Bank of Maharashtra Savings Account Interest Rate & Minimum Balance 2025
The Bank of Maharashtra savings accounts provides several categories of savings accounts, from regular to premium categories. Bank of Maharashtra savings accounts are tailored for youth, pensioners, women, and low-income groups. The bank offers secure banking with interest rates up to 2.75% per annum.
Continue reading this blog to gain detailed insights about the Bank of Maharashtra savings account interest rate, its features, benefits, and more.
What is a Bank of Maharashtra Savings Account?
A Bank of Maharashtra savings account enables you to manage finances and earn interest on savings. You can deposit and withdraw money from this account anytime you want. Individuals who save regularly can choose to open this account.
A Bank of Maharashtra savings account comes with ATM cards, passbooks, and internet banking services. It also provides facilities for UPI payments and mobile banking. The bank makes it mandatory to maintain a minimum balance, considering the type of account you choose.
Types of Savings Accounts in Bank of Maharashtra
Here are the different types of Bank of Maharashtra savings accounts:
Type of Savings Account | Features |
| Basic Savings Account | A simple savings account available to individuals, including minors with guardians. |
| Mahabank Yuva Yojana | Designed for youth aged 10 to 18 to encourage saving habits. |
| Lok Bachat Account | Targeted at low-income individuals and BPL category, including minors. |
| Purple Savings Account | Premium account offering personalised banking; requires higher average monthly balance. |
| Royal Savings | High-end account suitable for HNIs, clubs, trusts, societies; offers lifestyle benefits and services. |
How Much Minimum Balance is Required in the Bank of Maharashtra?
Given below is the Bank of Maharashtra saving account minimum balance that is applicable for the following types of savings accounts:
Type of Account | Minimum Balance Requirement |
| Lok Bachat Savings Account | No minimum balance requirement; account can be opened with as low as ₹1. |
| Mahabank Yuva Yojana | No minimum balance requirement; account can be opened with ₹10. |
| Royal Savings Account | Minimum Monthly Average Balance (MAB) of ₹1,00,000. |
| Purple Savings Account | Minimum Monthly Average Balance (MAB) of ₹3,00,000. |
Features and Benefits of Bank of Maharashtra Savings Account
Some of the distinguishing features and benefits of the Bank of Maharashtra savings account are as follows:
- Instant access to your funds at any time, useful during emergencies
- Earn interest on your savings with quarterly credit
- Easy account opening with minimal documentation
- Access to internet banking, mobile banking, SMS alerts, and telebanking
- Complimentary ATM/debit card for easy cash withdrawal and payments
- Facility to pay utility bills and set up standing instructions
- Deposit insurance coverage up to ₹5 lakh
- Zero balance maintenance available for select account types
- Interest earned is subject to TDS with applicable tax benefits
- Multiple account types tailored to specific customer needs
How to Open a Bank of Maharashtra Savings Account Online?
Opening the Bank of Maharashtra savings account online is convenient and hassle-free. Here are the simple steps to follow for opening the account:
- Go to the official website of the Bank of Maharashtra and navigate the “Online SB Account” option located on the homepage
- Choose the option “Online SB Account” and then proceed to select “Open Savings Bank Account”
- A digital account page displays on your screen where you need to click on “Let’s start”
- After selecting the option on the following page, choose your preferred language
- Select the specific branch and account type you wish to open
- Now, you will be redirected to an account opening form, where you need to fill out all personal details, including name, contact number, email address, and others.
- Once you provide your contact number, the bank sends you an OTP to authenticate your details.
- Complete the verification process and then provide all relevant documents with the address for verification.
- Submit all your personal details and relevant documents for further verification.
- Once your details undergo verification, the account opening process will be successful.
Bank of Maharashtra Savings Account Interest Rate
As of April 2025, the Bank of Maharashtra offers a uniform interest rate of 2.75% per annum on savings bank deposits, irrespective of the account balance. This rate has been effective since June 8, 2020, and there have been no updates indicating a change.
Bank of Maharashtra Savings Account Interest Rate for Senior Citizens
The Bank of Maharashtra offers a uniform interest rate of 2.75% per annum on savings bank deposits, including all the senior citizens accounts. This rate has been effective since June 8, 2020.
Penalty for Not Maintaining Minimum Balance in Bank of Maharashtra Savings Account
Given below are the penalty charges for non-maintenance of minimum balance in the Bank of Maharashtra:
| Non-maintenance of Minimum Balance | Metro and Urban Areas with a monthly average balance of ₹2,000 | |
| >=₹1000 to <₹2000 | ₹38 per month | |
| >=₹500 to <₹1000 | ₹56 per month | |
| >=₹0 to <₹500 | ₹75 per month | |
| Semi-urban with Monthly Average Balance of ₹1000 | ||
| >=₹500 to <₹1000 | ₹25 per month | |
| >=₹250 to <₹500 | ₹38 per month | |
| >=₹0 to <₹250 | ₹50 per month | |
| Rural Branches with Monthly Average Balance of ₹500 | ||
| >=₹250 to <₹500 | ₹10 per month | |
| >=₹125 to <₹250 | ₹15 per month | |
| >=₹0 to <₹125 | ₹20 per month | |
| Purple Savings Bank Account | ₹1000 per month | |
| Royal Savings Bank Account | ₹400 per month | |
To sum up, the Bank of Maharashtra offers a wide range of savings accounts tailored to various customer needs. Bank of Maharashtra savings accounts offer competitive interest rates, flexible balance requirements, and value-added services like mobile banking and UPI. Be sure to review the latest account terms on the official website before applying to make the most of your savings journey.
Similar Articles:
1. Bandhan Bank Savings Account Interest Rate
2. Bank of India Savings Account Interest Rate
3. DCB Bank Savings Account Interest Rate
4. Federal Bank Savings Account Interest Rate
5. HSBC Bank Savings Account Interest Rate
Related Articles:
1. How To Get Bank of Maharashtra Mini Statement Number?
2. How To Check Bank of Maharashtra Balance?
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