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How to Open Bank of Maharashtra Zero Balance Account Online – 2024

Bank of Maharashtra is a leading public sector bank with a widespread branch network across India. In an effort to attract more customers and promote financial inclusion, the bank offers several zero balance savings accounts that can be opened instantly with minimal documentation. This blog provides all important details about opening and maintaining a zero-balance savings account with Bank of Maharashtra.

Types of Banks Of Maharashtra Zero Balance Account

Bank Of Maharashtra offers various types of zero balance savings account to suit the needs of all customers. The main types are:

Types Features 
Regular Savings AccountMaximum Limit: No Limit
Cheque Book: Provided
Monthly Withdrawal Limit: Rs. 10,000
Debit Card: Provided
Credit Card: Not provided
Basic Savings AccountMaximum Limit: Rs. 50,000
Cheque Book: Restricted
Monthly Withdrawal Limit: Rs. 10,000
Debit Card: Provided
Credit Card: Not provided

How to Open Bank Of Maharashtra Zero Balance Account Online?

Opening a zero-balance account with Bank Of Maharashtra online is quite simple. Just follow a few steps:

  • Visit the bank’s website and click on ‘Open Account’
  • Enter basic details like name, date of birth, address etc.
  • Upload documents like address, identity proof
  • Choose the type of account
  • Add nominee details
  • Create login credentials
  • Account will be verified and opened within 2-3 days

How to Open Bank Of Maharashtra Zero Balance Account Offline?

For customers who prefer to open an account by visiting the bank branch, the offline process is also quite simple and hassle-free. To open a zero-balance account offline:

  • Visit the nearest Bank of Maharashtra branch
  • Carry address and identity proof documents
  • Meet the branch executive/manager
  • Fill account opening form with details like name, address, nominee etc.
  • Submit required documents
  • Documents will be verified by the executive
  • Account will be opened instantly on verification
  • May require 2-3 working days for activation
  • No initial deposit is required to open a zero-balance account
  • Obtain account details like number, login credentials from the branch

Bank Of Maharashtra Zero Balance Account Interest Rates

Bank of Maharashtra offers interest on account balances for zero balance accounts. Interest rates may vary based on type of account and amount kept:

Balance Interest 
Balances above ₹1,00,000Regular and basic savings accounts get 2.75% interest p.a.
Below ₹1,00,000interest rate is 2.5% p.a.

Fees and charges of Bank Of Maharashtra Zero Balance Account

Here is the section on fees and charges of Bank of Maharashtra zero balance account:

  • Nominal fees applicable for specific services like cheque book, ATM usage etc.
  • Basic savings account has lower maintenance charges
  • ₹25+GST for cheque book issuance
  • ₹20+GST for non-maintenance of monthly average balance
  • ₹20+GST for excess transactions beyond four per month
  • Locker rent depends on size of the locker
  • No charges for basic online transactions or digital payments
  • Fee waivers available on fulfilling certain conditions
  • Charges kept minimal to attract more customers

Eligibility criteria to open Bank Of Maharashtra Zero Balance Account

Eligibility to Open a Bank of Maharashtra Zero Balance Account

  • Indian citizen residing in India
  • Minimum 18 years of age
  • Valid identity and address proof documents
  • PAN card if annual income is above Rs. 2.5 lakhs
  • Nominee details for account
  • Start saving with minimal amounts through zero balance accounts

Opening a savings account with Bank of Maharashtra requires some basic criteria to be met. Indian residents above 18 years with valid KYC documents can easily open one. No minimum balance is needed, allowing customers to start earning interest right away. Nominee details provide security for one’s savings.

Documents required to open Bank Of Maharashtra Zero Balance Account

To open a zero-balance savings account with Bank of Maharashtra, you will need the following important documents:

  • Valid photo identity proof such as Aadhaar card, PAN card, passport, driving license etc.
  • Proof of address such as latest utility bill, rent agreement etc.
  • One passport size photograph.
  • For senior citizens and minors, additional documents may be required. Bank staff can guide you.

Bank Of Maharashtra Zero Balance Account Welcome Kit

Opening a Bank of Maharashtra zero balance account is simple. After account approval, customers receive a welcome kit. The kit contains important information to start banking.

  • Debit Card: Available for easy shopping and payments. Card activates within 3 days of receiving kit.
  • Internet Banking Activation Details: Instructions on registering for online banking on laptop or mobile. Manage accounts from anywhere.
  • Passbook: Record all transactions. Updates automatically when visits branch. Or check statements online.
  • Cheque Book Request Form: For requesting free cheque books. Books delivered within 7 days after application.
  • Contact Details: Numbers and email for any queries. Officers help with account usage, funds transfer, payment issues. Kit helps new customers start banking quickly!

Bank Of Maharashtra Zero Balance Account Helpline

In case of any queries regarding the zero-balance account, Bank of Maharashtra provides multiple helpline options for customers. Details of customer care are- 

Address Lokmangal, 1501, Shivajinagar, Pune, Maharashtra 411005.
Contact number 1800 233 4526

Final Word

Bank of Maharashtra provides convenient options for opening a basic savings account without having to maintain high minimum balances. Both online and offline account opening processes are simple. Customers can start earning interest on their savings right away. With nominal charges and various benefits, these zero balance accounts are a good choice for common citizens to bank with a trusted public sector lender.

FAQs

Is zero balance account available in Bank of Maharashtra?

Yes, Bank of Maharashtra offers zero balance savings accounts to all customers. There is no minimum balance requirement, allowing users to access basic banking without worrying about maintaining funds.

What is minimum balance for Bank of Maharashtra?

Bank of Maharashtra savings accounts do not have any minimum balance that needs to be maintained. Customers can use these zero balance accounts freely without any penalties for going below a specific balance level.

Is Bank of Maharashtra private or government?

Bank of Maharashtra is a fully owned government bank. It was established in 1935 and nationalized along with other major banks in 1969. The government of India holds 100% shares and controls its operations.

Who owns Bank of Maharashtra?

Bank of Maharashtra is wholly owned by the Government of India. As a nationalized commercial bank, it functions under the guidelines and control of the Reserve Bank of India. The government appoints the board of directors managing the bank.

Who is the current CEO of Bank of Maharashtra?

At present, A.S. Rajeev is serving as the Managing Director and Chief Executive Officer of Bank of Maharashtra. He provides leadership to the bank’s operations across branches in India and oversees strategies to meet financial objectives.

Disclaimer

This article is solely for educational purposes. Stable Money doesn't take any responsibility for the information or claims made in the blog.

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Stable Money

At Stable Money, we have only one goal: turning your income into long-term wealth.
We believe sharing knowledge through relatable content is a powerful medium to empower and guide Indians on the path to financial freedom.
Towards this goal, we are trying to simplify jargon and industry lingo for the common man, by bringing most accurate finance-related information to our readers.

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