Bank of Maharashtra Saving Account Minimum Balance Limit & Charges

Bank of Maharashtra is owned by the Government of India. The bank was founded in the year 1935 and nationalized in the year 1969. Bank of Maharashtra has 1897 branches in the country. Bank of Maharashtra offers many types of saving accounts with different balance limits and charges. Each type of account has certain eligibility conditions and features.

There is a host of benefits associated with each type of Mahabank savings account.

Maha bank Saving Bank Scheme

This is a basic savings account offered by Maharashtra Bank. The minimum balance limits have been mentioned here.

  • Urban or metro areas- Rs 1000/-
  • Semi-urban areas- Rs 500/-
  • Rural areas- Rs 250

Charges for failing to maintain the minimum balance is Rs 70 for urban and semi-urban areas and Rs 35 for rural areas.

Maha bank Yuva Yojana

This type of savings account is for minor children. There is no requirement of minimum balance until the child reaches 18 years of age.

Maha bank Royal Saving Account

The minimum monthly average balance limit is Rs 1 lakh. A charge of Rs 1000/- per quarter is levied if the account holder fails to maintain the minimum balance.

Maha bank Purple Savings Account

This type of savings account is suitable for people with high net worth. The minimum monthly average balance requirement in a Purple savings account is Rs 3 lakh. A charge of Rs 1000/- per quarter is levied in case the minimum balance is not maintained in the account.

More details can be obtained from http://www.bankofmaharashtra.in/Savings_Bank_Scheme.asp

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