Bank of Maharashtra Account Opening Form, BOM Minimum Balance, Docs & Charges

Bank of Maharashtra Account Online | Bank of Maharashtra Account Opening Form | BOM Minimum Balance | Charges Of Bank of Maharashtra Account

The Bank of Maharashtra has six different types of savings accounts. There is no minimum balance requirement for persons under the age of 18, and the account can be created with as low as Rs. 0-10. Anyone can open a savings account with Maharashtra Bank by visiting one of their branches and submitting the required paperwork. The article will tell you more details about the Bank of Maharashtra Account Opening Process and many more.

Bank of Maharashtra Account Opening
  • 3.50 percent p.a. on savings deposits up to Rs.25 lakh
  • Savings Deposits with a balance of more than Rs.25 lakh: 4% p.a.
  • A minimum balance of Rs.1 to Rs.3 lakh is required (based on account type)

The Bank of Maharashtra, a highly regarded and well-known bank in the country, began operations in Pune in 1936. Since its inception, the bank has endeavored to provide customers with a diverse range of financial products and services. Currently, the bank has a large and well-connected network of branches and ATMs around the country.

Open a savings account with the Bank of Maharashtra to ensure complete safety and protection of your financial savings while also increasing your profits. Apart from the benefit of earning competitive interest on your savings, you can also select the type of savings account that best meets your needs. You also gain the ability to have immediate access to your funds in times of financial distress.

Bank of Maharashtra Account Opening Minimum Balance Requirements

TYPE OF SAVINGS ACCOUNTMINIMUM BALANCE REQUIREMENT
Mahabank Purple Savings accountMinimum Monthly Average Balance is Rs. 3,00,000/-
Mahabank Royal Savings AccountMinimum Monthly Average Balance is Rs 1,00,000/-
Mahabank Lok Bachat YojanaThere is no specific amount for account opening. It can even be Re. 1/-
Mahabank Yuva YojanaRs. 10
Mahabank Savings Bank SchemeShould be maintained on a monthly average basis.

Bank of Maharashtra Account Opening Process

To open a Savings Account with the Bank of Maharashtra, bring all of the essential documents to the local Bank of Maharashtra branch. All of the documents must be valid, and copies must be submitted. These documents must meet the KYC document requirements. It is necessary to obtain a Savings Account application form from the bank branch, fill it out completely, and then submit it along with the required papers.

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Maharashtra Savings Account- Types of Schemes

Mahabank Savings Bank Scheme

This kind of savings account can be opened by a single person or a group of people. This account must be opened jointly with a parent or legal guardian if a minor is opening it. Aside from the paperwork required to open this account, anyone can open it if they are referred by an existing account holder with the bank. This introducer must complete the entire KYC procedure and have an active account with the bank for at least six months.

Mahabank Yuva Yojana 

Children between the ages of ten and eighteen are the target audience for this account. This type of savings account is provided to ensure that individuals develop the habit of saving.

Mahabank Lok Bachat Yojana 

The savings account was created with low-income people in mind, specifically those who fall below the poverty line (BPL). This type of account can be opened by any BPL minor.

Mahabank Royal Savings Account

This is a normal savings account that can be started with no money in it. This account can be opened by a single resident or a group of residents. HUFs, Associations, Trusts, Clubs, Societies, and other entities can also open an account.

Mahabank Purple Savings Account

Individuals who live in the state can open this form of savings account on their own or in a combined account. Even if there is no money in the account, it can be opened. A relationship manager provides special personal assistance to the account holder.

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Maha Bank Savings Accounts Interest Rates

The Bank of Maharashtra has some of the most attractive and competitive interest rates in the country. This is true for several sorts of savings accounts. Account users get the most out of their fund’s thanks to the attractive interest rates.

Eligibility for Bank of Maharashtra Account Opening

Mahabank Savings Bank Scheme

  • This sort of savings account can be opened by a single person or a group of people.
  • This account must be opened jointly with a parent or legal guardian if a minor is opening it.

Mahabank Yuva Yojana 

  • Children between the ages of ten and eighteen can open this type of account.

Mahabank Lok Bachat 

  • Individuals in the low-income group who fall below the poverty line (BPL).
  • This type of account can be opened by any BPL minor.

Mahabank Royal Savings Accounts

  • Mahabank Royal Savings Accounts can be opened individually or jointly by residents.
  • This sort of account can be opened by HUFs, Associations, Trusts, Clubs, Societies, and so on.

Purple Savings Account at Mahabank

This account can be opened by a single resident or as a joint account.

The applicant must meet the Reserve Bank of India’s eligibility requirements (domestic depositors). This must be done in accordance with the KYC guidelines.

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Documents Required for Bank of Maharashtra Account Opening

If you want to start a Savings Account with the Bank of Maharashtra, you’ll need the following documents:

  • Applicants are required to provide two recent passport-size pictures.
  • Proof of Age – A valid photo ID is required.
  • If an applicant wishes to open a joint account, he or she must present all valid documents and proofs of identification for both applicants. The primary account holder’s address can be used as proof of residency. You must also show confirmation of a relationship between the two account holders.
  • Valid proof of address/residence – passport, ration card, PAN card, phone bill, power bill, etc.
  • The government issues valid ID proof such as a passport, PAN card, voter’s ID card, valid driving licence, and so on.
  • Salary slips and bank account statements as proof of income.
  • Form 16 (Income Tax Declaration)
  • Valid address proof and identity proof are required for Hindu Undivided Family accounts.
  • HUF must additionally present a valid PAN card, Form 60, or a declaration from the Karta.

FAQs

What types of savings bank accounts does the Bank of Maharashtra offer?

Savings Accounts are available from the Bank of Maharashtra in the following categories:
Mahabank Savings Bank Scheme
Mahabank Yuva Yojana
Mahabank Lok Bachat Yojana
Mahabank Royal Savings Account
Mahabank Purple Savings Account

I want to open Mahabank Lok Bachat Yojana. What is the minimum balance required to open this account?

There is no specific minimum balance to open this account. It can be as low as Rs. 1.

What is the Mahabank Savings Bank Scheme’s rate of interest?

It grows at a rate of 4% every year.

What documentation do I need to open a savings account as a Hindu Undivided Family?

HUFs must provide proper proof of address and identification. HUF must additionally present a valid PAN card, Form 60, or a declaration from the Karta.

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