Bank of Maharashtra, established in Pune in 1936, is a highly trusted and popular bank in India. Bank of Maharashtra (Maha Bank) offers a wide range of financial products and services to cater to the needs of its customers. One of its key offerings is the savings account, which provides individuals with a secure and convenient way to save and manage their finances. In this article, we will explain the various types of savings accounts offered by Bank of Maharashtra, their benefits, eligibility criteria, required documents, and the application process.
Types of Savings Accounts
Bank of Maharashtra offers six types of savings accounts to suit different customer requirements:
- Mahabank Savings Bank Scheme: Any individual, either singly or jointly, can open this account. Minors must open the account jointly with a parent or legal guardian.
- Mahabank Yuva Yojana: Children aged between 10 and 18 years, This account is designed to promote savings habits among young individuals.
- Mahabank Lok Bachat Yojana: Low-income individuals who belong to the below poverty line (BPL) category. Minors from the BPL category can also open this account.
- Mahabank Royal Savings Account: Resident individuals, HUFs (Hindu Undivided Families), Associations, Trusts, Clubs, Societies, etc.
- Mahabank Purple Savings Account: Resident individuals, either singly or as a joint account.
Benefits of Bank of Maharashtra Savings Account
- Competitive Interest Rates: Bank of Maharashtra offers attractive interest rates on savings deposits, ensuring that your savings grow over time.
- Savings Deposits Balance up to Rs. 25 lakh: 3.50% p.a.
- Savings Deposits Balance above Rs. 25 lakh: 4% p.a.
- Easy Access to Funds: You can conveniently access your money whenever needed, ensuring liquidity and financial flexibility.
- Wide Network: Bank of Maharashtra has a strong network of branches and ATMs across the nation, providing easy accessibility for customers.
Eligibility Criteria
The eligibility criteria for Bank of Maharashtra savings accounts vary based on the type of account:
- Mahabank Savings Bank Scheme: Any individual can open this account singly or jointly. Minors must open the account jointly with a parent or legal guardian.
- Mahabank Yuva Yojana: Children aged between 10 and 18 years are eligible to open this account.
- Mahabank Lok Bachat Yojana: Low-income individuals from the below poverty line (BPL) category and minors from BPL households can open this account.
- Mahabank Royal Savings Account: Resident individuals, HUFs, Associations, Trusts, Clubs, Societies, etc., are eligible to open this account.
- Mahabank Purple Savings Account: Resident individuals can open this account either singly or as a joint account.
Document Requirements
- Two recent passport-size photographs.
- Proof of Age: Valid ID proof.
- For joint accounts, valid documents and ID proofs of both applicants, along with a relationship proof.
- Valid Address/Residence Proof: Passport, ration card, PAN card, telephone bill, electricity bill, etc.
- Valid Government-issued ID Proof: Passport, PAN Card, Voter’s ID Card, Valid Driving License, etc.
- Proof of Income: Salary slips, bank account statements, income tax declaration/Form 16.
- Hindu Undivided Family (HUF) accounts: Valid address proof, identity proof, and PAN Card/Form 60/Declaration from the Karta.
How to Apply for a Bank of Maharashtra Savings Account?
To open a savings account with Bank of Maharashtra, follow these steps:
- Visit the nearest Bank of Maharashtra branch.
- Collect the Savings Account application form.
- Fill out the form with accurate information.
- Gather the required documents mentioned earlier.
- Submit the completed application form along with the necessary documents.
- Fulfill the KYC (Know Your Customer) requirements as per the bank’s guidelines.
- After successful verification, your savings account will be opened.
Bank of Maharashtra Account Opening Form
Download bank of maharashtra account opening form >> Click Here
FAQ
The minimum balance requirement varies based on the type of savings account. For Mahabank Purple Savings Account, it can be opened with zero balance. Other accounts may have different minimum balance requirements.
Yes, minors can open savings accounts with Bank of Maharashtra, but they need to do so jointly with a parent or legal guardian.
Yes, the Mahabank Lok Bachat Yojana account is designed for low-income individuals from the below poverty line (BPL) category. Minors from BPL households can also open this type of account.
Yes, the Mahabank Royal Savings Account and Mahabank Purple Savings Account can be opened with zero balance. Other accounts may have different requirements.
Bank of Maharashtra offers competitive interest rates on savings deposits. For balances up to Rs. 25 lakh, the interest rate is 3.50% p.a., and for balances above Rs. 25 lakh, it is 4% p.a.
Bank of Maharashtra provides a range of savings accounts to suit the diverse needs of individuals. Opening a savings account with Bank of Maharashtra offers attractive interest rates, easy access to funds, and the convenience of a widespread branch and ATM network.
Related Article: