Bank of Maharashtra Saving Account

Bank of Maharashtra Saving Account

Bank of Maharashtra Saving Account

Bank of Maharashtra's savings account caters to various individual banking needs, offering benefits like high-interest rates, no minimum balance requirements, and numerous value-added services. In this post, we will explore the account opening process, interest rates, minimum balance requirements, and more.

Types of Bank of Maharashtra Savings Accounts

Bank of Maharashtra provides several types of savings accounts, each tailored to different customer needs:

Basic Savings Account

This account is designed for individuals seeking a simple, hassle-free banking experience with no minimum balance requirements. It can be opened with zero balance and offers benefits such as free ATM transactions, a passbook, and internet banking. Additionally, account holders receive a free cheque-book with 20 leaves annually.

Yuva Yojna Savings Account

The Yuva Yojna Savings Account is aimed at young individuals aged 10-18, encouraging them to start managing their finances early. This account requires an initial deposit of just Rs 10 and can only be operated by the minor in whose name it is opened. It does not come with a cheque book and carries no minimum balance requirements.

Lok Bachat Yojna Savings Account

This account is designed to financially empower individuals from low-income groups in India. Those living ‘Below the Poverty Line’ can open this account, and for those unable to provide documentary proof, an existing BOM account holder (with complete KYC) may introduce the applicant. This account can be opened with as little as Re 1, has no minimum balance requirements, and includes one free cheque-book with 10 leaves.

Royal Savings Account

The Bank of Maharashtra's Royal Savings Account is a premium offering requiring a minimum monthly average balance (MAB) of Rs 1 lakh. It features a high ATM and POS transaction limit of Rs 50,000 each. Failure to maintain the MAB results in a penalty of Rs 1,000 for the account holder.

Purple Savings Account

Ideal for individuals aiming to maintain a high balance, this account provides higher interest rates on deposits compared to the basic savings account of the Bank of Maharashtra. Account holders enjoy the benefit of unlimited free ATM transactions at the bank’s ATMs.

Salary Account

Designed for employees of state/central governments and Public Sector Undertakings (PSUs), the Bank of Maharashtra Salary Account has no minimum balance requirement and offers all the standard features of a regular savings account.

Mahabank Salary Account Scheme

Employees from both government and corporate sectors can open this account without any initial deposit. It requires no minimum balance and comes with a daily ATM withdrawal limit of Rs 50,000 and a POS limit of Rs 2 lakh.

Bank of Maharashtra Savings Account Interest Rates

As of June 8, 2020, the interest rate on a savings account at the Bank of Maharashtra is 2.75% per annum.

Bank of Maharashtra Savings Account Opening Process Online

Follow these steps to open a BOM savings account online:

1. Visit https://www.bankofmaharashtra.in/
2. Click on the hamburger icon next to ‘Log In’
3. Select ‘Online SB Opening Application’
4. Read the information on the redirected webpage and press the ‘Let’s Go’ button
5. Choose your preferred language and complete the online application form

Documents Needed for Online Opening of Bank of Maharashtra Savings Account

• Image of PAN Card
• Aadhaar Number
• Signature on white paper

For offline account opening, furnish a government-approved ID, residence proof, PAN card, and recent passport-sized photos. Additionally, you must complete and submit a KYC form.

Bank of Maharashtra Savings Account Minimum Balance Requirement

• Royal Savings Account: Minimum MAB of Rs 1 lakh
• Purple Savings Account: Minimum MAB of Rs 3 lakhs
• Salary Account: NIL
• Mahabank Salary Account: NIL

Bank of Maharashtra Savings Account Eligibility Criteria

To open a Bank of Maharashtra savings account, you must meet the following basic requirements:

• Be an Indian citizen or a resident of India.
• Possess a PAN Card.
• Be at least 18 years old (except for the Yuva Yojna Scheme).

Below are the specific eligibility criteria for various savings accounts offered by Bank of Maharashtra:

1. MAHA Bank InstaSave Account:

• Open to individuals with a valid mobile number and Aadhaar card.
• Can be instantly opened through the bank’s mobile app.

2. MAHA Bank Royal Savings Account:

• Open to individuals who maintain a minimum monthly average balance (MAB) of Rs. 25,000.

3. MAHA Bank Mahasanchay Savings Account:

• Open to members of self-help groups, microfinance institutions, or other organized groups.

Please note that the eligibility criteria for opening a savings account may be subject to changes. It is advisable to verify the latest information with the bank.