Bank of Maharashtra Savings Account

Bank of Maharashtra (BOM) savings account is accessible to resident individuals, minors, employees, organizations, elders, and many more customers. There are several facilities such as a chequebook, internet banking, Demat account, retail loans, personal accident insurance cover, free ATM cum Debit card, credit card, etc. There are savings bank (SB) accounts that do not require any maintenance of minimum balance. The bank has special schemes for youngsters, children, salaried employees, and other individuals.

In this post, we will discuss BOM savings account features, eligibility criteria, documents required, rate of interest, types of SB account, and FAQs.

Features of Bank of Maharashtra Savings Account

Here are the features of the BOM savings account:

• The savings account is available for individuals, minors, employees, old-aged people, organizations, and more
• There is a facility for zero balance account
• Free Mahabank VISA ATM/Debit Card
• For a few accounts, there is a requirement to maintain a minimum monthly average balance
• A nomination facility is available
• SMS banking, internet banking, telebanking, mobile banking
• Insurance cover up to Rs. 1 lac for deposits
• You can provide standing instructions for fund transfer from the account to another
• Standing instruction is also accepted for the payment of insurance premium, loan installments, electricity bill, taxes, telephone bills, etc

Eligibility for BOM Savings Account

Here are the eligibility norms:

• An individual can open the savings account solely or jointly
• The account for minors can be opened jointly with a legal or natural guardian
• The person has to submit address and identity proof to open the account
• In case the applicant fails to submit required documents then an introducer (existing account holder for at least 6 months) can fulfill the KYC procedure

Bank of Maharashtra Savings Account Interest Rate

Here are the features of BOM Savings account interest rates:

• The Bank of Maharashtra interest rate on a savings account is 2.75% per annum
• The bank pays interest on its daily products for the account
• So, the interest will credit on a daily balance every quarter
• The accrued interest will apply to the account balance at the end of every quarter
• One of the benefits include that there is no TDS on the earned interest on the account

Documents to Open Bank of Maharashtra Savings Account

Here are the documents required to open BOM Savings Account:

For Individuals:

• Proof of identity (any of the mentioned): Driving license, Voter ID card, Passport, a letter issued by UIDAI comprising of details such as Aadhaar number and name, NREGA approved job card that is duly signed by a State government officer, letter from an approved public servant or public authority to verify the residence and identity of the applicant.
• Proof of Address (any of the mentioned): Electricity bill, telephone bill, ration card, bank account statement, rent agreement registered with registration authority or state government that has the applicant’s address, a letter from employer, letter from a recognized public authority.

For Minors:

Additional documents other than the ones mentioned above include – proof of guardian being appointed by the court. If the guardian is illiterate, then the bank will need the minor’s birth date certificate approved by a competent authority.

For Trusts and Foundations:

• Duly filled and signed account opening form and authenticated customer information form
• Registration certificate
• Power of attorney given for business transaction on organization’s behalf
• Proof of address and identity of the involved individuals/partners/proprietors/trustees/authorized signatories/directors, etc as per the KYC norms
• Telephone bill
• Managing body resolution for the association/foundation
• Any officially valid document to verify the identity of the settlors, trustees, beneficiaries, or those with the power of attorney, directors/managers/founders and their addresses

Types of Bank of Maharashtra Savings Account

Here is the BOM Savings Account you can open:

1. Lok Bachat Yojana

This BOM savings account is for low-income group people. They can get a facility of savings to account if they fall in the category of BPL (below the poverty line). People can open the account solely or jointly. Minors are also eligible if they belong to the BPL family. Free-of-cost chequebook of 10 leaves. The initial deposit amount is as low as Rs. 1. There is no minimum balance criteria. There is no service charge that debits for minimum balance.

What Are the Features?

Here are the features for this Bank of Maharashtra savings account:

• The new and existing account holder will receive VISA/INSTA ATM-cum-Debit Card
• Issuance of DD/MT/TT and collection of outstation cheques is permissible at normal charges
• It is not permissible to collect third-party cheques

What Are the Terms and Conditions?

