Eligibility

Any individual can open savings bank account singly or jointly. SB Account of minors can be opened jointly with natural guardian/legal guardian. The applicant should furnish identity and address proof as given in account opening form (CIF for individuals), two photographs & PAN number/Form No. 60/61 while opening new account. In case the customer is unable to give any documentary proof of identity & address, to the satisfaction of the bank, the account can be opened with the introduction from existing account holder who has been subjected to full KYC procedure & having satisfactory operations in the account for over six months.

Minimum banlance in the account


Minimum balance should be maintained in the account ON MONTHLY AVERAGE basis. IF monthly average minimum balance in the account is not maintained, service charges will be levied once in every month.

Please click here for details of minimum balance and charges.

Minimum balance condition is not applicable for 'Pension' and 'No Frills' category accounts

Nomination

Nomination facility is available.

Interest

Bank will pay interest on DAILY PRODUCTS in the account (i.e. on daily balance) on quarterly basis payable on end of every quarter. Present interest rate is 4.0% p.a. simple.

Other Benefits

  1. The account holder/s can give standing instructions for transfer of funds from the account to any another account/s, make payment of electricity bills, Insurance Premium, Telephone bills, taxes, loan installments etc. Charges applicable are furnished in Service Charges Schedule available in every branch and also on Bank's website.
  2. Telebanking facility, SMS Banking facility, Mobile banking facility and Internet Banking are available.
  3. TDS is not applicable for interest earned on the account.
  4. Free Mahabank VISA ATM/Debit Card.
  5. Deposit Insurance Cover upto Rs. 1.00 lac.

Special Saving Accounts


Mahabank Yuva Yojana
Maha Bank Lok Bachat Yojana
Mahabank Swasthya Yojana
NRI Ordinary Account
NRI External Account
 
 
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IMPORTANT: Bank of Maharashtra never ask for Bank account details for any purpose through phone call/email/SMS.

Bank appeals to all the customers not to respond to such phone call/email/SMS and not to share their bank account detail with any one for any purpose. Never share your CVV/ PIN No. of Debit/Credit card to anyone.