Bank of Maharashtra Savings Account

What is a Bank of Maharashtra Savings Account

Bank of Maharashtra savings accounts are for depositors who want a secure method to save and manage daily banking. The account supports single name use, joint names, or minors under a guardian. Balances above ₹1 crore and up to ₹100 crore earn 2.60% p.a. interest. Interest is calculated on the daily closing balance and credited quarterly. Customers seeking higher returns may also examine Bank of Maharashtra FD interest rates, as fixed deposits typically yield more than savings account balances.

Bank of Maharashtra Savings Account Interest Rates

The following table outlines the savings account interest rates applicable at Bank of Maharashtra:

*Bank of Maharashtra Savings account interest rates w.e.f. September 1st,2025

Types of Bank of Maharashtra Savings Account

Bank of Maharashtra offers savings accounts for children, government employees, and cooperative organisations in India. Here’s a glimpse of these:

1. BoM Smart SB Scheme: 

   Provided under BSS-15 and BSS-25 formats with separate Average Quarterly Balance requirements. It can be opened without any opening deposit charge through the online KYC facility.

2. Mahabank Salary Account Scheme: 

   Available for Central or State Government employees and corporate organisations. This Bank of Maharashtra zero balance savings account provides a salary credit facility with convenient banking services.

3. Purple Savings Account: 

   This account is meant for residents opening single or joint-deposit accounts. It allows customers to keep higher balances along with premium banking benefits.

4. Royal Savings Account: 

   It is open to families, HUFs, trusts, clubs, and societies. This account provides flexible banking services for personal and institutional customers.

5. Supreme Payroll Scheme: 

   Eligible for employees of private companies and institutions. Salary is paid directly via the employer’s payroll system. Provides simple banking access for routine salary transactions.

6. Yuva Yojana: 

   This is a savings account that helps children learn basic banking and financial discipline.

7. Lok Bachat Yojana: 

   Designed for low-income groups to access banking services. Helps customers from weaker sections open savings accounts and supports financial inclusion and basic banking access.

8. BOM Co-Op Housing Society Savings Account: 

   Available specifically for cooperative housing societies. Helps societies manage funds, maintenance collections, and payments.

9. GovPride Salary Savings Account Scheme: 

   Salary account for permanent government personnel drawing above ₹30,000 monthly. Provides dedicated banking services for government salary payments.

10. CG 2025 Salary Package: 

    Salary account for permanent government employees earning above ₹30,000 per month.

Key Features of Bank of Maharashtra Savings Account

Bank of Maharashtra brings several savings accounts with features arranged to support different banking needs. The main features are listed below:

• Sweep-in FD Facility: It is also referred to as Bank of Maharashtra sweep in FD, which helps you maximise returns effortlessly. Extra funds in your savings account over a threshold limit can be automatically swept into a Fixed Deposit, earning higher FD interest rates without effort. 
• Digital banking access: Enjoy 24/7 account entry through mobile and online banking for smooth transactions anytime, anywhere.
• Secure smooth transactions: Send payments through UPI, NEFT, and IMPS safely with quick processing.
• Cheque Book and Debit Card: Get cash and complete transactions easily with a free Mahabank VISA ATM/Debit Card.
• Telebanking, SMS, Mobile, and Internet Banking: Easy ways to transfer funds, pay bills, and set up standing instructions.
• Deposit Insurance Cover: Savings are covered up to ₹5 lakh, ensuring extra safety for funds held.

How to Open a Bank of Maharashtra Savings Account

Bank of Maharashtra lets customers open a savings account quickly through online or offline channels with simple steps and document verification.

Online Application

You can open the account at home through the Bank of Maharashtra official website.

• Open Website: Visit the Bank of Maharashtra website and choose the Savings Account option given there.
• Enter Basic Details: Write full name, contact number, email, and residential address.
• Select Account Type: Choose the savings option that matches your needs, such as Smart SB Purple or Royal.
• Upload Documents: Submit identity proof (Aadhaar, PAN, Passport, Voter ID), address proof (Aadhaar, Passport, Utility Bill, Driving Licence, or Bank Statement), along with 2–3 passport-size recent photographs.
• Verify Eligibility: Must be an Indian resident. Minors can open accounts with a legal guardian.
• Verify & Submit: Check every detail carefully and submit the completed online application.
• Account Activation: Once verification completes, obtain account details, debit card, and net-banking credentials.

Offline Application

You can also open the account by going to the nearest Bank of Maharashtra branch. Here is how:

• Visit Branch: Go to the Bank of Maharashtra branch and request a form for a savings account.
• Complete Personal Details: Enter your name, contact details, and choose the account type you prefer.
• Submit Documents: Submit originals and copies of identity proof, address proof, PAN, and passport photographs.
• Check Eligibility: Confirm residency rules are satisfied. Minors must have a guardian for account opening.
• Select Account Scheme: Choose a savings account type that suits your needs.
• Verification by Bank: Bank staff examine documents and verify submitted details.
• Account Activation: Account is activated; you receive a debit card, cheque book, and internet banking access.

Key Takeaways

Bank of Maharashtra Savings Accounts provide several schemes suited to salaried staff, students, low-income households, and cooperative societies. These options are often considered among the best savings account choices for reliable everyday banking. The account provides digital banking, sweep-in FD, and secure transactions.