Bank of Maharashtra Savings Account: Interest Rates, Minimum Balance, & Opening Online

Types of Savings Account Offered by the Bank of Maharashtra

• Saving Deposit
• Mahabank Lok Bachat Yojana
• Mahabank Yuva Yojana
• Mahabank Royal Savings Account
• NRI Ordinary Account
• Mahabank Purple Savings Account
• NRI External Account

Features and Benefits of Bank of Maharashtra Savings Account

Saving Deposit

•    Bank of Maharashtra savings account interest rate for this account type is 2.75% p.a. You can earn interest on a daily balance quarterly.
  

•    You need to maintain the minimum account balance to avoid a penalty for a non-maintenance charge. However, this does not apply to a Pension account and No Frills accounts.
  

•    It offers facilities like fund transfers, paying telephone, electricity and utility bills, insurance premiums, etc.
  

•    No TDS is charged on the interest earned on this account balance.
  

•    You can receive an insurance cover of up to ₹1 lakh.
  

•    Facilities like internet banking, mobile banking, telebanking, SMS banking, etc., are available on this account.
  

Mahabank Lok Bachat Yojana

•    The interest rate offered by this account type is equal to the regular savings account.
  

•    You can avail of an instant ATM-cum-Debit card with this account type.
  

•    The Bank of Maharashtra savings accounts minimum balance requirement is not applicable for this account type.
  

•    The bank provides a chequebook of ten leaves free of cost and the KYC norms have been relaxed.
  

Mahabank Yuva Yojana

•    There is no minimum balance requirement.
  

•    You can avail free ATM card with a limited spending limit.
  

•    Money can be transferred from a parent's account to the child's account free of cost.
  

•    You can pay utility bills and make recharges using net banking or mobile banking features.
  

•    It offers educational loans for higher education when the account remains active for six months and above.
  

Mahabank Royal Savings Account

•    This account can be opened at zero balance.
  

•    Bank of Maharashtra minimum balance for a savings account (MAB) is ₹1 lakh.
  

•    You can avail of personal accident death insurance of up to ₹10 lakh at free of cost.
  

•    The branch head will offer you personalised services if you maintain a minimum monthly balance of above ₹10 lakh.
  

•    You have to pay a fine of ₹1,000 if the account is closed within 1 year of opening.
  

•    The bank will charge a penalty of ₹1,000 quarterly in case of non-maintenance of the minimum balance.
  

•    You can avail ATM cum VISA Debit card free of cost without any maintenance charges applied.
  

•    Facilities like [**internet banking**](https://upstox.com/banking/what-is-net-banking/), unlimited free transactions through [**RTGS**](https://upstox.com/banking/what-is-rtgs-meaning-full-form-timings-charges-and-transfer-limit/)/[**NEFT**](https://upstox.com/banking/what-is-neft-meaning-timings-full-form-charges-and-how-to-transfer-money/), credit card, etc., are available with this account type.
  

•    You can avail free Demat account for the first year.
  

•    Outstation cheques are collected immediately.
  

NRI Ordinary Account

•    You can maintain this account in Indian currency.
  

•    Other than savings account this scheme is also available for recurring deposits and fixed deposits.
  

•    You can open this account jointly with another resident Indian or NRI.
  

•    Foreign currency, cheques, notes, or demand drafts can be used to open this account.
  

•    These funds are not repatriable except for medical expenses, children’s education, etc., situations.
  

Mahabank Purple Savings Account

•    You need to maintain a minimum average balance of ₹3 lakh.
  

•    The bank offers special assistance through relationship managers while opening the account.
  

•    You can avail of a personal air accident cover of up to ₹50 lakh and accident and death insurance cover of up to ₹10 lakh in this account.
  

•    It offers 200 personalised cheques annually free of cost.
  

•    You can avail personalised ATM cum Debit card with higher transaction limits and no maintenance charge.
  

•    It offers SBI co-branded Platinum or Gold credit cards.
  

•    You can enjoy a free Demat account in the first year and a 50% discount on AMC from the 2nd year.
  

NRI External Account

•    You can open a current, savings, recurring, and term deposit account under this scheme.
  

•    It can be opened jointly with another NRI.
  

•    You need to maintain the account in Indian rupee.
  

•    Cheques, foreign currency, demand drafts, notes, etc., can be used to open the account.
  

•    You can avail fund transfers from your FCNR / NRE account.
  

•    A local person can be provided power of attorney to operate the account.
  

•    Funds and the interest earned on them are completely repatriable.
  

•    You can avail of income tax and wealth tax exemptions on the interest earned in this account.
  

Bottom Line