Key Insights

The Bank of Maharashtra offers competitive interest rates to help your savings grow. Interest is calculated daily and credited to your account every quarter.
You can choose from a range of accounts, from zero-balance BSBDA accounts to premium Royal accounts, each with features designed to meet different needs.
Be sure to keep the required minimum balance in your account to avoid penalties and get the most from your account’s benefits.

Are you looking to make the most of your savings with a reliable public sector bank?

You have to try the Bank of Maharashtra savings account interest rate calculator to see how your money could grow and compare their rates. You can choose a better plan with the Bank of Maharashtra savings account interest rate.

You can think of this interest as a steady return on your savings. The bank calculates it every day based on your end-of-day balance, helping your money grow steadily over time. This process benefits all customers of the Bank of Maharashtra saving account interest rate for senior citizens.

I like seeing ongoing growth as a customer of Bank of Maharashtra. I want a Maharashtra Bank minimum balance for savings account that pays monthly interest on savings.

The regular returns are a big plus, and meeting the Maharashtra bank, which bank gives monthly interest on savings account.

Latest Bank of Maharashtra Savings Account Interest Rates 2025-26

Still letting your savings sit idle? Check out the latest Bank of Maharashtra savings account interest rates for 2025-26 and see how much more your money can earn.

Here is the list of the Bank of Maharashtra Savings Account interest rate 2025-26:

Amount	Existing Rate	Revised Rate
Upto ₹1Cr	2.75%	2.50%
Above ₹1Cr to ₹100 Cr	2.75%	2.60%
Above ₹100 Cr	2.75%	2.75%

Now’s the perfect time to check out higher-yield options that can boost your returns.

Bank of Maharashtra Savings Account Features & Benefits

Bank of Maharashtra provides dependable banking and several savings account options that offer great value.

Here is the list of the Bank of Maharashtra Savings Account Features and Benefits:

You can earn competitive interest, credited every quarter, and your deposits are insured up to ₹5,00,000.
Enjoy 24/7 access to your account through mobile or internet banking. Make payments, pay bills, and transfer funds using UPI, NEFT, or IMPS.
Choose from different account types, such as standard, zero-balance (Purple), or premium (Royal). Each has its own minimum balance requirement, like ₹15,000 AQB for the Smart Account.
You’ll have access to a cheque book, can set up a nominee, arrange standing instructions for regular payments, and receive SMS alerts.
Premium Perks (e.g., Smart/Purple Account): Free Cheque Leaves, complimentary domestic lounge access, and accidental insurance cover.

Choose the account type that fits your lifestyle to enjoy extra benefits and added security.

Bonus Tip: Get a free ATM-cum-Debit Card (RuPay or VISA, depending on your account type) for easy cash withdrawals and payments.

Bank of Maharashtra Savings Account Fees & Charges

You can get a clear picture of the key fees and charges for your Bank of Maharashtra Savings Account so you can bank with confidence.

Here is the list of the Fees and Charges of the Bank of Maharashtra Savings account:

BSS 15 accounts require an average quarterly balance of ₹15,000. If the balance is not maintained, there is a penalty of ₹750.
BSS 25 accounts need an average quarterly balance of ₹25,000. If this is not met, the penalty is ₹1,000.
Royal SB accounts require an average quarterly balance of ₹1,00,000. If the balance falls short, a penalty of 3% of the shortfall is charged, up to a maximum of ₹2,000.
Purple SB: ₹3,00,000 AQB, 3% of shortfall (max ₹3,500).
Regular (Metro/Urban): ₹2,000 AQB; tiered penalties (e.g., ₹38-₹75/month for shortfall).
For Regular accounts in semi-urban areas, the average quarterly balance required is ₹1,000. If not maintained, tiered penalties are charged, typically between ₹25 and ₹50 per month.
Regular (Rural): ₹500 AQB; tiered penalties (e.g., ₹10-₹20/month).

You can keep the required balance in your account to avoid extra fees and better control your costs.

Bank of Maharashtra Savings Account Types

Take a look at the savings accounts from Bank of Maharashtra. Each one is made to help meet different financial needs and goals.

Here is the list of the Types of Bank of Maharashtra savings accounts:

General & Tiered Accounts

A general savings account is a basic option for individuals. It requires you to keep a certain average balance each month.
The BoM Smart SB Scheme comes in two options: BSS-15 and BSS-25. These accounts offer extra features if you maintain an average quarterly balance of ₹15,000 or ₹25,000.
The Basic Savings Bank Deposit Account (BSBDA) is a zero-balance account that provides essential banking services. It is a good choice for students and people with lower incomes.

Premium Accounts

The Purple Savings Account is for residents looking for a more personal banking experience. To open this account, you need to keep a higher average monthly balance.
The Royal Savings Account is a premium option for individuals, HUFs, clubs, and trusts. It comes with special lifestyle benefits.

If you’re looking for a basic zero-balance account or a premium lifestyle option, we have a savings account that’s right for you.

Conclusion

Bank of Maharashtra provides reliable public sector banking with a range of useful features. You can use the savings account interest rate calculator to find an account that fits your balance and helps your savings grow. The bank also offers strong digital services and account benefits tailored to your needs.

FAQs

Is the interest calculated based on the amount in the savings account at the end of the quarter?

No, interest is not based only on the balance at the end of the quarter. