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Savings Account

Every individual and every household need savings accounts as they help take care of day-to-day money needs and perform necessary tasks such as paying bills, shopping, etc. Sometimes, a savings account may be that emergency fund that you can get your hands on in a moment’s notice. It is an essential component to lead a stress free and peaceful life.

Bank of Maharashtra is one of the most trusted banks in our nation, having initiated its operations in the city of Pune in 1936. Over the years since its existence, the bank has always aimed to build enduring relations with its customers by offering them a wide range of financial product and services to choose from. Currently, the bank has established itself as one of the most customer-friendly and easy-to-reach banks through its widespread network of branches and ATMs across the nation. The most prominent fiscal products of the bank include savings accounts, varieties of loans, corporate banking solutions, SME products and many more.
 

You should go for a Bank of Maharashtra savings account to ensure complete safety of your savings and to get the best financial returns on your money. The Bank of Maharashtra offers multiple type of savings account in every category like regular accounts, premium accounts, Bank of Maharashtra women’s savings bank account, salary account, joint savings accounts to accounts for low-income group population of the country. Below is the detailed study of each account which the bank has to offer.

Types of Bank of Maharashtra Savings Account

  • Mahabank Saving Bank Scheme

A basic Bank of Maharashtra savings account which has the following features:

ØBank of Maharashtra minimum balance requirement is of Rs. 1,000 in metro or urban areas, Rs. 500 in semi-urban areas and Rs. 250 for rural areas is to be maintained in the account failing which a charge of Rs. 70 per month for metro and semi-urban areas and Rs. 35 per month for rural areas will be applicable
 

  • Nomination facility is available
  • Transfer of funds to any other account can be done through Standing Instructions
  • The customer can pay utility bills, insurance premium, taxes, loan instalments, etc. from the account
  • The account provides facilities of telebanking, mobile banking, internet banking and SMS banking across all the Bank of Maharashtra braches
  • Free Mahabank Visa ATM – cum – Debit Card
  • An insurance cover on the deposit up to Rs. 1 lakh

 

Eligibility

The Bank of Maharashtra savings account eligibility criteria are listed below:

  • Any individual can choose the account wither solely or jointly
  • A minor’s account can opened jointly with natural parents or guardians

Documentation for Bank of Maharashtra savings account

  • Identity Proof
  • Address Proof
  • 2 Photographs
  • PAN number or Form 60 / 61
  • Aadhar Card
  • If identity proof and address proof is not satisfactory to the bank, an introduction by the bank’s existing accountholder having an account since the past 6 months or more in whose respect proper KYC formalities have been complete can be submitted
  • Mahabank Yuva Yojana

Savings accounts for minor children with the following features:

  • This savings account from Bank of  Maharashtra can be opened and operated by the child himself by depositing a minimum of Rs. 10 only.
  • There is no requirement of maintenance of a minimum balance in this Bank of Maharashtra savings account till the child reaches 18 years of age. Cheque book will also not be provided till that age
  • Bank of Maharashtra offers free intercity transfer of funds from parent’s account for course, fee, education fee, hostel fee, etc.
  • Free Standing Instructions for transfer of money from parent’s account to the child’s account in the same branch or from the child’s account to a RD account in the same branch.
  • Savings with Bank of Maharashtra is preferred as it also provides the facility of free ATM – cum – Debit Card with a specified spending limit
  • Free payment of Utility Bills like Mobile Phone Bills, etc is also available with Bank of Maharashtra savings account.

Eligibility

The eligibility criteria for Bank of Maharashtra savings accounts are almost similar for each type of savings account:                                                                                                                                                                                                            

  • Children aged 10 years and above and up to 18 years can open the account
  • Mahabank Lok Bachat Yojana

A Bank of Maharashtra savings account designed for the low-income group population and has the following features:

  • This savings account with Bank of Maharashtra can be opened with any amount subject to a minimum amount of Re.1
  • There is no requirement in this Bank of Maharashtra savings account for a minimum balance to be maintained.
  • A free cheque book containing 10 leaves is issued with this savings account with Bank of Maharashtra
  • Collection of third party cheques is not allowed
  • Collection of outstation cheques, issuance of DD, MT, TT is allowed at normal rates
  •  Bank of Maharashtra offers VISA / INSTA ATM – cum – Debit card facility is also available
  • The balance in all savings accounts taken together should not exceed Rs. 50,000 and the total credit summation should not exceed Rs. 1 lakh during the year

Eligibility

  • Any individual who falls in the Below Poverty Line (BPL) criteria can open the account solely or jointly. In case of joint account, the other individual should also fall in the BPL category
  • A minor’s account can also be opened if the minor falls in the BPL category

