Bank of Maharashtra Minimum Balance: Charges & Rules

Key Takeaways

• Bank of Maharashtra Minimum Balance for a basic savings account is ₹2,000 (AQB).
   
• Charges are 10%–20% of the deficiency, depending on the amount of balance lacking.
   
• Premium accounts such as Royal (₹1,00,000) and Purple (₹3,00,000) demand a greater balance.
   
• The balance can be easily checked through missed calls, the mobile app, internet banking, or an ATM.
   
• Periodic checks are recommended to prevent non-maintenance charges and to ensure the account remains active.

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:

• ₹5,000 for textile purchases
   
• ₹5,000 for house rent via UPI
   
• ₹3,000 for groceries
   
• ₹2,000 for monthly petrol charges
   
• ₹4,500 spent on a sudden medical expense.

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. 

Bank of Maharashtra Minimum Balance Requirement

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.

Types of Savings Accounts in Bank of Maharashtra

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.

Basic Savings Account

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:

• Free Mahabank VISA debit card
   
• ₹5,00,000 insurance coverage
   
• No TDS on interest earned
   
• Option to apply for a credit card

Mahabank Royal Savings Account

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:

• ₹50,00,000 air accident cover
   
• ₹10,00,000 personal accident death cover
   
• Free cheque books (100 leaves)
   
• Free Rupay ATM card
   
• Free Demat account for the first year
   
• Unlimited transactions

Mahabank Purple Savings Account

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:

• Personal assistant support
   
• ₹50,00,000 air accident insurance cover
   
• ₹10,00,000 accident death cover
   
• Free 200 cheque leaves
   
• Free Rupay ATM card
   
• High ATM transaction limit (₹1,00,000 per transaction)
   
• Free NEFT/RTGS/Demand Draft transactions
   
• Discounted Demat AMC charges

Bank of Maharashtra Non-Maintenance Charges

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:

• ₹1 to < ₹500: 10% of the shortfall
   
• ₹500 to < ₹1,000: 15% of the shortfall
   
• ₹1,000 to < ₹2,000: 20% of the shortfall

Example: If Suresh lacks ₹500 for the AQB of ₹2,000, then this is how the calculations go:

• 15% of ₹500 is ₹75.

So the penalty amount to be paid by Suresh is ₹75. 

Ways to Avoid Minimum Balance Penalties:

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:  

• One Financial Quarter: 3 months
   
• Account Type: Basic Savings Account
   
• Average Quarterly Balance (AQB): ₹2,000

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:

• Mini Statement: Should call 72878 88886 to get the last five transactions.
   
• E-Statement: Should call 72878 88887 to get the E-Statement to the registered email ID.

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:

• Example: suresh_1445

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:

• Available Total Balance: ₹18,321.75 

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:

• Available Total Balance: ₹18,321.75

Conclusion

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.

FAQs

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.

Apply for Loans Fast and Hassle-Free

Apply Now

About the Author

LoansJagat Team

We are a team of writers, editors, and proofreaders with 15+ years of experience in the finance field. We are your personal finance gurus! But, we will explain everything in simplified language. Our aim is to make personal and business finance easier for you. While we help you upgrade your financial knowledge, why don't you read some of our blogs?