Product Details
Bank Name
Bank of Maharashtra
Account Name
Mahabank Salary Account Scheme
Account Type
Salary
Interest Rate
2.75%
Free Debit Card
Free Rupay Debit Card
Account Opening Fees
No minimum amount stipulated.
Annual Maintenance Fees
Nil
Minimum Account Balance
The account can be opened with Zero balance
Debit Card Charges
Nil annual maintenance Charge
NEFT Charges
Free 24X7 funds transfer facility through Internet Banking/Mobile Banking /UPI
IMPS Charges
Not mentioned
Fees and Charges
Mahabank Salary Account Scheme
Special Features
Free unlimited number of transactions in other bank ATMs.
Eligibility Criteria
All employees of Central/State Government & State PSUs and Corporate having salary payment arrangement with the bank. (Account of Bank’s own staff members –full time or part time –shall not be opened under this scheme.), Free unlimited number of transactions in other bank ATMs
Benefits
Features, Eligibility and Benefits
Pros & Cons
Pros
Additional Insurance Personal accident insurance and permanent total disability cover up to Rs 2 lakh ( In built with RUPAY Platinum debit Card),
Clean Personal Loan Facility Personal Loan up to Rs 20 lakh as per eligibility
Airport Lounge Access Twice per quarter @ Rs 2/-per occasion for Rupay Platinum Card Holders (as offered by Rupay).
Free unlimited number of transactions in BoM ATMs.
Free unlimited number of transactions in other bank ATMs.
Group Insurance (Accidental) - Free - Personal accidental death cover: Rs 40 Lakh.
Total permanent disability cover: Rs 40 lakh.
Partial permanent disability cover: Rs 20 lakh.
Air accident death cover: Rs 1 Crore.
Golden hour cashless treatment (after incident of accident) : Up to Rs 1 lakh.
Cons
Mahabank Salary Account Scheme
The account offers extremely low interes rate. The account comes loaded with value add features such as free unlimited transaction at other bank ATMs, free airport lounge visits, etc. Individuals who are looking for a good package of value add feature can opt for this account.
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