Bank of Maharashtra Savings Account

1. SMS banking facility 

1. Internet banking facility 

1. Telebanking facility 

1. Mobile banking  

1. The bank offers credit cards to their customers 

1. Bank of Maharashtra savings account offers insurance cover of up to Rs.5 lakh on deposits 

1. For fund transfer, account-holders can give standing instructions to different types of payments, such as: 

1. Insurance premium payment 

1. Telephone bills 

1. Electricity bills 

1. Loan installments, etc. 

1. The interest earned on savings account are applicable for TDS (Tax Deducted at Source) deduction 

1. The savings account also offers free Mahabank ATM card or debit card 

Documents Required to Apply for Bank of Maharashtra Savings Account 

Here is the list of documents that are required to apply for Bank of Maharashtra Savings Account: 

Individuals: 

1. Any one of the following documents required for proof of identity: 

1. Voter ID card 

1. PAN card or Form 60 or 61 

1. Driving license

1. Passport 

1. Identity card 

1. NREGA-issued job card signed by State government officer 

1. Details of name, address and Aadhar mentioned in the letter issued by Unique Identification Authority of India (UIDAI) 

1. Letter from public servant or recognised public authority verifying the customer’s residence and identity 

1. Any one of the following documents required for proof of address: 

1. Telephone bill 

1. Electricity bill 

1. Bank account statement 

1. Ration card 

1. Letter from recognised authority 

1. Letter from employer 

1. Agreement of rent of the customer indicating their address registered with State Government or similar authority 

Minors: 

1. Order of the court, for court-appointed guardian of the minor 

1. Certificate of date of birth from competent authority if the guardian is illiterate 

Eligibility Criteria to Apply for Bank of Maharashtra Savings Account 

The following is the list of eligibility criteria that must be fulfilled to apply for Bank of Maharashtra savings account: 

1. Individuals can open a savings account jointly or singly. 

1. Minors can open a savings account jointly with a natural or legal guardian. 

1. Identity and address proof along with two photographs and PAN or Form 60/61 must be submitted along with account opening form. 

1. An account can be opened with the introduction of existing accountholders who have completed full KYC (Know Your Customer) procedure and have been operating the account for over six months. 

Types of Savings Account Offered by Bank of Maharashtra 

Bank of Maharashtra provides three types of savings accounts that are listed below: 

BoM Smart SB Scheme 

The following are the details of BoM Smart SB Scheme: 

Eligibility Criteria: 

1. The entities eligible to open BoM Smart SB Scheme of AQB Rs.15,000 and Rs.25,000 are: 

1. Resident individuals (jointly or singly) 

1. Hindu Undivided Family (HUF) 

1. For individuals the minimum eligible age is 18 years. 

Note: 

1. Minors are not eligible for the account. 

1. Provides joint account facility. 

Additional Details About the BoM Smart SB Scheme

Yuva Yojana 

The following are the details about Yuva Yojana: 

1. The eligible age limit to open this account is 10 to 18 years 

1. The account can be opened in the name of child by only depositing Rs.10 

1. No minimum balance required for this account 

1. No cheque book facility 

1. Provides recurring deposit facility 

1. Offers free debit card with specified spending limit 

1. Free transfer of fund, standing instruction, and free service for payment of utility bill 

1. Offers education loan after holding the account for more than six months 

Note: Minimum balance will be applicable and cheque book will be issued after 18 years of age 

Lok Bachat Yojana 

The following are the details that you must know about Lok Bachat Yojana of Bank of Maharashtra savings account: 

1. Individuals coming under Below Poverty Line (BPL) can open this account either singly or jointly 

1. Minors can also open this account 

1. Deposit amount for this account is as low as Re.1 

1. No minimum balance required 

1. Offers one cheque book with 10 pages at zero cost 

1. Does not permit collection of third-party cheques 

1. Permits collection of outstation cheques and issuance DD, MM, or TT at normal charges 

1. Provides RuPay or Insta ATM cum debit card 

1. The rate of interest is same as the normal savings account 

Royal Savings Account 

Here are the details of Mahabank Royal Savings Account: 

1. Resident individuals are eligible for this account 

1. Minimum age requirement is same as the normal savings bank account 

1. Allows zero account balance 

1. Minimum monthly average balance to be maintained is Rs.1 lakh 

1. Offers Personal Air Accident Death Insurance coverage and Personal Accident Death coverage of Rs.50 lakh and Rs.10 lakh, respectively, at free of cost 

1. Provides 100 free personalised cheque leaves annually 

1. Provides free ATM card while account opening at zero maintenance charge 

1. The ATM and POS transaction limit is Rs.50,000 

1. Customer can avail themselves of: 

1. Free registration and execution of Standing Instruction 

1. Free NEFT or RTGS transaction 

1. Free unlimited transactions 

1. Free transactions at all CBS (Core Banking Solution) branch 

1. Free demat account for first year 

1. Charges Rs.1000 as penalty for closing the account before one year 

1. Offers 50% concession on processing fee on retail loans 

1. Charges Rs.400 per month on non-maintenance of Minimum Average Balance (MAB) on the account 

Purple Savings Account 

Here are the details of Mahabank Purple Savings Account: 

1. Resident individual fulfilling the eligibility criteria of Reserve Bank of India (RBI) can open this account 

1. Accountholders can open zero balance account 

1. Minimum average balance of this account is Rs.3 lakh 

1. Offers Personal Air Accident Death Insurance coverage of Rs.50 lakh at zero cost 

1. Offers Personal Accident Death coverage of Rs.10 lakh at zero cost 

1. Offers 200 personlised cheque leaves per annum 

1. Offers free ATM cum debit card at zero maintenance charges 

1. Provides free unlimited debit card transaction at ATM of any bank 

1. Provides high transaction limit of Rs.1 lakh at ATM and Point of Sale (POS) 

1. Provides additional services, such as: 

1. Free internet banking facility 

1. Unlimited NEFT or RTGS fund transfer at zero cost 

1. Unlimited demand draft 

1. Free tax payment through ATM and internet banking 

1. Annual Maintenance Charge (AMC) is free for first year for demat account 

1. For second year, AMC is waived off for demat account 

1. This account provides concession of 50% in processing fee of retail loans 

Salary Account  

Here are the details of Mahabank Salary Account: 

1. Minimum age for opening this account is 18 years 

1. Zero balance account can be opened 

1. The initial credit can be in the form of cheque or credit of salary or another financial instrument 

1. The minimum monthly takes away of the accountholder must be Rs.10,000 

1. Minimum employee strength of the company must be 20 

1. Offers free INSTA ATM card, cheque book, internet banking, mobile banking, SMS banking, free utility bill payment facility 

1. Charges Rs.100 as one time service charge 

1. Provides additional services, such as: 

1. Retail loans 

1. Insurance 

1. Demat account 

1. Mutual fund 

1. Online trading, etc. 

1. Documents required are: 

1. Proof of salary details 

1. Last three month’s salary slip 

1. Duly filled savings account application form 

1. ID and address proof 

1. Employee identity card 

1. Three copies of passport size photograph 

Supreme Payroll Scheme 

Here are the details about Supreme Payroll scheme of Bank of Maharashtra savings account: 

1. Employees of organisation other Central government, State PSU, and corporates are eligible to open this account 

1. No minimum amount required to open this account 

1. Minimum 20 employees with minimum pay of Rs.10,000 per month are required to open this account 

1. Additional features of this account are: 

1. Offer 20 free cheque leaves per annum 

1. Provides free RuPay debit card 

1. Zero annual maintenance charge 

1. Provides free NEFT through internet banking facility 

1. Allows accountholder to apply for personal loan as per Mahabank Personal Loan scheme 

Mahabank Salary Account Scheme 

Here are the details that you must know about Mahabank Salary Account scheme: 

1. Employees of Central or State government, State PSU and corporates can open this account 

1. Minimum age to open this account should be 18 years 

1. Provides zero balance account facility 

1. No minimum balance charge required 

1. No minimum number of employees required 

1. Per year accountholders are provided with 40 free personalised cheque leaves 

1. No annual maintenance charges  

1. Provides free RuPay Platinum debit card 

1. ATM withdrawal and POS transaction limit is Rs.50,000 and Rs.2 lakh per day, respectively 

1. Provides free group insurance coverage 

1. Offers personal loan up to Rs.20 lakh, airport lounge access, and free fund transfer facility 

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

Here are the steps to open Savings account at Bank of Maharashtra: 

1. Visit the official website of the bank 

1. Click on ‘Online Saving Bank Account’ 

1. Select the option ‘Open Savings Bank Account’ 

1. The page will be directed to the ‘Digital Account Opening’ page 

1. click on the ‘Let’s Go’ option 

1. Select your preferred language, branch and type of savings account 

1. Provide the personal detail and required documents as proof of verification to open the account 

GST of 18% is applicable on all banking products and services from July 1, 2017 onwards.