Bank of Maharashtra Savings Account

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Bank of Maharashtra savings account

A savings account is the most common form of an interest-bearing deposit account which is held with a bank, and provides a nominal interest rate. A savings account is often the first bank account for many people. It is extremely popular due to its easy access it provides to your money.

Following are some of the basic advantages of having a savings account—some of the reasons why it is so popular:

  1. Safety and Security: Having money in a savings account is best in terms of safety and security, as a savings account holds your money in a secure place. Instead of carrying wads of cash all the time, or keeping it in your home, you can place your hard-earned money funds in a saving account for safe storage of your cash.
  2. Accessibility and liquidity: With a savings account, you can gain quick and easy access to your safely-stored funds, as it’s the most liquid of investments. You can withdraw from any ATM, even in a middle of the night, if you face a cash crisis.
  3. Saving: The most common use for a savings account is to save money for specific or daily expenses, or keep it as an emergency fund. You can choose to open different kind of accounts based upon your needs.
  4. Track your expense: Having a savings account is handy when it comes to tracking your expenses. You can keep an eye on the number of withdrawals and deposits made. All of it is digitized, and you can get a printed or e statement of accounts as per your desire.
  5. Accounts can be opened with zero balance. There is no requirement for a large initial deposit, although the amounts differ from bank to bank.
  6. Grow your money: Banks pay interest on money deposited in your account. the interest rate might not be very high; it might be nominal compared to other forms of savings, but it at least has the freedom of use.
  7. A savings account provides access to several banking facilities like Net Banking, Mobile banking, SMS Banking, etc., using which you can conduct banking at ease.

Limitations

There are some downsides to a savings account as well. The fees associated with maintaining a savings account might be an issue if you don’t maintain the requisite balance every month. The minimum balance required, interest rate and fees and charges vary from bank to bank. If you are not sure that you will be able to maintain the pre-requisite balance each month, then it would be better to go for a zero-balance account. However, this would mean missing out on many of the bank’s facilities. Though they are liquid investments and easily accessible in times of need, they offer low yields in comparison to other forms of savings.

Even with the downsides, a savings account is popular with the old and the young, as it inculcates a habit of saving and provides easy access to money. It is one of the most liquid forms of investment, and it is a must for people to have.

Bank of Maharashtra Savings Account

A Bank of Maharashtra savings account provides a host of banking benefits like flexible easy accounts management, along with a competitive interest rate. You can make quick utility bill payments via NetBanking, and enjoy various features in convenience banking with a Bank of Maharashtra Savings Account.

Features and Benefits of a Bank of Maharashtra Savings Account

There are various benefits to having a savings account with Deutsche.

  • Safety and security when you store your cash in a savings account
  • Different savings account for different needs.
  • Access your account with ease via Internet Banking / SMS Bank / Phone Banking

Types of Bank of Maharashtra Savings Accounts

Below are a few of the different savings accounts available. For the full list of savings accounts options, check the bank website or visit the nearest branch.

Mahabank – Savings Bank Scheme

  • Interest will be based on daily balance in the account and the payout will be on quarterly basis.
  • Standing instructions for transfer of funds from the account to any another account/s
  • Pay electricity bills, Insurance Premium, Telephone bills, taxes, loan installments etc. with ease
  • Telebanking facility, SMS Banking facility, Mobile banking facility and Internet Banking are available.
  • Free Mahabank VISA ATM/Debit Card.
  • Deposit Insurance Cover upto Rs. 1.00 lakh

Mahabank — Yuva Yojana

  • Scheme for kids / children / students
  • Age limit: 10 year and up to 18 years
  • The account will be opened and operated in the name of the minor
  • Initial nominal deposit of Rs.10
  • Free transfer of funds from parent’s account intercity for course fee, educational fee, hostel fee etc.
  • Free standing instruction for transfer of money from parent’s account in the same branch. Free standing instruction for transfer of money from Child’s account to RD account in the same branch.
  • Free ATM debit card with specified spending Limit.
  • Facility for free service for payment of utility bills like mobile phones wherever available.

Mahabank Lok Bachat Yojana

  • Aim: To enable people belonging to the low-income group to open an account with the Bank.
  • Eligibility: Any individual / minor who falls in the category of below poverty line (BPL) can singly / jointly open the account. The joint account holder should also belong to BPL category.
  • Relaxed KYC norms
  • Account can be opened with any amount, even as low as Re. 1
  • One chequebook of 10 pages allowed free of cost.
  • Collection of third party cheques is not permitted.
  • Visa / Insta ATM - cum - Debit card facility available

MahaBank – Swasthya Yojana

  • A savings account linked to insurance needs
  • Minimum coverage: Rs. 50,000 and in multiples of Rs. 50,000; Maximum Rs. 5 lakhs.
  • Various hospitalization expenses covered for medical / surgical treatment arising out of any disease / illness / accident including pre-hospitalization expenses for specified period, valid at tied up hospitals.
  • Nomination Facility is available
  • Income Tax Rebate available

Bank of Maharashtra Savings Account Minimum Balance

The minimum balance required in a Bank of Maharashtra savings account differs with each kind of account. It is advisable to contact the bank directly for details.

Bank of Maharashtra Savings Account Interest Rate

Bank of Maharashtra savings account comes with interest rates of 4%, depending on the daily balance, and the type of account. Do keep in mind that the rates are subject to change at the sole discretion of the bank. It is advisable to check with the Bank for today’s rates.

Bank of Maharashtra Savings Account Charges

Different Bank of Maharashtra savings accounts have a different schedule of charges. It is best to contact the Bank directly for the most up to date charges.

How to open a Bank of Maharashtra Savings Account

Bank of Maharashtra savings account opening is hassle-free and simple. You can visit your nearest branch and have a customer care representative help you with the forms. You can talk to the representative about your saving needs and open an account accordingly.

Bank of Maharashtra Savings Account FAQS

What is the best interest rate on a Bank of Maharashtra saving account?

The interest rates are currently at 4 %. For the latest interest rates, it is best to contact the nearest branch.

Who is eligible to open a Basic Savings Account with Bank of Maharashtra?

All resident individuals, singly or jointly, minors along with parent or legal guardian, are eligible to open an account.

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