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Product Details
Bank Name
Bank of Maharashtra
Account Name
Bank of Maharashtra Savings Account
Account Type
Saving
Interest Rate
2.75%
Free Debit Card
Classic Contactless Card: NIL
Platinum Card:Rs.100/-
Account Opening Fees
Annual Maintenance Fees
Nil
Minimum Account Balance
Not mentioned
Debit Card Charges
Platinum Card:Rs.100/- Annual
Maintenance - General Public Ist year Free
Rs. 200 from second year onwards
NEFT Charges
Digital Mode : FREE
IMPS Charges
Not mentioned
Fees and Charges
Bank of Maharashtra Savings Account
75.7
Special Features
Deposit Insurance Cover upto Rs. 5.00 lac.
Eligibility Criteria
Any individual can open savings bank account singly or jointly.
SB Account of minors can be opened jointly with natural guardian/legal guardian
Benefits
Features, Eligibility and Benefits
Pros & Cons
Pros
TDS is not applicable for interest earned on the account
Cons
No IMPS facility available. No physical debit card issuance. Ambiguity regarding monthly average balance. Very low interest rate
Bank of Maharashtra Savings Account
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
Product Review
Account Opening and Procedure
How to open an Account?
Application Procedure
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