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Product Details
Bank Name
Bank of Maharashtra
Account Name
Bank of Maharashtra Lok Bachat Yojna
Account Type
Saving
Interest Rate
2.75%
Free Debit Card
Classic Contactless Card: NIL
Platinum Card:Rs.100/-
75.7
Account Opening Fees
Debit Card Charges
Platinum Card:Rs.100/- Annual
Maintenance - General Public Ist year Free
Rs. 200 from second year onwards
Annual Maintenance Fees
Nil
NEFT Charges
Digital Mode : FREE
Minimum Account Balance
Minimum balance criterion is not applicable to this scheme.
IMPS Charges
Not mentioned
Fees and Charges of
Bank of Maharashtra Lok Bachat Yojna
Bank of Maharashtra Lok Bachat Yojna
Special Features
Account can be opened with any amount. It can be as low as Rs. 1/- (Rs. One only).
Eligibility Criteria
Any individual who falls in the category of below poverty line (BPL) can singly / jointly open the account. The joint account holder should also
belong to BPL category. Minors from BPL family are also eligible to open an account.
In case the customer is unable to give any documentary proof of identity & address, to the satisfaction of the bank, the account can be
opened with the introduction from existing account holder who has been subjected to full KYC procedure & having satisfactory operations in
the account over six months. Subject to condition that balance in all accounts taken together should not exceed Rs. 50000/- & credit
summation Rs. 1 lakh during the year
Benefits
Features, Eligibility and Benefits of
Bank of Maharashtra Lok Bachat Yojna
Pros & Cons of
Pros
One chequebook of 10 pages allowed free of cost.
VISA/INSTA ATM- cum- Debit card facality available to new & existing accounts for the scheme.
Cons
Very low interest rate
Bank of Maharashtra Lok Bachat Yojna
Bank of Maharashtra Lok Bachat Yojna
The account comes with low interest rate and offers minimal value add features.
Abhijeet Saxena
Abhijeet Saxena
Nalsar University of Law
Ex- Senior Associate, Shardul Amarchand Mangaldas, Delhi
Ex - Khaitan & Co. Bengaluru,
Ex - National Stock Exchange, Mumbai,
Ex - Argus Partners, Mumbai
Review of
Bank of Maharashtra Lok Bachat Yojna
Account Opening and Procedure of
How to open an Account?
Application Procedure
Bank of Maharashtra Lok Bachat Yojna
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