April 26, 2023

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

Bank of Maharashtra was founded in Pune in 1936. Since then, it has been one of the most trusted financial institutions in the country offering multiple banking products such as Bank of Maharashtra savings account along with various top-notch financial services.
Moreover, this bank has updated its services and products as per the latest trends. So, you can open an account easily from the comfort of your home. It offers internet banking, net banking, and many other user-friendly options to cater to account holders. You can also open a savings account online with a few clicks.
Here’s more on the savings account types and their features!

Types of Savings Account Offered by the Bank of Maharashtra

Bank of Maharashtra offers 7 different types of savings accounts to cater to the requirements of varied account holders. They are as follows:
  • 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

Here are some of the major benefits of each type of Bank of Maharashtra Savings Account:

Saving Deposit

You can open a savings deposit account in the Bank of Maharashtra individually or jointly with someone else. Minor candidates can opt for a joint account with their parents or legal guardian. Here are some of the benefits of this account type:
  •    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

This savings bank account is created to help the low-income group actively participate in the banking sector. If you are an individual of the Below Poverty Line (BPL) category, you can opt for this savings account either individually or jointly. Take a look at its other features:
  •    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

This savings account is exclusively for students to help them develop a habit of savings from an early age. Children from 10 years to 18 years can avail of Mahabank Yuva Yojana. It offers a savings account, recurring deposits, and fixed deposits. Take a look at the features of a savings bank account under this scheme:
  •    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

Any Indian resident, trust, association, HUFs, society, etc., can open this account individually or jointly. Scroll down to know more about its features and benefits:
  •    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

NRI (Non-Resident Indians) and PIOs (Persons of Indian Origin) can opt for an NRO account from the Bank of Maharashtra. Here are some features of the same:
  •    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

Resident individuals can open this account individually or jointly at zero balance. Look at the other features of 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

Any NRI or PIO can open this savings account in the Bank of Maharashtra. Here are some of the features and benefits of an NRI External savings 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

Bank of Maharashtra savings accounts is open for every Indian citizen as well as NRIs. It offers attractive interest rates of up to 3.50% for account balances up to ₹25 lakh and 4% for account balances above ₹25 lakh. Moreover, they offer special offers and benefits for children, under-developed communities, etc. You can open a savings account with this bank after thorough research on the account types and their offerings.

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