Registered in 1935 with an authorised capital of $1 million (USD), the Bank of Maharashtra became operational in 1936. Bank of Maharashtra offers a wide variety of savings accounts to cater for your unique demands.
In this blog, we will walk you through a comprehensive guide on such savings accounts while highlighting the latest Bank of Maharashtra interest rates on savings accounts.
Latest Bank of Maharashtra Savings Account Interest Rates 2024
Bank of Maharashtra interest rate on savings accounts is applicable on the daily balance and payable at the end of each quarter at the rate of up to 4.00% per annum.
Bank of Maharashtra Savings Account Minimum Balance Required
Bank of Maharashtra offers the following minimum/average balance requirements for your respective type of savings account.
| Account Type | Minimum Balance Required |
| Lok Bachat Savings Account | No Minimum Balance CriteriaAccount opening with as low as ₹1 |
| Mahabank Yuva Yojana | No Minimum Balance CriteriaAccount opening with as low as ₹10 |
| Purple Savings Account | Minimum Monthly Average Balance of ₹3,00,000. |
| Royal Savings Account | Minimum Monthly Average Balance of ₹1,00,000. |
Bank of Maharashtra Savings Account Charges
You can check your savings account’s applicable charges on debit card transactions and non-maintenance fees using the following information.
| Account Type | Non-maintenance Charges | Debit Card Transaction Charges |
| Lok Bachat Account | NIL | Free of Cost unlimited debit card transactions |
| Mahabank Yuva Yojana | NIL | |
| Purple Savings Account | ₹1,000/month | |
| Royal Savings Account | ₹400/month |
Ensure getting updated with the latest savings account interest rate Bank of Maharashtra and its schedule of charges to avoid any inconveniences.
Why Choose Bank of Maharashtra Savings Account?
Apart from the attractive Bank of Maharashtra savings account interest rates, you need to check the other key features to open your savings account at the Bank of Maharashtra.
- You will get access to a range of accounts to fulfil your requirements.
- The savings account comes with a quick account opening and closure process that can be done either online or offline.
Key Benefits of Bank of Maharashtra Savings Account
With a Bank of Maharashtra savings bank account, you will avail the following benefits.
- Convenience through free SMS banking, online banking and mobile banking services
- Free Mahabank debit card issuance at no cost
Additional Benefits Associated with Bank of Maharashtra Savings Account
Apart from the above-stated benefits, you will get a range of other benefits with your Bank of Maharashtra savings account.
- Deposit insurance covers up to ₹1 lakh
- TDS is not calculated on the interest earned on the savings account
- Quarterly interest payout
How to Open an Online Bank of Maharashtra Savings Account?
You can easily open your Bank of Maharashtra savings account online using the following steps.
- Step 1: Visit the official Bank of Maharashtra website.
- Step 2: Click on ‘Open Savings Bank Account’.
- Step 3: Click on the ‘Let’s Go’ button after getting redirected to the ‘Digital Account Opening’ page.
- Step 4: Choose the preferred language, branch, as well as type of savings account to open.
The bank will additionally ask you to provide your details such as your address proof. After the verification of the documents, you will get access to your savings account at the Bank of Maharashtra.
How to Open an Offline Bank of Maharashtra Savings Account?
Consider the following steps to open your Bank of Maharashtra savings account by visiting your nearest branch.
- Step 1: Visit your nearest Bank of Maharashtra branch.
- Step 2: Fill up the savings account opening form as provided by the bank.
- Step 3: Attach the required documents as asked.
- Step 4: Deposit the minimum balance in your account as per the requirements of your savings bank account.
Your account will be verified and you will receive confirmation and documents of your savings account.
Eligibility Criteria to Open Bank of Maharashtra Savings Account
Here is a list of entities that are eligible to open a savings account with the Bank of Maharashtra.
- Existing individual and joint account holders
- Resident Indians
- Non-Resident Indians
- HUF members
- Foreign National
- Minors with a guardian
Documents Required to Open Bank of Maharashtra Savings Account
To open your savings account at the Bank of Maharashtra, you will be asked to present the following documents.
- Birth Certificate as proof of age
- PAN Card
- Form 16 for Income Tax declaration
- Proof of Identity and Address such as an Aadhaar card, Voter ID card, Passport or Driving License
Types of Bank of Maharashtra Savings Account and its Features
Given below is an outline of different savings accounts offered by the Bank of Maharashtra and its features.
| Account Type | Key Features |
| Lok Bachat Account | No Minimum Balance Criteria Account opening with as low as ₹ |
| Mahabank Yuva Yojana | No Minimum Balance Criteria Account opening with as low as ₹10 |
| Purple Savings Account | Minimum Monthly Average Balance of ₹3,00,000. |
| Royal Savings Account | Minimum Monthly Average Balance of ₹1,00,000. |
Bank of Maharashtra Savings Account Transaction Limit
The following table demonstrates the transaction limits as per the different account types under the Bank of Maharashtra.
| Account Type | Transaction Limit |
| Lok Bachat Account | NIL |
| Mahabank Yuva Yojana | |
| Purple Savings Account | ₹1,00,000 at ATMs and ₹1,00,000 at POS |
| Royal Savings Account | ₹50,000 at ATMs and ₹50,000 at POS |
How to Close a Bank of Maharashtra Savings Account?
You can close your Bank of Maharashtra savings account using the following step-by-step guide.
- Step 1: Reach out to your nearest branch to get your closure form.
- Step 2: Fill up the form with the basic information as asked.
- Step 3: Attach your KYC documents with the closure form.
- Step 4: Surrender your balance cheque leaves, along with your debit card and passbook to the Bank of Maharashtra branch.
- Step 5: Withdraw your balance amount using either cash, cheque or DD. Alternatively, you may also choose to transfer the amount to another bank account to complete the closure process.
Final Word
From the above information, you can easily open your savings account at the Bank of Maharashtra. However, before prioritising a particular type of savings account, make sure to assess its key features, charges and benefits. Additionally, stay updated with the latest Bank of Maharashtra interest rates on savings accounts through the bank’s official website.
FAQs
You can keep as low as ₹1 in your bank account as this account caters to individuals and families from the BPL category.
At Bank of Maharashtra, you can choose from a wide range of savings account options such as Mahabank Yuva Yojana, Mahabank Lok Bachat Yojana, Mahabank Savings Bank Scheme, Mahabank Royal Savings Account, as well as Mahabank Purple Savings Account.
You need to present your Birth Certificate, PAN Card, Form 16 for Income Tax declaration, and identity and address proof documents to open a savings account with the Bank of Maharashtra.
Disclaimer
This article is solely for educational purposes. Stable Money doesn't take any responsibility for the information or claims made in the blog.
