Bank of Maharashtra Interest Rates On Saving Account - 2025

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 2025

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.

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.

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. 

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.

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.