Bank of Maharashtra Savings Account

Last Updated : Jan. 22, 2025, 6:16 p.m.

The Bank of Maharashtra offers a wide range of savings account options to suit everyone's needs. Whether you're just looking for a simple place to keep your savings safe, or you need more specialized accounts like the Mahabank Royal Savings or the Supreme Payroll Scheme, there's something for everyone. Each account comes packed with its own set of benefits and features, so whether you’re an individual or a business, you can find something that fits just right. In this guide, we’ll walk you through the different savings accounts available, what they offer, who can apply, and how you can easily open one either online or by visiting a branch. Let’s dive in!

Types of Bank of Maharashtra Savings Accounts

Explore the various types of savings accounts available at the Bank of Maharashtra:

Savings Account

Here's what you need to know about the features and who can open a savings account with the Bank of Maharashtra:

BoM Smart SB Scheme

Here are the main features and eligibility criteria for opening a BoM Smart SB Scheme:

Mahabank Salary Account Scheme

Here are the main features and eligibility criteria for opening a Mahabank Salary Account:

Purple Savings Account

Here are the main features and eligibility criteria for opening a Purple Savings Account:

Mahabank Royal Savings Account

Here are the main features and eligibility criteria to apply for a Royal Savings Account:

Supreme Payroll Scheme

Here are the main features and eligibility criteria to open a Supreme Payroll Scheme account:

Salary Account

Here are the main features and eligibility criteria for opening a savings account with the Bank of Maharashtra:

Yuva Yojna

Here are the main features and eligibility criteria for applying for the Yuva Yojna Savings Scheme:

Bank of Maharashtra Savings Account Interest Rate 2025

The Bank of Maharashtra offers an annual interest rate of 2.75% on all savings account balances. The savings account interest rate is calculated monthly based on the daily balance using the following formula:

Monthly Interest = Daily Balance × (Number of days) × (Annual Interest Rate/100) / (Days in the year)

For instance, if you deposit Rs. 1,000,000 into your savings account, the interest calculation for a 31-day month would look like this:

1,000,000 × 31 × (2.75/100) / 365 = Rs. 2,339 per month in interest.

Documents Required to Open BOM Savings Account

When opening a savings account with the Bank of Maharashtra, applicants must provide certain documents for verification. Different types of accounts require different documents. All applicants are required to show original documents for verification and also submit certified copies.

For Individual Applicants:

Proof of Identity (provide any one of the following):

• Driving license
• Passport
• PAN card or Form No. 60/61 (if applicable)
• Voter’s identity card
• Job card from NREGA, signed by an official of the state government
• Letter from UIDAI containing your name, address, and Aadhaar number
• Identity card (as per the bank’s criteria)
• Letter from a recognized public authority or public servant verifying identity and residence (to the bank's satisfaction)

Proof of Address (provide any one of the following):

• Electricity bill
• Ration card
• Bank account statement
• Telephone bill
• Letter from any recognized public authority
• Letter from your employer (as per the bank’s criteria)
• Registered rent agreement with the customer’s address

For Minor Accounts:

• Court order if the guardian is appointed by the court
• Birth certificate of the minor from a competent authority if the guardian is illiterate

For Trusts and Foundations:

• Registration certificate of the trust or foundation
• Power of Attorney to conduct business on behalf of the trust
• Valid official documents identifying trustees, settlers, beneficiaries, those holding Power of Attorney, founders/managers/directors, and their addresses
• Telephone bill
• Resolution from the managing body of the foundation or association

Additional Requirements: All applicants must also fill out and sign the account opening form and customer information form.

Please Note: The required KYC documents may change based on the bank’s internal policies. Always present original documents for verification along with certified copies for submission.

Steps to Open a Savings Account with Bank of Maharashtra Online

Step 1: Visit the official Bank of Maharashtra website and find the “Online SB Account” option on the homepage.

Step 2: Click on “Online SB Account,” then select “Open Savings Bank Account.”

Step 3: You’ll be taken to the “Digital Account Opening” page. Here, click on “Let's start.”

Step 4: After clicking “Let's start,” on the following page, select your preferred language.

Step 5: Next, choose the branch and the type of account you wish to open.

Step 6: You will be redirected to a form. Fill in your personal details such as name, phone number, and email address.

Step 7: After entering your mobile number, the bank will send you an OTP (One-Time Password) to authenticate your details.

Step 8: Complete the authentication, then provide your documents and address for verification.

Step 9: Submit all your personal details and documents. The bank will then verify these details.

Step 10: Once your details are verified, your account will be officially opened.

How to Open a Savings Account at Bank of Maharashtra Offline?

Step 1: Visit your nearest Bank of Maharashtra branch and ask for a savings account application form.

Step 2: Fill out the application form and discuss with a bank official the type of savings account you'd like to open. They will also ask for some personal details.

Step 3: Provide copies of your PAN and Aadhaar card, making sure they are self-attested.

Step 4: Gather all required documents and hand them to the bank official.

Step 5: If you're opening an account that requires a minimum balance, fill out a deposit slip with the initial deposit amount and include it with your documents.

Step 6: The bank official will check your documents to make sure everything is correct.

Step 7: Once your documents are verified and approved, your account will be opened.

Additionally, the bank will give you a welcome kit that includes everything you need to start using your new account.