| Bank of Maharashtra Saving Accounts |
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| Bank of Maharashtra offers Mahabank Lok Bachat Yojana under its savings account scheme. Bank has started this scheme especially for the people who are not used to banking system. Bank provides basic banking facilities by opening accounts with very low initial amount of Re 1/- only. The scheme has been implemented only at rural and semi-urban branches. Any individual who fall in the category of below poverty line (BPL) can singly / jointly open the account. The joint account holder should also belong to BPL category. Minors from BPL family are also eligible to open an account. The normal interest rate is applicable under the account. |
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- A minimum balance criterion is not applicable to this scheme. So no service charges to be debited for want of minimum balance.
- No chequebook will be issued to accounts opened under this scheme.
- Collection of third party cheques is not permitted.
- Collection of outstation cheques, issuance of Demand draft, MT, TT ¡V Permissible at normal charges.
- Debit card / ATM card facility not available for the scheme.
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Personal Air Accident Death Insurance Cover Rs 50,00,000/-, Free of Cost
Personal Accidental Death Insurance (PAI) Cover Rs 10,00,000/-, Free of Cost
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All types of accounts can be opened under the scheme such as Current, Savings, Recurring and Term Deposit.
Joint accounts:
The account can be opened jointly with Resident and / or with non- Resident Indian
Proceeds of remittances received from outside India through normal banking channel or foreign currency notes tendered by the account holder during his temporary visit to India or transfers or legitimate dues in India of the account holder.
Interest earned on these deposits shall be subject to at source deduction of Income tax at prevailing rates.
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