A customer is required to keep such an amount in his bank account in order to receive services, such as maintaining the account open or receiving such an amount of interest. Not all banks require you to hold this balance. In addition, there are many ways, such as using online services, setting up direct deposits, etc., to avoid these fees. The Bank of Maharashtra Savings Account (BOM) is accessible to residents, miners, employees, organizations, seniors and many other customers. There are several facilities such as a checkbook, online banking, Demat account, retail loans, personal accident insurance, free ATM debit card, credit card, etc. There are savings bank accounts that do not require a minimum balance. The bank has special programs for young people, children, employees and others. For joint accounts, all these documents are required from both applicants, as well as proof of the relationship between the two account holders. Banks are the backbone of every country. Whether banks are used for savings accounts or for other purposes, the common man always relies on them for the safety of his deposits. In general, banks require the retention of a minimum amount in accounts and, in the absence of it, they charge penalties.

These penalties vary depending on the bank`s industry. This can also vary from bank to bank. The minimum balance to be held at the Bank of Maharashtra is based on a monthly average. In the event that the monthly balance is not held at the bank, some service fee will be charged once a quarter. A nomination facility is also available at the bank. The bank also pays interest on the daily account balance every quarter. The GST-free service fee on deposits is as follows: you receive various financial services such as insurance (non-life), demat, retail loans (consumer, vehicle, home), mutual funds, e-commerce, etc. You can provide constant instructions for transferring money from one account to an RD account, another account, loan payments, insurance premiums, government taxes, utility bills, and more.

Additional documents, which are not those mentioned above, include evidence that the guardian was appointed by the court. If the guardian is illiterate, the bank will need the minor`s date of birth certificate, approved by a competent authority. The minimum balance must be maintained on the account ON AN AVERAGE MONTHLY BASIS. If the average monthly account balance is not reached, a service fee will be charged once a month. The bank pays quarterly interest on the DAILY PRODUCTS on the account (i.e. on the daily balances), payable at the end of each quarter. The current interest rate is 4.0% per annum. simple. Mahabank Royal Savings Account: This is a standard savings account with zero balance facility. Resident Indians can open this type of account individually or collectively.

Similarly, registered institutions, associations, clubs, companies, trusts, etc. can open this account. This Mahabank salary account system is a zero-balance account. There is no need to maintain a minimum balance. The initial credit may depend on the employer`s salary credit. Companies can choose this savings account if they have a workforce of at least 20 people. An employee`s minimum snack must be Rs. 10,000 per month for this account. After opening an account, you will receive the following: A public sector bank with nearly 2000 branches in the country, the Bank of Maharashtra, was founded in Pune in 1935.

It offers a range of products such as private banking, investment banking, commercial banking, mortgages, retail banking and credit cards, among other products. Bank of Maharashtra offers its customers the BoM SBI co-branded credit card. There is no need for an initial deposit amount. This is a zero-balance account. However, the requirement is Rs. 3,00,000 for the minimum average monthly balance (MAB). You will receive 200 free personalized cheque sheets each year. You will receive special support from the client advisor. There is a free option of personal accidental death insurance in the amount of Rs. 50,00,000. And you also get free coverage worth Rs. 50,00,000 under the personal aircraft accident death insurance.

Mahabank Lok Bachat Yojana: This account is particularly aimed at people with very low incomes and in the GLP category (below the poverty line). Any minor in the BPL category can also open this type of account. Banks have switched to the monthly average balance setting to allow for better account management. A monthly average balance is the minimum average balance you must maintain at the end of the month. For CA operating accounts, whether for metro/city/semi-urban, the INR MAB is 5,000 and the penalty fee for non-maintenance is INR 800 per month. In the case of rural Accoy=Unts, the INR MAB is 2,500 and the penalty fee is INR 175 per month. This is a zero-balance account. No minimum balance or initial deposit is required. You will receive 20 free cheque sheets each year. As a depositor, you also get a free Rupay debit card and there is no annual maintenance fee. There is free access to BOM ATMs, where 3 and 5 transactions in non-BOM ATMs in metropolitan or non-metropolitan cities are free.

You had to keep a minimum balance in a savings account each month. This amount varies from bank to bank, but is usually between Rs.500 – Rs.2000. For the Royal Savings Bank, INR 1,000,000 is the minimum average monthly balance. In case of non-receipt of the same INR, 1,000 per quarter will be charged as penalties. Mahabank Savings Bank Scheme: This savings account can be opened by Indian residents individually or collectively. A minor may also open this account jointly with a parent or guardian. In addition to the general documents required to open a bank account, a person may also open an account with the bank through an existing account holder who acts as an “importer”. The importer must comply with the full KYC procedure and must also have an operational bank account with the bank for more than six months. Banks act as a resource whenever funds are needed. For the provision of a variety of services, banks require the maintenance of a minimum balance in the account holder`s accounts. This practice allows banks to have more deposits, and it leads to more money lent by complying with regulatory requirements for financial measures.

Banks also make a profit by charging a fee for non-compliance with the required balance. It is therefore an important aspect of the banking system. Mahabank Yuva Yojana: This account is for children between the ages of 10 and 18. The purpose of this account is to instill and instill in children the habit of saving money. For Purple Savings Bank, INR 3,000,000 is the minimum average monthly balance. In case of non-retention of it, no penalty fee will be charged. However, if this condition persists for 2 consecutive quarters, the bank can convert the purple account into a normal savings bank. In addition, benefits will also be withdrawn based on the merits of the account. This BOM savings account is designed to encourage children to get acquainted with banking and get into the habit of saving for the future.

Yuva Yojana Bank of Maharashtra`s account is for students/children with an age limit of 10 years and up to 18 years. The type of deposit is savings/term deposit/recurring deposit. Students can also take out educational loans at the time of admission to professional courses. But to be eligible for the loan, the account must have a sufficient history of more than 6 months. This is a zero-balance account. However, the average monthly balance should be at least Rs.