Product Details
Bank Name
Bank of Maharashtra
Account Name
Bank of Maharashtra Purple Savings Account
Account Type
Saving
Interest Rate
2.75%
Free Debit Card
Yes
Account Opening Fees
Account can be opened with zero balance
Annual Maintenance Fees
Nil
Minimum Account Balance
Minimum Monthly Average Balance (MAB) - Rs. 3,00,000/-
Debit Card Charges
No
NEFT Charges
Free NEFT/RTGS through internet banking
IMPS Charges
Not mentioned
Fees and Charges
Bank of Maharashtra Purple Savings Account
Special Features
Eligibility Criteria
Benefits
Features, Eligibility and Benefits
Pros & Cons
Pros
Personal Air Accident Death Insurance Cover - Rs. 50,00,000/- (Free of Cost).
Personal Accidental Death Insurance (PAI) Cover - Rs. 10,00,000/- (Free of Cost).
Cheque book facilities - 200 free Personalized Cheque leaves per annum.
ATM Cum VISA Debit Card - (Free specially designed personalized ATM-cum-Debit card) (No maintenance charges).
No. of Transactions at ATM Free ATM Card while opening of Account (no maintenanc Free unlimited Debit Card transactions at ATM of any Bank.
Loss / Fraud Protection on Debit Card- 30 days protection against loss / theft of cards upto Rs.1.00 lacs.
Higher Transaction Limit on Debit Card (per day) Rs. 1,00,000 at ATMs and Rs. 1,00,000 at Point of Sale (POS).
Demat Account AMC Free for 1 st year and 50% of AMC waived from Year 2.
Other Service Charges - 50% concession in processing fee of retail loans.
Cons
Bank of Maharashtra Purple Savings Account
The account comes loaded with a number of value add features. However, the account offers low interest rate. It can be considered by individuals who are looking for a good package of 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