The Bank of Maharashtra is a popular bank of India. The Bank was founded in the year 1936 in Pune. The Bank offers a wide range of financial products and services for its customers. The bank also has a wide network of bank branches and ATM Services across India.
To implement complete safety and security for your Financial savings, the Bank of Maharashtra is offering to open a savings account. Apart from opening a savings account, the Bank also provides attractive interests and you can choose any savings account as per your requirement and financial need.
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Types of Bank of Maharashtra Savings Account
The following are the types of Savings Account of Bank of Maharashtra:
Mahabank Savings Bank Scheme
This savings account can be opened by any individual singly or jointly. If a minor is opening this savings account, then the account needs to be opened jointly with a parent or a legal guardian. Apart from the required documents, to open an account. One can also open an account if he/she is introduced from an existing account holder with the bank.
Mahabank Yuva Yojana
This savings account is exclusively for the children who are aged between 10 years to 18 years. The main objective of the bank is to inculcate the habit of saving they are offered.
Mahabank Lok Bachat Yojana
This savings account is specially designed for those people who have a low income and mainly belong to the Below Poverty Line (BPL) Category. Any minor from BPL can also open up this account.
Mahabank Royal Savings Account
This is a standard savings account which can be opened with a zero balance. The resident individuals such as HUF, Associations, Trusts, Clubs, and Societies can open this account either singly or jointly.
Mahabank Purple Savings Account
This type of savings account is opened by the resident individuals, either singly or joint account. The account can be opened with a zero balance. The account holder also gets a special personal assistance by a relationship manager.
Bank of Maharashtra Savings Account Interest Rates
The Bank of Maharashtra offers an attractive rate of interests. This rate of interest is applicable for all types of savings account. The rate interests make sure that the account holder gets a maximum number of benefit on their savings. The interest rates for various types of savings account are different.
Minimum Balance Requirements of Maharashtra Savings Account:
|
Type of Savings Account |
Minimum Balance Requirement |
|
Mahabank Purple Savings account |
Minimum Monthly Average Balance is Rs. 3,00,000/- |
|
Mahabank Royal Savings Account |
Minimum Monthly Average Balance is Rs 1,00,000/- |
|
Mahabank Lok Bachat Yojana |
There is no specific amount for account opening. It can be even be Re. 1/- |
|
Mahabank Yuva Yojana |
Rs. 10 |
|
Mahabank Savings Bank Scheme |
Should be maintained on monthly average basis. |
How to Open a Bank of Maharashtra Savings Account
The Maharashtra Savings Account allows an offline mode of application only. For opening a new savings account, the applicant has to visit the nearest bank branch along with the required mentioned documents and collect the account opening from. Fill in the application form with required details and submit it along with the documents mentioned.
Eligibility Criteria for the Bank of Maharashtra
Mahabank Savings Bank Scheme:
This type of savings account can be either open singly or jointly.
If a minor is opening this account, then it needs to be opened jointly in the guidance of the parent or legal guardian.
Mahabank Yuva Yojana:
This account can be opened by the children who are aged between 10 to 18 years.
Mahabank Lok Bachat Yojana:
- This account can be opened by the following individuals:
- Low Income Group Individuals who belong to the below poverty line (BPL) Category.
- Any Minor of BPL Category is eligible to open this account.
Mahabank Royal Savings Account:
- The resident individuals can open this account either singly or jointly.
- HUFs, Associations, Trusts, Clubs, Societies etc. can open this type of account.
Mahabank Purple Savings Account:
- Any resident individuals can open this account either singly or jointly.
- In order to open the above savings account, the applicant has to fulfill all the eligibility criteria as stated by the Reserve Bank of India. This has to be in compliance with the KYC Guidelines.
Documents Required for the Bank of Maharashtra Savings Account
The documents required for the Bank of Maharashtra Savings Account are as follows:
- Two recent passport size photographs.
- Proof of age- Valid ID Proof.
- If the applicant wants to open a Joint Account, then he/she must submit all the valid documents and ID Proofs of both the applicants. The address proof can be that of the Primary Account Holder. You also need to submit a relationship proof of both the account holders.
- Valid Address/ Residence Proof- Passport, PAN Card, Voter ID Card, Valid Driving License etc.
- Proof of Income- Salary Slips, Bank Account Statements.
- Income Tax Declaration/ Form 16.
- The Hindu Undivided Family accounts need to provide a valid proof of address and Identity Proof.
- HUF also needs to provide a valid PAN Card/ Form 60/ Declaration from the Karta.