Here are some of the specifications:

• If a person cannot provide the necessary address and identity proof, then an existing account holder can function as an introducer and help with the account opening
• He/she must however comply with the full KYC procedure
• And the introducer may also have satisfactory operations of the account for at least 6 months
• This is subject to the condition that the sum of balances in all accounts must not be over Rs. 50,000 and credit summation should be Rs. 1 lac in a year.

2. Yuva Yojana

This BOM savings account intends to encourage children to acquaint themselves with banking and develop a habit of savings for the future. The Yuva Yojana Bank of Maharashtra account is for students/children with an age limit of 10 years and up to 18 years. The type of deposit is savings/fixed deposit/recurring deposit. Students can also take education loans at the time of admission to professional courses. But to be eligible for the loan, the account should have a sufficient history of more than 6 months.

What Are the Terms and Conditions?

Here are the necessary specifications:

For Savings Deposits:

• The initial deposit is only Rs. 10 for opening the account
• The child can operate the account solely
• There is no need for a minimum balance
• But there are minimum balance criteria as the person attains 18 years of age
• There is no facility of checkbook until the holder attains 18 years of age

For Recurring Deposits:

• The bank will set a suitable limit for monthly installment
• This is intending to fulfill requirements of student’s fee and others at the start of an academic year
• There is no tax deducted at the source
• For a cash certificate, you have to deposit a suitable amount at the start of the year or birthday or annually to receive Rs. 10,00,00 or Rs. 50,000 the stipulated period’s ends

What Are Other Features?

Here are the features:

• Free standing instruction in the same branch to transfer funds from parent’s account
• Under deposit schemes, allowance of free fund transfer from parent’s account for intercity
• This facility is for an educational fee, course fee, hostel fee, etc
• Free ATM Debit Card with a limit on spending
• Free standing instruction in the same branch for fund transfer from the child’s account to a recurring deposit
• Free service for utility bill payment

3. Mahabank Royal Savings Account

This is a zero-balance account. However, the monthly average balance must be at least Rs. 1,00,000. Special assistance is provided to account holders by relationship managers. You will get 100 free personalized cheque leaves every year. There is a free-of-cost Rs. 50,00,000 worth personal air accident death insurance cover. There is also free-of-cost Rs. 10,00,000 worth of personal accidental death insurance. If the minimum MAB is Rs. 10 lacs, then the Branch Head in the absence of the Branch Manager will offer personal service.

What Are the Features?

Some of the features of this BOM savings account include:

• Free internet banking, RTGS/NEFT through net banking
• Free tax payment through net banking and ATM
• Free transactions at CBS branches as per the limit for such transactions, which is currently Rs. 50,000
• Up to 2 Demand Drafts for free and up to 3 deliveries per month free if ordered through net banking
• Demat Account is free for the 1st year
• Instant credit of up to Rs. 25,000 for outstation cheques at no charge. But monthly, the same must not exceed 2 cheques
• Get 50% discount on processing fee for retail loans
• Free registration and adherence to standing instructions
• Free ATM cum VISA Debit Card after account opening at no maintenance charges
• The transaction limit per day on this card is Rs. 0.50 lac at Point or Sales and ATMs
• For BOM-SBI co-branded Gold Credit Card, you will get a 50% concession on the annual maintenance charge
• Or, you will get a 50% discount for the first year on maintenance charge for BOM-SBI co-branded Platinum Credit Card
• The penalty of Rs. 1,000 applies if you close the account before a year from the date of opening
• Rs. 1,000 is the charge for non-maintenance of the MAB, per quarter

4. Mahabank Purple Savings Account

There is no need for an initial deposit amount. This is a zero-balance account. However, the requirement is Rs. 3,00,000 for the minimum monthly average balance (MAB). You will get 200 free personalized cheque leaves every year. You will receive special assistance from the relationship manager. There is a free facility of personal accidental death insurance cover of Rs. 50,00,000. And you will also get Rs. 50,00,000 worth cover for free under the personal air accident death insurance.

