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Bank of Maharashtra Savings Account

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.

Types of Savings Account from Bank of Maharashtra

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

Eligibility:

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

Account BalanceInterest Rate
Savings deposit balance up to Rs. 25 lakhs3.5% per annum
Savings deposit balance above Rs. 25 lakhs4% per annum

Other Features of this Account:

  • Individual or joint operation
  • Nomination facility available
  • Interest paid on daily balance at the end of every quarter
  • The account holder can provide standing instructions for transfer of funds from the account for utility bill payments like telephone bills, electricity bills, insurance premiums, loan installments, etc.
  • Mobile banking, internet banking, SMS banking, and telebanking facilities are available
  • All account holders receive free Mahabank ATM/Debit Card from VISA
  • TDS is not applicable for the interest earned by the account
  • Deposit insurance cover offered up to Rs. 1 lakh

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.

Eligibility:

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.

Savings 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:

  • Free transfers of funds from a parent’s account to the child’s account.
  • Free ATM debit card with a fixed spending limit.
  • Free standing instructions for transfer of money from the parent’s account to the child’s account, from the child’s account to RD account.
  • Payment of utility bills like mobile phone recharges, etc.
  • Sanction of education loan for higher education provided the account has been operational for more than six months.

3. Mahabank Lok Bachat Yojana

This is a savings bank account aimed at helping Low Income Groups take part in the formal banking sector.

Eligibility:

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 Rates:

Interest rate is similar to a regular savings bank account.

Other Features of this account:

  • No minimum opening balance requirements. Can be opened with an amount as low as Rs. 1.
  • No minimum balance.
  • One chequebook with ten leaves is provided free of costs.
  • Third-party cheque collection is not permitted.
  • Insta ATM-cum-Debit card is available.
  • Relaxed KYC norms.

4. Mahabank Royal Savings Account

Eligibility:

Resident individuals (singly or jointly), trusts, societies, associations, and HUFs can open this account.

Other Features of this account:

  • The account can be opened with zero balance
  • The monthly minimum average balance is Rs. 1 lakh
  • Can avail personal service by the branch head if the monthly minimum balance is Rs. 10 lakhs or over
  • Personal air accident death insurance with a sum insured of Rs. 50 lakhs provided free of cost
  • Personal accidental death insurance with a sum insured of Rs. 10 lakhs provided free of cost
  • Free ATM cum VISA Debit card with zero maintenance charges
  • High transaction limits on debit card
  • Credit card, internet banking, NEFT/RTGS and unlimited free transactions available
  • Three free DDs available per month, and free transactions at all CBS branches
  • Immediate collection of outstation cheques
  • Demat account free for the first year of account opening
  • Penalties:
    • Closing of account within one year of opening is Rs.1000
    • Non-maintenance of minimum balance is Rs. 1000 per quarter

5. Mahabank Purple Savings Account

Eligibility:

Resident individuals can operate this account singly or jointly.

Other Features of this account:

  • The account can be opened with zero balance
  • The monthly minimum average balance is Rs. 3 lakhs
  • Special assistance from a relationship manager
  • Personal air accident death insurance with a sum insured of Rs. 50 lakhs provided free of cost
  • Personal accidental death insurance with a sum insured of Rs. 10 lakhs provided free of cost
  • 200 free personalised cheques per annum
  • Free specially designed personalised ATM cum Debit card with zero maintenance charges
  • Higher transaction limits on debit card
  • Free internet banking, NEFT/RTGS and unlimited Demand Drafts
  • SBI co-branded Gold or Platinum credit card
  • Free demat account for the 1st year with 50% of AMC waived from 2nd year

6. NRI Ordinary Account

Eligibility:

The NRO (Non-Resident Ordinary) account from Bank of Maharashtra is available for NRIs (Non-Resident Indians) and PIOs (Persons of Indian Origin).

Other Features of this account:

  • The account is maintained in Indian rupees.
  • Can be opened as current, savings, term deposit or recurring deposit.
  • The account can be opened jointly with another NRI or a resident Indian.
  • The account can be opened using the following funds:
    • Proceeds of foreign currency / cheques / demand drafts / notes
    • Remittance from overseas
  • Funds are non-repatriable except for a few situations like children’s education, medical expenses, etc.

Who is it for?

NRIs who require an account to save earnings in India, like rent from properties, inheritance, etc.

7. NRI External Account

Eligibility:

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.

Other Features of this account:

  • The account is maintained in Indian rupees.
  • Can be opened as current, savings, term deposit or recurring deposit.
  • The account can be jointly operated by another NRI.
  • The account can be opened using the following funds:
    • Proceeds of foreign currency / cheques / demand drafts / notes
    • Remittance from overseas
    • Transfer from NRE / FCNR account of the same person
  • Funds (including interest earned) are fully repatriable.
  • Power of attorney can be granted to a local person for operating the account.
  • Interest earned in this account is exempted from income tax in India as well as wealth tax.
  • Nomination facility is available.

Bank of Maharashtra Savings Account: FAQs

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:

  • Proof of identity
  • Proof of address

2. What documents can be submitted for proof of identity?

Originals of any one of the following documents are accepted for proof of identity:

  • Pan card
  • Voter ID
  • Driving license
  • Passport
  • Job card issued by NREGA
  • Aadhaar card
  • Letter from a public servant or public authority verifying the identity of the applicant

3. What documents can be submitted for proof of identity?

Originals of any one of the following documents are accepted for proof of address:

  • Bank account statement
  • Electricity bill
  • Telephone bill
  • Rent agreement
  • Letter from employer (subject to the satisfaction of the bank)

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?

Saving Account TypeMinimum Monthly Balance
Savings Bank SchemeMinimum balance based on average monthly basis
Yuva YojanaRs. 10
Lok Bachat YojanaNo minimum balance requirements
Royal Savings accountRs. 1 lakh
Purple Savings accountRs. 3 lakhs

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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