Bank of Maharashtra saving account is designed to meet the diverse banking needs of individuals, with features such as high interest rates, zero balance requirement, and a host of value-added benefits. We’ll talk about Bank of Maharashtra saving account opening process, interest rates, minimum balance requirement and more in this post.
Types of Bank of Maharashtra Savings Accounts
These are the different types of savings accounts that one can open with the Bank of Maharashtra:
Basic Savings account
Bank of Maharashtra offers a basic savings account to cater to the banking needs of individuals who want to maintain a simple and easy-to-operate account with no minimum balance requirements. The account can be opened with zero balance, and customers can enjoy various facilities such as free ATM transactions, passbook facility, and internet banking. The account also provides a free cheque-book of 20 leaves per year.
Yuva Yojna Savings Account
Bank of Maharashtra Yuva Yojna Savings Account is minor-only savings account which is designed to cater encourage young individuals of 10 – 18 years of age in starting their financial journey and handling expenses from an early age. This account can be opened with a small deposit of Rs 10 only. This account can only be operated by the child in whose name the account is opened. Cheque book is NOT issued under this account and there’s no minimum balance required.
Lok Bachat Yojna Savings Account
Bank of Maharashtra Lok Bachat Yojna Savings Account is designed with a purpose to financially empower those who belong to the low income group in India. Anyone who falls ‘Below the Poverty Line’ can open this account. Those who aren’t able to furnish documentary proofs, can open this account if an existing BOM account holder (with complete KYC) chooses to introduce the applicant. This account can be opened with a deposit as small as Re 1. There’s zero minimum balance requirement and 1 cheque-book with 10 leaves is provided, free of cost.
Royal Savings Account
Bank of Maharashtra Royal Savings Account is a premium account which comes with minimum monthly average balance requirement of Rs 1 lakhs. It has a high ATM transaction limit of Rs 50, 000 and the same for POS. If the MAB is not maintained, there are charges of Rs 1,000 levied on the account holder.
Purple Savings Account
This account is designed for individuals who want to maintain a high balance (minimum in their savings account and earn higher interest rates on their deposits as compared to Bank of Maharashtra basic savings account. Accountholders get to make unlimited ATM transactions for free at the bank’s ATMs.
Employees of state/central government, PSUs, etc. can open this Bank of Maharashtra salary account. This account comes zero minimum balance requirement and provides all the basic facilities of a regular savings account.
Mahabank Salary Account Scheme
All employees, whether working in government offices or corporates can open this account with no minimum amount required for initial deposit. This account can be opened with zero deposit. There is an ATM withdrawal and POS limit of Rs 50,000 and Rs 2 lakhs per day, respectively.
Bank of Maharashtra Savings Account Interest Rates
The rate of interest you will get on opening a savings account with the Bank of Maharashtra is 2.75% per annum. This is effective since 8th June 2020.
Bank of Maharashtra Savings Account Opening Process Online
Below-mentioned are the steps for opening BOM savings account online:
- Go to https://www.bankofmaharashtra.in/
- Click on hamburger icon next to ‘Log In’
- Select the ‘Online SB Opening Application’
- Read the details mentioned on the new webpage you’re redirected and hit the ‘Let’s Go’ button
- Select your preferred language and fill the online application form as it appears on your screen
Documents Required for Online Opening Bank of Maharashtra Savings Account
- Original image of PAN Card
- Aadhaar Number
- Signature on white paper
For opening the account offline, you can provide a government approved ID proof and residence proof along with PAN card and your recent passport-sized photographs. That said, you’d also be required to fill and submit KYC form.
Bank of Maharashtra Savings Account Minimum Balance Requirement
- Royal Savings Account: Minimum MAB of Rs 1 lakhs
- Purple Savings Account: Minimum MAB of Rs 3 lakhs
- Salary Account: NIL
- Mahabank Salary Account: NIL
Bank of Maharashtra Savings Account Eligibility Criteria
Here is the basic eligibility criteria for opening a Bank of Maharashtra savings account:
- Indian citizen or a resident of India.
- Must have a PAN Card
- The applicant must be at least 18 years of age (except for Yuva Yojna Scheme)
Here are the eligibility criteria for some of the different types of savings accounts offered by Bank of Maharashtra:
- MAHA Bank InstaSave Account: This account can be opened by individuals who have a valid mobile number and an Aadhaar card. The account can be opened instantly through the bank’s mobile app.
- MAHA Bank Royal Savings Account: This account can be opened by individuals who maintain a monthly average balance (MAB) of Rs. 25,000 or more.
- MAHA Bank Mahasanchay Savings Account: This account can be opened by individuals who are members of self-help groups, microfinance institutions, or other organized groups.
Note that the eligibility criteria for opening a savings account may change from time to time, and it is recommended to check with the bank for the latest information.
Bank of Maharashtra Savings Account: FAQs
The minimum balance requirement for a savings account with Bank of Maharashtra varies depending on the type of account. For regular savings accounts, the minimum balance requirement is Rs. 1,000 in urban and metro areas, and Rs. 500 in rural areas.
Yes, you can open a Bank of Maharashtra savings account online through the bank’s official website.
PAN Card, Address proof, passport-sized coloured photograph and KYC form – these are the documents necessary for opening a BOM savings account.
You can log into the bank’s internet banking portal or mobile app for Bank of Maharashtra balance enquiry. Other options include checking at the ATM or missed call banking.