Bank of Maharashtra Savings Account

The Bank of Maharashtra offers six different types of savings accounts. There is no minimum balance requirement for persons under the age of 18, and the account could be started with as low as Rs. 0-10. Anyone can open a Bank of Maharashtra Savings Account either online or by visiting any of their branches and submitting the required documentation.

Here we will discuss in detail about Bank of Maharashtra savings account interest rates, types, features and charges.

Bank of Maharashtra Savings Account Interest Rate 2024

Balances

Bank of Maharashtra Interest Rates on Saving Account

Rs. 25 lakhs

3.50% p.a.

More than Rs. 25 lakhs

4% p.a. 

Features of Bank of Maharashtra Savings Account

This savings account from the Bank of Maharashtra is intended for people who have never opened a savings account before. The account is designed to give such individuals a competitive rate of return on their money. This savings account provides the account user with the following benefits.

  • Text banking, mobile banking, and net banking are all free.
  • The account holder must keep a minimum monthly average amount in the account. Otherwise, service charges will be applied once every quarter.
  • Mahabank Visa ATM/debit card is provided at no cost.

Bank of Maharashtra Saving Account Opening

There are two main methods to open a savings account in Bank of Maharashtra, i.e., through online and offline processes. 

Bank of Maharashtra Online Saving Account Opening Process

  • To open Bank of Maharashtra saving account online, visit the official website of Bank of Maharashtra.
  • Click on “Online Saving Bank Account” and then select the option “Open Savings Bank Account”.
  • You will now be directed to the “Digital Account Opening” page, click on the “Let’s Go” option.
  • Select your preferred language, branch and type of savings account that you want to open. 
  • You will also be asked to provide your personal details, required documents and address proof for verification purposes. Your account will be opened after successful verification.

For Offline Process

Visit your nearest branch and fill in the application form for opening a savings account with Bank of Maharashtra. You need to submit the required documents for verification purposes.

Who Can Open a Savings Account with the Bank of Maharashtra?

The following are the eligibility requirements for opening a savings account:

  • Individuals can start a savings account on their own or with others.
  • Minors can open a joint account with a legal or natural guardian.
  • To open the account, the individual must provide an address and identity verification.
  • If the applicant fails to present the requisite documents, an introducer (a current account holder for at least six months) can complete the KYC procedure.

Documents Required

If you want to start a Savings Account with the Bank of Maharashtra, you'll need the following documents:

 

  • Applicants must provide two recent passport-size pictures.
  • Proof of Age - A valid ID.
  • If an applicant wishes to open a joint account, he or she must provide all valid paperwork and ID proofs for both applicants. The primary account holder's address can be used as proof of residency. You must also show confirmation of the relationship between the account holders.
  • The government issues valid ID proof such as a passport, PAN card, voter's ID card, valid driving license, and so on.
  • Salary stubs and bank account statements are acceptable forms of proof of income.
  • Form 16 (Income Tax Declaration)
  • Hindu Undivided Family accounts must provide proper address and identity evidence.
  • HUF must also produce a valid PAN Card/Form 60/Karta Declaration.
  • A passport, ration card, PAN card, telephone bill, and power bill are all acceptable forms of evidence of address/residence.

Charges of the Bank of Maharashtra Savings Account

Cheque Leaves

Rs. 5 per cheque leaf

SMS Banking

Rs. 15 per quarter

Change of Details

Rs. 150

Name Change

Rs. 200 per occasion

Sign Change

Rs. 150 per occasion

Account Closure

Rs. 500

Token Loss

Rs. 100

Debit Card Charges

Rs. 100

Types of Savings Accounts Offered by the Bank of Maharashtra

Following are the various types-

1) Basic Savings Account

This sort of savings account can be opened by anyone, either alone or in partnership. If a minor open this account, it must be done so in collaboration with a parent or legal guardian.

Aside from the paperwork required to open this account, one can also open the account if referred by an existing account holder with the bank. This introducer must complete the entire KYC procedure and have an active account with the bank for at least six months.

2) Lok Bachat Account

The savings account was created specifically for those with low incomes who fall below the poverty line (BPL). Any minor from BPL can open this type of account as well.

3) Mahabank Yuva Yojana

This account is intended for youngsters aged 10 to 18 years. This type of savings account is supplied to ensure that they instil the habit of saving.

4) Purple Savings Account

This sort of Savings account can be created by residents either individually or jointly. Even if the account has no balance, it can be opened. A relationship manager provides the account holder with personalized assistance.

5) Royal Savings Account

This is a typical savings account that can be started with no balance at all. Residents can open this account either individually or jointly. This account can also be opened by HUFs, Associations, Trusts, Clubs, Societies, and so on.

Invest the way you want
Join millions of Indians who trust and love Groww
EXPLORE PRODUCTS
Loading...
ⓒ 2016-2024 Groww. All rights reserved, Built with in India
MOST POPULAR ON GROWWVERSION - 4.9.8
STOCK MARKET INDICES:  S&P BSE SENSEX |  S&P BSE 100 |  NIFTY 100 |  NIFTY 50 |  NIFTY MIDCAP 100 |  NIFTY BANK |  NIFTY NEXT 50
MUTUAL FUNDS COMPANIES:  GROWWMF |  SBI |  AXIS |  HDFC |  UTI |  NIPPON INDIA |  ICICI PRUDENTIAL |  TATA |  KOTAK |  DSP |  CANARA ROBECO |  SUNDARAM |  MIRAE ASSET |  IDFC |  FRANKLIN TEMPLETON |  PPFAS |  MOTILAL OSWAL |  INVESCO |  EDELWEISS |  ADITYA BIRLA SUN LIFE |  LIC |  HSBC |  NAVI |  QUANTUM |  UNION |  ITI |  MAHINDRA MANULIFE |  360 ONE |  BOI |  TAURUS |  JM FINANCIAL |  PGIM |  SHRIRAM |  BARODA BNP PARIBAS |  QUANT |  WHITEOAK CAPITAL |  TRUST |  SAMCO |  NJ