Documentation

  • Identity Proof
  • Address Proof
  • If identity proof and address proof is not satisfactory to the bank, an introduction by the bank’s existing accountholder having an account since the past 6 months or more in whose respect proper KYC formalities have been complete can be submitted
  • NRI Ordinary Account

Bank of Maharashtra savings account for the NRIs is account, wherein the account is operated in Rupees. The features are as follows:

  • The Bank of Maharashtra savings accounts can be opened through remittances from abroad, proceeds of foreign currency / notes or traveller’s cheques during the individual’s temporary visit in India, proceeds of Drafts or cheques, transfer from existing FCNR or NRE accounts of the same individual and funds from local sources which represent bonafide rupee dealings
  • The funds in this savings account with Bank of Maharashtra are non-repatriable except in certain cases like up to a limit of USD 30,000 to meet the accountholder’s children’s educational expenses every year, up to USD 100,000 every year to meet the accountholder’s or his family’s medical expenses, up to USD 100,000 every year representing the sale of immovable properties held by the accountholder for a minimum period of 10 years and current income like rent, dividend, pension, etc. net of taxes
  • Proceeds of remittances received from abroad through normal banking channels or foreign currency notes tendered by the accountholder during his visit to India or transfers or legitimate dues of the accountholder in India are allowable credit transactions in the account
  •  Bank of Maharashtra offers all local payments in Rupees and remittances abroad of the current income in India net of taxes are the permissible debit transactions in the account

Eligibility

  • NRIs or PIOs can open this Bank of Maharashtra savings account solely or jointly with a local or another NRI or PIO.
  • NRI External Account

NRI savings accounts maintained in Rupees with the following list of features:

  • The savings accounts can be opened through remittances from abroad, proceeds of foreign currency / notes or traveller’s cheques during the individual’s temporary visit in India, proceeds of Drafts or cheques and transfer from existing FCNR or NRE accounts of the same individual.
  • The funds available in this Bank of Maharashtra savings accounts including earned interest is fully repatriable
  • The Power of Attorney to operate the Bank of Maharashtra savings account can be given to any local person authorizing him to operate the account for local payments, making investments, etc.
  • Nomination facility is available
  • Proceeds of foreign currency cheques, drafts, traveller’s cheques, remittances from abroad in foreign currency, proceeds from the existing NRE or FCNR account, interest on Government securities and dividends on UTI and other investments of shares or debentures if the investment was made through debit in the savings account are permitted credit transactions in the account
  • Local disbursements, remittances abroad, transfer to NRE or FCNR of the accountholder’s own account, investment in shares / securities / debentures of an Indian company are the permitted debit transactions

Eligibility

  • The account should be opened by a NRI himself and not by anyone acting on his behalf
  • The account can be opened jointly provided all the holders are of Indian origin and are either NRIs or PIOs
  • Mahabank Royal Savings Account

A premium savings account with the following features:

  • The account can be opened with a zero balance
  • The minimum monthly average balance requirement is Rs. 1 lakh
  • A dedicated Relationship Manager is available to the accountholder to help him with banking transactions. If the minimum monthly average balance in the account is Rs. 10 lakh or more, the Branch Head acts as a Relationship Manager for the customer
  • A Personal Air Accident Death Insurance cover is provided of Rs. 50 lakh and a Personal Accident Death Insurance cover is granted of Rs. 10 lakh free of cost
  • 100 personalized cheque leaves per year are issued free of cost
  • A free ATM cum Visa Debit card is issued with a cash withdrawal and POS limit of Rs. 50,000
  • A BoM – SBI – co-branded Gold Credit Card is offered with a 50% discount in the annual maintenance charges or a BoM – SBI – co-branded Platinum Credit Card is available with a 50% discount in the annual maintenance charges for the first year
  • Free internet banking, unlimited banking transactions, NEFT / RTGS facility, CBS transactions of up to Rs. 50,000, registration and execution of Standing Instructions, Tax payment through ATMS or internet banking is offered with the account
  • 3 DDs are issued free of cost every month with free delivery if ordered through internet banking
  • Immediate credit of outstation cheques up to Rs. 25,000 free of cost subject to a limit if 2 cheques per month
  • The AMC of the Demat Account is waived for the first year
  • 50% discount in the processing fee of loans
  • If the minimum balance is not maintained in the account, a charge of Rs. 1,000 per quarter is levied
  • If the account is closed before the completion of 1 year, a penalty of Rs. 1,000 is applicable.

