Bank of Maharashtra Minimum Balance: Charges & Rules

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What are the Minimum Balance Rules for Premium Savings Accounts?

How is the Minimum Balance Calculated?

Bank of Maharashtra averages daily closing balances across the month, not a single date snapshot.

The savings account interest page confirms balance and interest both run on daily products, meaning daily balance is recorded and then averaged. Dips on some days can be offset by higher balances on others, since only the monthly average matters.

Can you Avoid Minimum Balance Charges Permanently?

Yes. Switching to a zero balance account removes the requirement entirely.

• Apply for BSBDA through your home branch
• Switch to a salary-linked account if your employer offers one
• Pensioners and government scheme beneficiaries automatically qualify for exempt categories, per official service charges

Conclusion 

Bank of Maharashtra's minimum balance structure rewards planning. Regular account holders in urban branches should keep a buffer above ₹2,000 to avoid quarterly deductions. If maintaining a balance feels difficult, switching to BSBDA, a salary account, or a pension account removes the requirement altogether. Regular checking of the official service charge page is the best method to keep oneself abreast of the changes, as these charges do vary due to policy amendments.

FAQs

1. What is the minimum balance in Bank of Maharashtra savings account in urban area?

₹2,000 as average monthly balance, as per the official savings deposit page.

2. What is the minimum balance in Bank of Maharashtra for rural branches?

₹500 as average monthly balance, according to Bank of Maharashtra's service charges.

3. Does the Bank of Maharashtra have a zero balance account?

Yes, BSBDA and select schemes offer zero balance options for eligible customers.

4. What happens if I fail to maintain the Bank of Maharashtra minimum balance for two quarters?

Bank of Maharashtra may close the account after giving due notice, as stated in the service charges document.

5. Are Bank of Maharashtra salary accounts exempt from minimum balance rules?

Yes, Mahabank Salary Saving, Supreme Payroll, and GovPride accounts carry nil AQB requirement, as per official charges.

6. How is the Bank of Maharashtra minimum balance calculated, daily or monthly?

The minimum balance for Bank of Maharashtra is taken as the average balance per day for the whole month on the savings account page.

7. What should be the minimum balance of the Royal Savings Account?

Minimum average quarterly balance of ₹1,00,000 in the Royal Savings Account.

8. Is a PAN card necessary for opening a savings bank account in Bank of Maharashtra?

No, Form 60/61 can be submitted as an alternative.

9. Are pension accounts required to maintain a minimum balance in Bank of Maharashtra?

No, pension accounts carry nil AQB and nil charges, as per the service charges schedule.

10. What is the maximum penalty for non-maintenance?

Regular accounts cap at 20% of shortfall. Royal and Purple accounts carry separate quarterly caps, detailed on the service charges page.