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.
Here are the features of the BOM savings account:
Here are the eligibility norms:
Here are the features of BOM Savings account interest rates:
Here are the documents required to open BOM Savings Account:
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.
Here is the BOM Savings Account you can open:
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.
Here are the features for this Bank of Maharashtra savings account:
Here are some of the specifications:
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.
Here are the necessary specifications:
For Savings Deposits:
For Recurring Deposits:
Here are the features:
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.
Some of the features of this BOM savings account include:
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.
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.
Here are the advantages of the BOM savings account:
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:
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.
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.
Here are the benefits to expect:
For Employees of the Company:
What are the required documents?
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.
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.
Here are the FAQs for the Bank of Maharashtra savings account:
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