• Get specially designed and personalized ATM cum Debit card for free for no maintenance charges
• Unlimited and free debit card transactions at the ATMs of any bank
• Per-day transaction limit of up to Rs. 1,00,000 at ATMs and POS (point of sale)
• 30 days fraud/loss protection up to Rs. 1 lac for the debit card
• Free BOM-SBI co-branded Gold Credit Card
• Or, receive a 50% discount for the first year on maintenance charge for BOM-SBI co-branded Platinum Credit Card

Eligibility Norms

The Bank of Maharashtra savings account is for resident individuals. They can open the account solely or jointly after complying with the eligibility criteria by RBI for domestic depositors.

What Are the Benefits?

Here are the advantages of the BOM savings account:

• Free and unlimited Demand Draft and NEFT/RTGS remittances
• Free internet banking, tax payment through net banking and ATM
• 50% discount on the processing fees of retail loans
• Free Demat account with no annual maintenance charge for the first year
• The charges for annual maintenance from the 2nd year will see a 50% waiver for Demat

5. Zero Balance Salary Account Scheme

This Mahabank salary account scheme is a zero-balance account. There is no requirement to maintain a minimum balance. The initial credit may depend on the salary credit by the employer. Corporates can choose this savings account if they have an employee strength of at least 20 people. The minimum takeaway of an employee must be Rs. 10,000 per month for this account. You will receive the following after account opening:

• Phone banking, internet banking, SMS banking
• Insta ATM card
• Cheque book
• Free online shopping facility and utility bill payment
• MAHA bill pay

You will receive several financial services such as insurance (non-life/life), Demat, retail loans (consumer, vehicle, home), mutual funds, online trading, etc. You can provide standing instructions for fund transfer from an account to an RD account, another account, loan installments, insurance premium, government taxes, electricity bills, and more.

Eligibility Criteria

This Bank of Maharashtra savings account is for regular employees of central and state government, semi-government organizations, PSUs, urban development authorities, central and state govt. corporations, reputed public limited companies, educational universities/institutions, selected and approved private limited companies, MNCs, etc.

The minimum age limit for anyone to open this account is 18 years. Service charges are one-time. It is Rs. 100 after account opening. The rate of interest is standard as per the savings account norms.

What are the Benefits of the Scheme?

Here are the benefits to expect:

For Employees of the Company:

• Debit Card/International ATM Card possible for use at all VISA ATMs in India and outside
• Immediate salary credit to the account
• No minimum balance to maintain
• Can open the account with zero balance
• No wait-time for clearing salary cheque
• All savings account facilities available

For Employers:

• No worries about cash disbursement
• Disbursement of salary through CBS transfer
• Freedom from a reconciliation of account
• Facility to disburse pension for the retired employees
• No need for a calculation to keep the details of turnover of employees

What are the required documents?

• Employee Identity card
• Address proof and Identity proof
• Salary slips of the last 3 months
• Duly filled and signed application form for a savings account
• Proof of salary details
• 3 copies of passport-sized photographs

6. Supreme Payroll Scheme

This is a zero-balance account. There is no requirement for a minimum balance or initial deposit. You will receive 20 free cheque leaves, yearly. As a depositor, you will also get a free Rupay Debit Card and there are no annual maintenance charges for it. There is free access to BOM ATMs, where 3 and 5 transactions apply no fee in non-BOM ATMs in metro cities and non-metro cities, respectively.

• You can access a personal loan
• The loan will be according to the revised Mahabank personal loan scheme
• You will receive a free facility for NEFT through internet banking

Criteria for Eligibility

This Bank of Maharashtra savings account is for employees of the state/central government and PSUs, corporates that have an arrangement for salary payment with the bank. The organization must have at least 20 employees, each drawing at least Rs. 10,000 in a month.

Frequently Asked Questions about BOM Savings Account

Here are the FAQs for the Bank of Maharashtra savings account: