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LoansJagat Team
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13 Min
01 Apr 2025
Bank of Maharashtra Zero Balance Account – Features, Benefits & Application Guide
Introducing Raj and Priya, a young couple from Pune, India. They looked for a savings account that didn't require them to keep a minimum level to manage their finances more effectively. Their inquiry led them to the Bank of Maharashtra's Zero Balance Account, a feature-rich alternative designed just for individuals like them.
To demonstrate the advantages, here's a comparison of the Zero Balance Account and a Regular Savings Account.
Features | Zero Balance Account | Regular Savings Account |
Minimum Balance Requirement | ₹0 | ₹2,000 |
Free Personalized Cheque Leaves | 40 per annum | 20 per annum |
Free Debit Card | Yes | Yes |
Monthly Withdrawal Limit | ₹10,000 | ₹25,000 |
The Bank of Maharashtra provides a Zero Balance Account through particular initiatives such as the Mahabank Salary Account and the Yuva Yojna Savings Scheme. These accounts are intended to give financial inclusion and flexibility to a variety of consumer segments.
Types of Bank of Maharashtra Zero Balance Account Overview
Bank of Maharashtra provides many zero-balance account alternatives to satisfy the diverse demands of its customers. The following is an overview of various accounts, highlighting their main features:
Account Type | Eligibility | Initial Deposit | Minimum Balance Requirement | Key Features |
Purple Savings Account | Resident individuals (sole or joint) | Zero balance | Monthly Average Balance (MAB) of ₹3,00,000 |
|
Royal Savings Account | Resident individuals (sole or joint), HUFs, Associations, Trusts, Clubs, Societies | Zero balance | Monthly Average Balance of ₹1,00,000 |
|
Yuva Yojana | Minors aged 10 to 18 years | ₹10 | No minimum balance requirement until the age of 18 |
|
BoM Smart Savings Account (BSS-15) | Resident individuals (sole or joint), HUFs | Zero balance | Average Quarterly Balance (AQB) of ₹15,000 |
|
BoM Smart Savings Account (BSS-25) | Resident individuals (sole or joint), HUFs | Zero balance | AQB of ₹25,000 |
|
How to Open Bank of Maharashtra Zero Balance Account Online & Offline
You can open a Zero Balance Account with the Bank of Maharashtra using both online and offline methods. Here's a thorough guide for each approach:
Online account opening using video KYC
The Bank of Maharashtra provides a Video-Based Customer Identification Process (V-CIP), which enables customers to open a savings account online without visiting a branch.
Step | Description |
| Ensure that you are an Indian resident above the age of 18 and do not already have an account with the Bank of Maharashtra. |
2. Gather Required Documents | Prepare your Aadhaar number, original PAN card, and a gadget with internet and a camera. Your phone number should be connected to your Aadhaar. |
3. Initiate Online Application | Visit the Bank of Maharashtra's V-CIP portal and click on the link to start the Video KYC process. |
4. Fill in Personal Details | Complete the online form with your personal information as prompted. |
5. Document Upload | Upload clear images of your PAN card and a specimen signature on white paper. |
6. Video Verification | Participate in a live video call with a bank professional to have your identification and papers verified in real time. |
7. Account Activation | After successful verification, your account will be enabled, and you will get account information via your registered email or mobile number. |
Offline Account Opening at a Branch
If you prefer a face-to-face experience, you can open an account offline by visiting a Bank of Maharashtra branch.
Step | Description |
| Find the nearest Bank of Maharashtra branch using the branch locator. |
2. Visit the Branch | Go to the chosen branch during working hours. |
3. Collect Account Opening Form | Request the Savings Bank Account opening form from the branch. |
4. Complete the Form | Fill in the form with accurate personal and contact details. |
5. Submit Required Documents | Please provide identity and address evidence as indicated in the form, as well as two current passport-sized pictures and your PAN number or Form No. 60/61. |
6. Verification Process | The bank will verify your documents and information. |
7. Account Activation | Once authenticated, your account will be authorized, and you will receive your account information and welcome kit. |
Bank of Maharashtra Zero Balance Account Fees & Charges
Bank of Maharashtra offers various zero-balance accounts, each with specific features and associated fees. Below is a table summarizing the fees and charges for these accounts:
Account Type | Minimum Balance Requirement | Charges for Non-Maintenance of Minimum Balance | Chequebook Facilities | Debit Card |
BoM Smart SB Scheme | Average Quarterly Balance (AQB) of ₹15,000 | ₹750 per quarter | 40 free personalized cheque leaves per annum | Free RuPay Platinum Debit Card |
BoM Smart SB Scheme | AQB of ₹25,000 | ₹1,000 per quarter | 60 free personalized cheque leaves per annum | Free RuPay Select Debit Card |
Purple Savings Account | Minimum Monthly Average Balance (MAB) of ₹3,00,000 | ₹400 per month | 200 free personalized cheque leaves per annum | Free specially designed personalized ATM-cum-Debit card |
Royal Savings Account | Minimum Monthly Average Balance of ₹1,00,000 | ₹400 per month | Up to 3 free demand drafts per month | Free RuPay Platinum Debit Card |
Bank of Maharashtra Zero Balance Account Interest Rates
Interest rates and benefits vary across all types of savings accounts. Any customer who opens a zero-balance savings account with the Bank of Maharashtra will be eligible to earn interest on their deposits, making this account an excellent choice for customers looking to grow their savings without having to worry about maintaining a minimum balance.
The Bank of Maharashtra's savings account interest rates are competitive and are periodically changed in accordance with the bank's policies and market conditions. Given below is a table for interest rates in respect of several sorts of savings accounts, including the types of savings accounts that can be kept with zero balance:
Interest Rates for Bank of Maharashtra Savings Accounts
Account Type | Interest Rate (per annum) |
Regular Savings Account | 2.75% |
Mahabank Purple Savings Account | 4.00% |
BoM Royal Savings Account | 4.00% |
Understanding the Interest Rates
- Regular Savings Account (2.75% p.a.)
- This is the standard savings account for all consumers.
- Interest is calculated on a daily balance and credited periodically.
- This account is suitable for those who like a simple, hassle-free banking experience.
- This is the standard savings account for all consumers.
- Mahabank Purple Savings Account (4.00% p.a.)
- In comparison to a standard savings account, it offers a greater annual interest rate of 4%.
- Customers may receive additional perks, such as free internet banking and personalized banking services.
- Suitable for high-value customers seeking premium banking services.
- In comparison to a standard savings account, it offers a greater annual interest rate of 4%.
- BoM Royal Savings Account (4.00% p.a.)
- This account, like the Purple Savings Account, offers premium banking benefits.
- Higher interest rates are offered as an incentive to customers who maintain larger deposits.
- This account, like the Purple Savings Account, offers premium banking benefits.
Eligibility Criteria for Bank of Maharashtra Zero Balance Account Opening
The Bank of Maharashtra provides a variety of zero balance savings accounts, each tailored to meet the diverse needs of its customers. The eligibility criteria for these accounts vary based on factors such as age, residency status, and compliance with Know Your Customer (KYC) guidelines. The table below summarizes the eligibility criteria for the various zero-balance savings accounts offered by the Bank of Maharashtra:
Account Type | Eligible Individuals | Age Criteria | Initial Deposit Requirement | Minimum Balance Requirement | Additional Benefits |
Regular Savings Account | Resident individuals (single or joint), Hindu Undivided Families (HUFs) | No specific age criteria; minors can open jointly with a natural or legal guardian | The account can be opened with zero balance | Monthly Average Balance (MAB) requirement; charges apply if not maintained | Interest earned on deposits; access to various banking services |
BoM Smart Savings Account | Resident individuals (single or joint), HUFs | Minimum age of 18 years for individuals | The account can be opened with zero balance | Average Quarterly Balance (AQB) of ₹15,000; charges apply if not maintained | Enhanced banking features; access to digital banking services |
Mahabank Purple Savings Account | Resident individuals (single or joint) | As per standard savings account guidelines | The account can be opened with zero balance | Minimum Monthly Average Balance (MAB) of ₹3,00,000; charges apply if not maintained | Special assistance from a Relationship Manager; personal accident insurance cover of ₹10,00,000; air accident death insurance cover of ₹50,00,00, etc |
BoM Royal Savings Account | Resident individuals (single or joint), HUFs, Associations, Trusts, Clubs, Societies | As per standard savings account guidelines | The account can be opened with zero balance | Minimum Monthly Average Balance (MAB) of ₹1,00,000; charges apply if not maintained | Special assistance from a Relationship Manager; personal accident insurance cover of ₹10,00,000; air accident death insurance cover of ₹50,00,00, etc. |
Yuva Yojana Savings Account | Minors aged 10 to 18 years | 10 to 18 years | The account can be opened with a deposit of ₹10 | No minimum balance requirement until the account holder reaches 18 years; after 18, standard minimum balance criteria apply | Account maintained by the minor; no checkbook supplied until the account holder reaches the age of 18; encourages savings practices among minors. |
PMJDY Savings Account | Unbanked individuals under the Pradhan Mantri Jan Dhan Yojana (PMJDY) | No specific age criteria; however, RuPay card insurance benefits are available to individuals aged 5 years and above | The account can be opened with zero balance | No minimum balance requirement. | Interest earned on deposits; RuPay offers debit card issuance, accidental insurance coverage of ₹1,00,000 (up to ₹2,00,000 for new accounts opened after August 28, 2018), and overdraft facility based on eligibility. |
Required Documents for Bank of Maharashtra Zero Balance Account Opening
To comply with Know Your Customer (KYC) rules, the Bank of Maharashtra demands specified documentation while opening a zero-balance savings account. Individuals, Hindu Undivided Families (HUFs), minors, and joint account holders are all required to provide different documentation. Below is a complete table detailing the required documentation for each category:
Applicant Type | Required Documents | Additional Notes |
Individuals | Proof of Identity (any one): - Passport - PAN Card or Form No. 60 / 61 (as applicable) - Voter’s Identity Card - Driving License - A signed NREGA job application and a letter from the Unique Identification Authority of India (UIDAI) with name, address, and Aadhaar number details. - Identity card (subject to the bank's approval). Proof of Address (any one): - Telephone bill - Bank account statement - Letter from any recognized public authority - Electricity bill - Ration card - Letter from employer (subject to the bank's approval). - Rent agreement adhering to the customer's address officially registered with the State Government or similar registration authority. | Originals must be presented for verification, with certified true copies submitted for the bank's records. |
Hindu Undivided Families (HUFs) | For Karta (head of HUF): - Proof of Identity (as listed above for individuals) - Proof of Address (as listed above for individuals) Additional Documents: - HUF Declaration Deed - PAN Card of HUF | The Karta must provide personal identification documents along with HUF-specific documents. |
Minors (below 18 years) | For Minors aged 10 to 18 years: - Proof of Identity - Proof of Address For Minors below 10 years (account operated by guardian): - Birth Certificate of the minor - Proof of Identity and Address of the guardian | Minors' accounts can be regulated independently if they are between the ages of 10 and 18; otherwise, they must be operated by a guardian. |
Joint Account Holders | Each candidate must provide separate proofs of identity and address. Proof of relationship between joint account holders, if applicable. | All joint account holders must comply with KYC norms. |
Bank of Maharashtra Zero Balance Account Helpline
Bank of Maharashtra offers several avenues to help consumers with their banking needs, including inquiries about zero balance accounts. Below is a table outlining the helpline's contact information:
Service | Contact Details | Availability |
Toll-Free Customer Care | 1800 233 4526 1800 102 2636 | General inquiries and help are available 24/7. |
Balance Enquiry (Missed Call Service) | 98333 35555 | Available to customers with registered mobile numbers; balance information is sent via SMS. |
Mini Statement (Missed Call Service) | 72878 88886 | Customers with registered mobile numbers can obtain the past five transactions by SMS. |
E-Statement Request (Missed Call Service) | 72878 88887 | Customers with registered mobile numbers can obtain a statement for the last 30 days via email. |
ATM Card Services (Hotlisting and Cash Withdrawal Issues) | 1800 233 4526 1800 102 2636 - Landline: 020-26104400 / 020-48527200) - Other Line: 020-27008666 (for hotlisting only) | For reporting lost/stolen cards or concerns with ATM transactions. |
Internet Banking Helpdesk | 1800 233 4526 1800 102 2636 | Assistance with Internet banking services and the MahaSecure application. |
WhatsApp Banking | 70660 36640 | Balance inquiries, mini statements, cheque book requests, and location of local ATMs or branches are among the services provided. |
Grievance Redressal (Head Office) | - Nodal Officer: Shilpa Shinde, Assistant General Manager, Customer Services and Grievances Redressal Cell - Address: 4th Floor, Janmangal Building, 1177 Budhwar Peth, Pune-411002 - Phone: 020-24504228, 020-24504211, 020-24504234, 020-24504223 - Email: agmcustomerservice@mahabank.co.in, cmcustomerservice@mahabank.co.in, hocomplaints@mahabank.co.in | For escalating unresolved issues |
Bank of Maharashtra Zero Balance Account Welcome Kit
The Bank of Maharashtra gives a thorough welcome kit to new zero balance account users, providing they have the tools they need to efficiently manage their finances. The following table summarizes the typical contents of the welcome kit:
Item | Description |
Account Opening Documents | Copies of the account opening form and terms and conditions for the customer's records. |
Passbook | A physical record of all transactions allows clients to keep track of their account activities. |
Cheque Book | A personalized chequebook with a set number of free cheque leaves per year. For example, the Mahabank Purple Savings Account provides 200 free personalized cheque leaves each year. |
Debit Card | A RuPay or Visa debit card, depending on the account type, allows for cash withdrawals, purchases, and other transactions. For example, the Mahabank Purple Savings Account has a specifically designed, personalized ATM/debit card with no maintenance fees. |
Internet Banking Credentials | Details for accessing the bank's online banking platform, which allows for digital transactions and account management. |
Mobile Banking Information | Instructions and credentials for mobile banking services, which enable account control via mobile devices. |
Information Booklets | Guides on utilizing various financial services, security tips, and other relevant data to assist customers with their banking experience. |
Conclusion
The Bank of Maharashtra Zero Balance Account is an ideal choice for consumers looking for a hassle-free banking experience without the need to maintain a minimum balance. With account options such as the Mahabank Purple Savings Account, Yuva Yojana, and BoM Smart Savings Account, the bank serves a wide variety of consumers, including students, salaried professionals, and high-net-worth individuals.
The account opening process is easy and flexible, allowing consumers to apply online via Video KYC or in person at a bank. The bank achieves compliance with KYC rules by requiring only minimal evidence for identification and address verification.
Overall, the Bank of Maharashtra Zero Balance Account is an excellent choice for people looking for a low-cost, feature-rich, and convenient banking account. Whether you're a student, a paid professional, or new to banking, this account offers financial convenience and security while encouraging a culture of savings.
FAQs Related to Bank of Maharashtra Zero Balance Account
What is a Zero Balance Account at the Bank of Maharashtra?
A Zero Balance Account enables consumers to maintain an account without the need for a minimum balance. It is ideal for students, salaried individuals, and new account users.
Who can open a Bank of Maharashtra Zero Balance Account?
Any Indian citizen, including students, salaried employees, pensioners, and senior citizens, can open this account after KYC verification.
Can I create a Zero Balance Account Online?
Yes, you can open a Zero Balance Account online using Video KYC without going to a branch. You can also apply offline at a branch.
Which documents are necessary to open a Zero Balance Account?
You need to provide your PAN card, Aadhaar card, passport-size photograph, and proof of address (if Aadhaar is not used).
Does the Bank of Maharashtra charge any fees for Zero Balance Accounts?
There is no maintenance fee for a Zero Balance Account. However, extra services such as checkbooks or debit card upgrades may incur modest costs.
Can I get a debit card with a Zero Balance Account?
Yes, a Rupay debit card is included free of charge with the basic Zero Balance Account options. Premium debit cards may incur additional charges.
Is internet banking and mobile banking available to Zero Balance Account holders?
Yes, all Zero Balance Account holders receive free online banking, mobile banking, and UPI services.
What interest rate is offered on a Zero Balance Account?
The interest rate fluctuates and is subject to change by the bank. It normally ranges between 2.75% and 3.50% per year.
Can I make a deposit or withdraw money at any time?
Yes, you can make deposits and withdrawals at any time using ATMs, branches, or digital banking. However, withdrawal limits may apply depending on the account type.
Does the account include a passbook?
A passbook is issued to all Zero Balance Account holders. You can also check transactions through internet and mobile banking.
Other Zero Balance Accounts | |||
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LoansJagat Team
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