Eligibility

  • Resident individuals either solely or jointly can open the account
  • HUFs, Associations, Trusts, Clubs, Societies, etc. can open the account if they meet the eligibility criteria laid down by the RBI on compliance of KYC norms.
  • Mahabank Purple Savings Account

A premium Bank of Maharashtra saving account designed for High Net-worth Individuals. The features of the account are as follows:

  • The account can be opened with a zero deposit
  • The minimum monthly average balance requirement in the account is Rs. 3 lakh
  • A special Relationship Manager is available to provide assistance to customers operating the account
  • A Personal Air Accident Death Insurance cover is provided of Rs. 50 lakh and a Personal Accident Death Insurance cover is granted of Rs. 10 lakh free of cost
  • 200 personalized cheque leaves per year are issued free of cost
  • A free personalized ATM cum Visa Debit card is issued with unlimited transactions and with a cash withdrawal and POS limit of Rs. 1 lakh
  • An additional loss or fraud protection on the card for 30 days for up to Rs. 1 lakh
  • A BoM – SBI – co-branded Gold Credit Card is offered with a 100% discount in the annual maintenance charges or a BoM – SBI – co-branded Platinum Credit Card is available with a 50% discount in the annual maintenance charges for the first year
  • Free internet banking, unlimited Demand Drafts, NEFT / RTGS facility, Tax payment through ATMS or internet banking is offered with the savings bank account
  • The AMC of the Demat Account is waived for the first year and a 50% discount is allowed in the charges for the second year
  • 50% discount in the processing fee of loans. Apart from these, there are no Bank of Maharashtra savings account charges for the customer

Eligibility

  • Resident individuals either solely or jointly can open the account if they meet the eligibility criteria laid down by the RBI on compliance of KYC norms

Documents Required For Opening Savings Accounts

  • Identity Proof - any one of the following:
  1. Passport
  2. PAN Card or Form 60 / 61
  3. Voter’s ID Card
  4. Driving License
  5. Job Card issued by NREGA signed by an officer of the State Government
  6. Letter issued by the UIDAI containing details of name, address and Aadhar number
  7. Letter from recognized public authority or public servant verifying the identity and residence of the customer to the satisfaction of the bank
  • Address Proof – any one of the following
  1. Telephone Bill
  2. Bank account statement
  3. Letter from recognized public authority
  4. Electricity Bill
  5. Ration Card
  6. Letter from Employer
  7. A rent agreement indicating the address of the customer duly registered with the State Government or any other similar authority
  • For minors
  1. If guardian is appointed by the court then order of the court
  2. In case the guardian is illiterate, date of birth certificate of the minor from the competent authority
  • For Trusts & foundations
  1. Certificate of Registration
  2. Power of Attorney granted to transact business on its behalf
  3. Any official valid documents to identify the trustees, settlers, beneficiaries and those holding power of attorney, founders / managers / directors and their addresses
  4. Resolution of the managing body of the foundation or association
  5. Telephone Bill

Bank Of Maharashtra Savings Accounts Minimum Balance Requirements:

Type Of Savings Account

Minimum Balance Required In Each Account

Mahabank Royal Savings Accounts

Minimum monthly average balance is Rs. 1,00,000

Mahabank Purple Savings Accounts

Minimum monthly average balance is Rs. 3,00,000

Mahabank Yuva Yojna

Minimum amount of Rs. 10

Mahabank Lok Bachat Yojna

There is no definitive amount for opening the account. It can also be Re. 1

Mahabank Savings Bank Scheme

Balance should be maintained on average monthly basis

Mahaconnect Services

All the savings accounts from the bank enjoy its Mahaconnect services. It refers to the bank providing its services to its core banking branch customers through new devices and media such as phones and the internet. The services include internet banking, SMS banking and telebanking and are offered to each and every savings bank account holder who has an account with the bank. The benefit of using these services are:

  • Account status: this includes balance enquiry, statement of savings bank account, details of transactions, demat account details, and credit and debit card details.
  • Request for cheque book: remittance (DD / pay order), stop payment, utility payments, renewal of deposits and deposit account opening.
  • Financial transactions: these include transfer of funds to a self-account, from one branch to other Bank of Maharashtra branches, debit of charges, etc.
  • Every banking based message alerts on your registered mobile number
  • Online tax payment, utility bill payment, share trading payment
  • Adequacies: these includes display of foreign exchange rates, interest rates of deposits, maturity value of deposits, EMI calculation

Note: these Mahaconnect services cannot be claimed by the user/ customer as a matter of right and the bank reserves the right to refuse / withdraw these facilities without assigning any reason whatsoever. It is required for the customers to have legal internet access if he / she wants to avail Mahaconnect Services through the internet. The bank will publish the information on its official website and advise customers on a regular interval about internet software such as browser, which is required for using these services through the web. There will be no responsibility on the bank to support all versions of internet software and customers should follow the guidelines laid down by the bank to avail these services.

Rate of Interest

The Bank of Maharashtra savings accounts interest rate is 4% p.a. which is calculated on daily balances

Applying for Savings Account from Bank of Maharashtra

You can apply for the Bank of Maharashtra savings account online by visiting www.paisabazaar.com. Applying online for Bank of Maharashtra savings accounts is easier and hassle free.

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