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Product Details
Bank Name

Bank of Maharashtra

Account Name

Bank of Maharashtra Royal Savings Account

Account Type

Saving

Interest Rate

2.75%

Free Debit Card

Yes

Bank of Maharashtra Royal Savings Account
Account Opening Fees

Account can be opened with zero balance

Annual Maintenance Fees

Nil

Minimum Account Balance

Minimum Monthly Average Balance (MAB) - Rs 1,00,000/-

Debit Card Charges

No

NEFT Charges

Free NEFT/RTGS through internet banking

IMPS Charges

Not mentioned

Fees and Charges

Bank of Maharashtra Royal Savings Account

75.7
Special Features
Special assistance of Relationship Manager If minimum MAB Rs 10 lakh, personal service by Branch Head (in absence of Branch Manager the Dy Branch Manager will provide the personal service)
Eligibility Criteria
Resident individuals (sole or joint account), HUFs,Associations, Trusts, Clubs, Societies etc. subject to ful filling eligibility criteria (domestic depositors) of Reserve Bank of India, on compliance of "Know Your Customer(KYC) Guidelines
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 100 free Personalized Cheque leaves per annum.

  • ATM Cum VISA Debit Card Free ATM Card while opening of Account (no maintenance charge).

  • Number of Transactions - Unlimited free transactions (No ledger folio/ account maintenance charges)

  • NEFT/ RTGS Free NEFT/RTGS through internet banking.

  • Demat Account Free for 1st year.

  • Other Service Charges - 50% concession in processing fee of retail loans.

Cons
Very low interest rate, Charges on Non Maintenance of Minimum MAB - Rs 1,000/- per quarter, Closing of A/C before 1 year Penalty of Rs 1,000/-
Bank of Maharashtra Royal 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

Product Review
Account Opening and Procedure
How to open an Account?
Application Procedure
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