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Zero Balance Salary Account Scheme

Salient Features of the Zero balance Salary Account Scheme:

The scheme will have following salient features

1Who can open accountRegular employees of state government, central government ,PSUs, Semi govt. organizations, State/central govt. corporations, Urban development authorities, Educational institutions / Universities, MNCs, Reputed public ltd companies, Selected (approved from R.O) Private Ltd Companies etc. Branches will ensure that opening of accounts under the scheme shall not result in overcrowding affecting service to other customers.
2Age (Minimum)18 Years
3Documents Required
  • Properly filled in savings account application form
  • Employee Identity card
  • Three copies of passport size photographs
  • Latest three months’ salary slips
  • Proof of salary details
  • Address proof & ID proof (As per KYC norms).
4Initial DepositAccount can be opened with zero balance. The initial credit could be by way of cheque/credit of salary/other instruments, etc.
5Minimum balance requiredNo minimum balance requirement in the account (Zero Balance Account), however we would encourage them to keep balance as a matter of thrift.
6Employees strength (A Company / Corporate with minimum employee strength)20 Employees
7Monthly take away (Minimum) of the account holder10,000 / per month
8Cheque book facilitiesAvailable as per normal savings account scheme
9INSTA ATM CardFree INSTA ATM Card while opening of account
10Credit Card facilityAvailable (Annual Charges applicable.)
11Internet Banking, Phone Banking and SMS BankingFree Internet Banking ,Phone banking and SMS banking facility
12Utility Billing facility/ Online ShoppingFree Utility Bill payment / Online shopping facility
13Availability of additional financial servicesAvailability of wide range of additional financial services, such as Retail Loans (Home, Vehicle, Consumer), Insurance (life/non-life), Mutual Funds, Demat, Online Trading etc., subject to usual terms & compliances.
14MAHA Bill pay facilitiesThe depositor can give standing instructions for transfer of funds from one account to another account, RD account etc, for payment of electricity bills, Insc. Premium, telephone bills and govt. taxes, loan installments.
15Service Charges(One time Charges)100/- (After opening the account)

Rate of Interest:

The scheme shall carry rate of interest as that of regular saving deposit scheme.

Benefits of the scheme:

Mahabank Salary Account Scheme provides a host of benefits to the employers as well as employees.

Benefits to Employers:

  • No tension for cash disbursement
  • Freedom from account reconciliation
  • No calculation is required for keeping the details of employees’ turnover
  • Pension disbursement facilities for retired employees of the organization
  • Salary disbursement through CBS transfer

Benefits to Employees of an organization:

  • No waiting or tension for clearing salary cheque
  • Instant credit of salary to the account
  • All the facilities of savings account are available
  • Instant opening of salary account with zero balance
  • International ATM/Debit card can be used in all VISA ATMs inside and outside India.