Familiarize yourself with the Bank of Maharashtra Charges List to understand the areas where you can avoid these charges with meticulous planning of your finances. Make your banking transactions cost-effective and also learn to exploit the special waivers and concessions provided by the bank for customer loyalty.
What are Bank Charges?
Bank charges are fees imposed by financial institutions for services and transactions, ensuring operational costs are covered. They include penalties for violating terms and conditions, serving to maintain discipline. Understanding these costs helps prevent financial loss by avoiding negligence and being aware of service charges.
About Bank of Maharashtra
Bank of Maharashtra is a leading public sector bank in India, known for its wide range of banking services and customer-centric approach. With a rich history spanning over eight decades, the bank offers various financial products, including loans, deposits, and digital banking solutions, catering to the diverse needs of its customers.
Different Types of Bank of Maharashtra Charges
Bank of Maharashtra Charges List applies to the various services and transactions provided by the Bank. The charges are classified under various categories. Some of the common charges collected by the bank are listed below:
Loss of Locker Key
The bank charges the actual cost of replacing the keys along with an administrative cost when you report a loss of locker keys and request a replacement.
ATM replacement charges
If you lose your ATM card and request a replacement, you will incur charges for getting a fresh card.
Demand Draft Charges
If you choose to transfer funds through Demand Draft, the bank charges a fee for issuing the demand draft. The charges mainly depend on the amount of the transaction.
Account closure charges
If you close your account before the specified time frame, the bank charges a fee for the early closure of the account.
Stop Payment Charges
If you have to stop payment of a cheque for any reason, the bank imposes stop payment charges. These charges compensate the bank for the effort and resources required to halt the payment process.
Account Statement Charges
The bank does not apply charges for e-statements. You can download e-statements for your account through net banking or mobile banking any number of times. But if you need a physical copy of the statement, the bank will impose charges for issuing these statements.
Tips to Avoid Bank of Maharashtra Charges
You may not be aware of several Bank of Maharashtra Service Charges and may end up surprised when you see several charges collected when you review your account statement. You would report the charges and argue with the bank that if you were aware of these charges you would have found a way to avoid them. Instead of reacting later, be aware of all the common charges that the bank collects as well as follow the tips given below to avoid these charges for better finance management.
- The bank imposes charges for several transactions conducted at non-home branches beyond a limit. Restrict transactions at non-home branches as much as possible or plan them within the free limit.
- Avoid Bank of Maharashtra ATM charges by using ATMs within the bank’s network.
- Diarise your bill payments, EMI payments, etc. and use digital modes to make the payments instead of opting for standing instructions. Standing instructions attract bank charges.
- Limit the usage of cheque leaves for financial transactions.
- Conduct NEFT/RTGS transactions through digital modes and avoid the service charges for these transactions.
- Don’t spend more money than you have as you will be charged overdraft charges.
Bank of Maharashtra Savings Account Opening Charges
Bank of Maharashtra Service Charges include savings account opening charges by way of initial deposit. These charges are linked to the category of savings account chosen. Here is a list of the various savings account options provided by the bank and the initial deposit requirement for the accounts.
| Type of Account | Charges |
| Bank of Maharashtra Savings Account | No information |
| Yuva Yojana | Rs. 10 |
| Lok Bachat Yojana | Zero balance |
| Royal Savings Account | Opened with zero initial deposit but required to maintain a minimum average monthly balance of Rs. 1.00 lac |
| Purple Savings Account | Opened with zero initial deposit but required to maintain a minimum average monthly balance of Rs. 3.00 lacs |
| Zero Balance Salary Account Scheme | Zero initial deposit and zero minimum balance |
| Supreme Payroll Scheme | No initial deposit and no minimum balance are required |
| Mahabank Salary Account Scheme | No initial deposit and no minimum balance are required |
Bank of Maharashtra ATM Withdrawal Charges
Bank of Maharashtra allows unlimited free transactions in ATMs within the Bank’s network. 5 free transactions (both financial and non-financial put together) in other Bank ATMs. For transactions beyond the limit Bank of Maharashtra ATM Withdrawal Charges are applicable as given below:
| For Cash Withdrawals (Financial Transactions) beyond the limit | Rs. 20 + GST per transaction |
| For Balance Enquiry(Non-financial transactions) beyond the limit | Rs. 10 + GST per transaction |
Bank of Maharashtra Locker Charges
Bank of Maharashtra provides locker facilities in Rural, Semi-Urban, and Urban/Metro areas for the safe-keeping of valuables and important documents for its customers. For maintenance of the lockers, the bank charges an annual rent which is linked to the size of the locker and the area of location of the bank branch. The list of Bank of Maharashtra Locker Charges is given below:
| Location | Type of Locker | Charges( Amount in Rs.) |
| Urban/Metro areas | A B C D E F G H H1 L K | 1800 2000 3600 3600 4000 5000 5000 6000 4000 10000 |
| Rural/Semi-Urban | A B C D E F G H H1 L K | 1200 1200 2400 2400 2700 4000 4000 5000 2700 8000 8000 |
Bank of Maharashtra NEFT Charges
NEFT is an electronic mode of funds transfer made available for faster account-to-account transfers. Bank of Maharashtra NEFT charges are not applicable if conducted through a digital channel. However, those who are comfortable with transactions through digital channels or do not have access to the Internet can transfer funds through NEFT from branches. The list of Bank of Maharashtra NEFT Charges depending on the amount of transaction is given below:
| NEFT Inward Transactions | Free |
| NEFT Outward Transactions Up to Rs. 10000 Rs. 10001 to Rs. 1.00 lacs 1.01 lac to Rs. 2.00 lac Above Rs. 2.00 lacs | Rs. 2.50 + GST for each transaction Rs. 5.00 + GST for each transaction Rs. 15 + GST for each transaction Rs. 25 + GST for each transaction |
Bank of Maharashtra RTGS Charges
For funds transfer of Rs. 2.00 lakhs and above you can consider RTGS as it is a real-time settlement and the beneficiary receives the funds into his/her account instantly. The bank does not collect charges for RTGS inward transactions. Bank of Maharashtra RTGS Charges for outward RTGS are linked to the amount of transaction as well as the time of transaction. Here is the list:
| Time | Amount | Charges |
| 8.00 to 11.00 | Rs. 2.00 lacs to Rs. 5.00 lacs Rs. 5.00 lacs and above | Rs. 25 + GST (at branches) Rs. 5 + GST (digital mode) Rs. 50 + GST (at branches) Rs. 25 + GST (digital mode) |
| 11.00 to 13.00 | Rs. 2.00 lacs to Rs. 5.00 lacs Rs. 5.00 lacs and above | Rs. 27 + GST (at branches) Rs. 5 + GST (digital mode) Rs. 52 + GST (at branches) Rs. 10 + GST (digital mode) |
| After 13.00 | Rs. 2.00 lacs to Rs. 5.00 lacs Rs. 5.00 lacs and above | Rs. 30 + GST (at branches) Rs. 5 + GST (digital mode) Rs. 55 + GST (at branches) Rs. 10 + GST (digital mode) |
Bank of Maharashtra IMPS Charges
Bank of Maharashtra provides an IMPS funds transfer facility for instant funds transfer to the beneficiary’s account. This service is available 24×7 and throughout the year. The limit for IMPS transactions by the bank is a minimum of Re. 1 and a maximum of Rs. 2 lakhs per day.
The Bank of Maharashtra IMPS Charges are given below:
| Up to Rs. 1.00 lac | Rs. 5.00 + GST per transaction |
| Above Rs. 1.00 lac | Rs. 15 + GST per transaction |
Bank of Maharashtra Charges : FAQs
The bank charges a penalty for non-maintenance of the average minimum balance. It ranges from Rs. 38 to Rs. 75 in Urban/Metro areas, Rs. 25 to Rs. 50/- in Semi-Urban areas, and Rs. 10 to 20 in Rural areas.
The cheque return charges collected by the Bank will be Rs. 500/- per cheque for financial reasons up to 3 cheques in a month. Beyond 3 cheques, it will be Rs. 1000/- for every instance.
The account maintenance charges will be collected for Current Accounts. It will be based on the quarterly average balance maintained in the account. The charges are Rs. 200/- per quarter if the QAB is below Rs. 1.00 lac, Rs. 150/- per quarter if the QAB is above Rs. 1.00 lac and less than Rs. 2.00 lac, Rs. 100 if the QAB is above Rs. 2.00 lac and less than Rs. 5.00 lac. For accounts maintaining a QAB of more than Rs. 5.00 lacs no charges will be collected.
The bank allows 3 cash deposit transactions for free in a month. Beyond the limit, the bank collects Rs. 100 /- per transaction.
SMS alert charges for SB Accounts are collected at Rs. 15 per quarter and for Current Accounts, the bank charges Rs. 25 per quarter.
