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BONUS: BANK OF MAHARASHTRA WAS HONOURED WITH THE BEST MID-SIZED BANK AWARD AT THE BUSINESS TODAY BEST BANK AWARDS, PRESENTED BY SHRI RAHUL NARVEKAR, SPEAKER OF THE MAHARASHTRA LEGISLATIVE ASSEMBLY, A RECOGNITION OF THE BANK’S COMMITMENT TO INNOVATION, CUSTOMER SERVICE, AND FINANCIAL EMPOWERMENT.
A minimum balance is the lowest amount of money that a bank requires customers to keep in their savings account. If this amount falls short, the bank may charge a penalty as per its rules and policies.
In March 2025, Suresh had a total balance of ₹20,000 in his Bank of Maharashtra savings account. He made the following purchases:
The remaining balance amount was ₹500. But on the month of April 15, ₹300 was charged for not maintaining the Average Quarterly Balance (AQB). When he enquired about this, he bank employee informed him about the service charges made on charges for non-maintenance of the savings account, from April 11, 2025.
This blog delineates the Bank of Maharashtra's Minimum Balance.
Every bank fixes a minimum balance so that customers maintain financial discipline. In the Bank of Maharashtra, this balance depends on the type of account. The bank uses Average Quarterly Balance (AQB) for calculation, which means the average of all daily balances in three months.
Let us see an example.
In April 2025, Ravi, a software engineer in Mumbai, had an account with Bank of Maharashtra. He was supposed to maintain ₹2,000 as AQB. But his daily balances for three months often dropped below this level, leaving him with an AQB of only ₹1,200. This created a shortfall of ₹800. Since his shortfall came under the ₹500 to <₹1,000 slab, 15% of the shortfall was charged. Hence, a penalty of ₹120 was deducted from his account.
Read More – How to Avoid Hidden Bank Charges That Eat Up Your Savings
To understand better, here is a table showing the minimum balance requirements and penalties for different ranges:
This table explains how different accounts have different balance rules. Customers must be careful to avoid paying penalties unnecessarily.
The Bank of Maharashtra offers different savings accounts to meet the needs of students, professionals, and business owners. Each account has its own balance requirement, features, and benefits. Let us look at them one by one.
This is the most common account used by customers. It requires maintaining an Average Quarterly Balance (AQB) of ₹2,000.
For example, in February 2025, Sunita, a college student, had ₹2,500 in her account. She spent ₹1,800 on hostel fees and ₹400 on books. Her balance dropped to ₹300. Since she did not meet the AQB of ₹2,000, the shortfall was ₹1,700. The bank charged 20% of this shortfall, i.e., ₹340 penalty.
Benefits include:
This account is designed for professionals and requires a Monthly Average Balance (MAB) and AQB of ₹1,00,000.
Example: Amit, a lawyer in Pune, maintained only ₹80,000 on average instead of the required ₹1,00,000. His shortfall was ₹20,000. The bank charged him 15% of the shortfall, i.e., ₹3,000 penalty.
Benefits include:
This account is for high-net-worth customers and requires a Monthly Average Balance (MAB) and AQB of ₹3,00,000.
Example: Meera, a business owner in Nashik, maintained only ₹2,50,000 instead of ₹3,00,000. The shortfall was ₹50,000. As per the rules, 5% was charged, i.e., a ₹2,500 penalty.
Benefits include:
Suresh finds that the following charges implemented by the Bank of Maharashtra come into effect from April 11, 2025.
Metro and Urban Branch: Suresh is expected to have an Average Quarterly Balance (AQB) of ₹2,000
The following percentage of charges is implied under these calculations:
Example: If Suresh lacks ₹500 for the AQB of ₹2,000, then this is how the calculations go:
*T&C Apply
So the penalty amount to be paid by Suresh is ₹75.
Suresh must ensure that he maintains the required balance in his savings account, as specified by the Bank of Maharashtra. Let’s see how he can do it:
Therefore, Suresh should regularly check the total available balance in his savings account, as he spends too much, despite having a short balance of ₹20,000. Even a slight short fall, which is required for the total Average Quarterly Balance (AQB), incurs penalty charges.
Also Read - Bank of Maharashtra Net Banking - Comprehensive Guide to Online Banking
How to Check the Monthly Balance?
Let’s see how Suresh can check his Minimum balance every day from his comfort zone:
1. Missed Call Number
Suresh can give missed calls to the following numbers to know about the following banking details:
Note: Suresh can call only from his registered mobile number
2. Internet Banking
Suresh should register for net banking and create a username and password to log in to the portal of Bank of Maharashtra’s net banking portal. He may have a username like this:
After logging in, the home screen shows the total available balance.
3. Mobile Banking
Suresh should download the mobile banking app of the Bank of Maharashtra. He should create his secret credentials for logging. Then he can navigate it to the balance checking option, to know his total monthly balance, such as:
4. ATM
This is an easy method. Here, Suresh should go to the nearby ATM and swipe the card to check his bank balance. It will display the available balance like this:
The Bank of Maharashtra Minimum Balance is a rule that tells how much money you must keep in your savings account. If you don’t keep enough, the bank may charge a penalty.
Different accounts like Basic Savings, Royal, or Purple need different amounts of balance. If your balance is low, the bank charges a small percentage of the gap as a fee.
Today, Suresh learned how the bank checks the Average Quarterly Balance (AQB) and how penalties are charged. To avoid this, he must check his balance often and keep the required amount.
Everyone with a savings account should also check their balance regularly to avoid charges.
How is the penalty calculated if the Bank of Maharashtra Minimum Balance is not maintained across multiple quarters?
The penalty is calculated as a percentage of the shortfall and may compound if the gap continues over multiple quarters.
Does the Bank of Maharashtra's Minimum Balance requirement change based on branch location, such as rural vs urban branches?
Yes, rural branches often have a lower minimum balance requirement compared to metro or urban branches.
Can automated alerts be set up to track compliance with the Bank of Maharashtra Minimum Balance rules?
Yes, SMS and mobile banking alerts can be activated to notify you when your balance drops below the minimum.
How does the Bank of Maharashtra Minimum Balance policy affect linked services like debit card usage or cheque book issuance?
Some services, like free cheque books or ATM fee waivers, may be limited if the minimum balance is not maintained.
Is the Bank of Maharashtra Minimum Balance requirement waived for senior citizens, students, or government benefit recipients?
Yes, special account types for students, senior citizens, and DBT-linked accounts may have no or lower balance requirements.
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