. It is not mandatory to add a nominee to your savings account. However, it is advisable to add since in any unfortunate event, funds are settled to the account of nominee easily without any paper work.
Q. What is the process to register for Internet Banking and Mobile Banking services in Bank of Maharashtra?
Ans. One can register for Bank of Maharashtra Mobile Banking by downloading “Maha Mobile” app from the play store/ app store.
The user can register for Internet Banking by applying for the same in its home branch. Once the registration is successful, the user ID and password will be sent on the registered email id immediately. Also, the user can download “MahaSecure” app for logging into internet banking.
Q. How can I know my savings account balance without visiting the branch of Bank of Maharashtra?
Ans. There are several ways to know your savings account balance without visiting the branch. Below-mentioned are the ways:
Know your balance through WhatsApp Banking number, 70600036640
You can give a missed call on 9222281818from your registered mobile number
The user can log in to “MahaMobile” or “MahaSecure” app
Know your account balance through “Maha Bhim UPI”
You can also visit your nearest “MahaBank” ATM
Q. Are there any charges to get my savings account statement in Bank of Maharashtra on my e-mail id?
Ans. No. There are no charges to avail your Bank of Maharashtra savings account statement on your e-mail id.
Q. Will I get an ATM/debit card upon opening a savings account in Bank of Maharashtra?
Ans. Yes. You will get a RuPay/RuPay Platinum/Visa ATM cum debit card once you open a saving account successfully.