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Bank of Maharashtra is one of the major public sector banks in India. The bank has a long history, and it commenced operations in the pre-Independence era in 1936 in Pune. Since then, the bank has come a long way and updated its offerings to meet the banking needs of the tech-savvy consumers of today.
The bank offers seven different savings bank accounts and several other banking products like current accounts, loans, and more. Steady interest rates as determined by the RBI, easy, hassle-free opening of savings accounts, debit cards, low minimum balance are some of the top benefits of opening a savings deposit account with Bank of Maharashtra.
About Bank of Maharashtra Savings Account
Bank of Maharashtra offers the following savings accounts to meet the needs of different categories of users:
1. Saving Deposit
Any individual can open a saving deposit account with Bank of Maharashtra either singly or jointly. If the applicant is a minor, then the account is opened jointly along with a parent (the natural guardian) or the legal guardian.
What are the documents required?
To open the SB account, applicants have to provide identify proof, address proof, PAN number (or Form number 61/61) along with two recent photographs. If the applicant is unable to furnish any one of the documents mentioned above, then the applicant can open the account with a letter of introduction from an existing account holder. The existing account holder must have met all KYC requirements, and the account of the existing account holder must be in operation for over six months.
Minimum Balance Requirements:
The account holder must meet the minimum balance requirements every quarter. If not, the bank will levy service charges once every quarter. However, remember that minimum balance requirements are not needed for No Frills account and Pension account.
Current Interest Rates
Other Features of this Account:
2. Mahabank Yuva Yojana
This is a special saving bank account exclusively for students, from Bank of Maharashtra. This account aims to help children inculcate the habit of saving and banking right from an early age.
This account is available to all children aged between 10 to 18 years.
Types of Deposits Offered:
The Mahabank Yuva Yojana offers regular savings bank accounts as well as fixed deposits and recurring deposits.
The savings deposits account requires a minimum initial account opening balance of just Rs. 10. The account will be opened and operated by the child. This account has no minimum balance requirements. Cheque books are issued for this account. The minimum account balance criteria will change once the child crosses the age of 18.
Other Benefits of this account:
3. Mahabank Lok Bachat Yojana
This is a savings bank account aimed at helping Low Income Groups take part in the formal banking sector.
Any individual who falls in the BPL (Below Poverty Line) category can open this account singly or jointly. Minors can also operate the account jointly with a parent.
Interest rate is similar to a regular savings bank account.
Other Features of this account:
4. Mahabank Royal Savings Account
Resident individuals (singly or jointly), trusts, societies, associations, and HUFs can open this account.
5. Mahabank Purple Savings Account
Resident individuals can operate this account singly or jointly.
6. NRI Ordinary Account
The NRO (Non-Resident Ordinary) account from Bank of Maharashtra is available for NRIs (Non-Resident Indians) and PIOs (Persons of Indian Origin).
Who is it for?
NRIs who require an account to save earnings in India, like rent from properties, inheritance, etc.
7. NRI External Account
The account can be opened by an NRI or PIO. Only the NRI account holder can open this account and not his/her power of attorney in India.
1. What are the documents required for opening a savings bank account in Bank of Maharashtra?
The actual list of documents depends on the type of account and who is opening it. The general list of documents includes:
2. What documents can be submitted for proof of identity?
Originals of any one of the following documents are accepted for proof of identity:
3. What documents can be submitted for proof of identity?
Originals of any one of the following documents are accepted for proof of address:
4. If a HUF wants to open a savings bank account, what are the documents that need to be provided?
HUFs (Hindu Undivided Families) have to provide valid address and identity proof. Additionally, you have to submit a Pan card, Declaration from the Karta or Form 60.
5. I am an HNI. Which savings bank account suits me?
High net-worth individuals can choose either Mahabank Royal Savings Account or the Mahabank Purple Savings Account based on the minimum balance that you can maintain.
6. What are the minimum balance requirements for different savings bank accounts from Bank of Maharashtra?
7. What is the Mahaconnect?
All savings bank accounts from Bank of Maharashtra can enjoy the services offered by Mahaconnect. This offers core banking services via the internet, SMS or mobile banking.
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