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  • Bank of Maharashtra Savings Account

    Bank of Maharashtra Savings Account

    An extremely trusted and popular bank in the nation, Bank of Maharashtra started its operations in Pune in the year 1936. Since its existence the bank has aimed at offering a wide range of financial products and services to customers. Currently, the bank boasts of a strong and widespread network of branches and ATMs across the nation.

    To ensure complete safety and security of your financial savings, and enhancing the returns, open a savings account with Bank of Maharashtra. Apart from enjoying the benefit of earning attractive interest on your savings you can also choose the type of savings account which suits your requirement. You also get the freedom to have easy access to your money during times of financial need.

    Maharashtra Bank Savings Account Minimum Balance Requirements

    TYPE OF SAVINGS ACCOUNT MINIMUM BALANCE REQUIREMENT
    Mahabank Purple Savings account Minimum Monthly Average Balance is Rs. 3,00,000/-
    Mahabank Royal Savings Account Minimum Monthly Average Balance is  Rs 1,00,000/-
    Mahabank Lok Bachat Yojana There is no specific amount for account opening. It can be even be Re. 1/-
    Mahabank Yuva Yojana Rs. 10
    Mahabank Savings Bank Scheme Should be maintained on monthly average basis.

    How do I open a Savings Account with Bank of Maharashtra?

    To open a Savings Account with Bank of Maharashtra you can go to the nearest bank of Maharashtra Branch with all the necessary documents required. All the documents need to be valid and their copies need to be submitted. These documents have to be in compliance with the KYC documents requirement. It is a must to procure the Savings Account application form from the bank branch, fill it up duly and then furnish with the relevant documents and submit it.

    Types of Bank of Maharashtra Savings Account

    Mahabank Savings Bank Scheme

    This type of savings account can be opened by any individual singly or jointly. If a minor is opening this account then it needs to be opened jointly with parent or legal guardian. Apart from the documents required to open this account, one can also open the account if he/she is introduced from an existing account holder with the bank. This introducer needs to comply the complete KYC procedure and needs to have an operative account for over six months with the bank.

    Mahabank Yuva Yojana

    This account is targeted to children aged between 10 and 18 years. To ensure that they inculcate the habit of saving they are offered this type of savings account.

    Mahabank Lok Bachat Yojana

    The savings account has been especially designed for people who have low income and belong to the below poverty line (BPL) category. Any minor from BPL can also open this type of account.

    Mahabank Royal Savings Account

    A standard savings account this can be opened with even zero balance. Resident individuals can open this account singly or jointly. Similarly HUFs, Associations, Trusts, Clubs, Societies etc. can open this account.

    Mahabank Purple Savings Account

    This type of Savings account can be opened by resident individuals, either singly or as a joint account. The account can be opened even with zero balance. The account holder gets special personal assistance by a relationship manager.

    Bank of Maharashtra Savings accounts interest rates

    Bank of Maharashtra offers very attractive and competitive rates of interest. This is applicable for the types of Savings Accounts. The attractive interest rates make sure that account holders get the maximum benefit on their savings. The interest rates for different types of Savings accounts are as follows –

    Bank of Maharashtra Savings Accounts Eligibility

    Mahabank Savings Bank Scheme

    This type of savings account can be opened by any individual singly or jointly.

    If a minor is opening this account then it needs to be opened jointly with parent or legal guardian.

    Mahabank Yuva Yojana

    This type of account can be opened by children aged between 10 and 18 years.

    Mahabank Lok Bachat Yojana

    • Low income group individuals who belong to the below poverty line (BPL) category.
    • Any minor from BPL can also open this type of account.
    • Mahabank Royal Savings Account
    • Resident individuals can open this account singly or jointly.
    • HUFs, Associations, Trusts, Clubs, Societies etc. can open this type of account.

    Mahabank Purple Savings Account

    Resident individuals can open this account singly or as a joint account.

    The applicant has to fulfil the eligibility criteria (domestic depositors) as stated by the Reserve Bank of India. This has to be in compliance with KYC guideline.

    Documentation

    The following documents are required if you intend to open a Savings Account with Bank of Maharashtra –

    • Applicants must submit two recent passport size photographs themselves
    • Proof of Age – Valid ID proof
    • In case an applicant wants to open a joint account, then he/she must submit all the valid documents and ID proofs of both the applicants. The address proof can be that of the primary account holder. You also need to provide a relationship proof between both the account holders.
    • Valid Address/residence proof – passport, ration card, PAN card, telephone bill, electricity bill
    • Valid ID proof issues by the Government – Passport, PAN Card, Voter’s ID Card, Valid Driving License, etc.
    • Proof of income – salary slips, bank account statement
    • Income tax declaration/ form 16
    • Hindu Undivided Family accounts need to provide valid address proof and identity proof.
    • HUF also needs to provide valid PAN Card/Form 60/Declaration from the Karta

    Frequently Asked Questions (FAQs)

    1. What are the types of Savings Bank accounts offered by Bank of Maharashtra?

      Bank of Maharashtra offers the following types of Savings Accounts -

      • Mahabank Savings Bank Scheme
      • Mahabank Yuva Yojana
      • Mahabank Lok Bachat Yojana
      • Mahabank Royal Savings Account
      • Mahabank Purple Savings Account
    2. I want to open Mahabank Lok Bachat Yojana. What is the minimum balance required to open this account?

      There is no specific minimum balance to open this account. It can be as low as Rs. 1.

    3. What is the rate of interest offered on Mahabank Savings Bank Scheme?

      It is 4% per annum.

    4. As a Hindu Undivided Family what are the documents that I need to open a savings account?

      HUFs need to submit valid address proof and identity proof. HUF also needs to provide valid PAN Card/Form 60/Declaration from the Karta

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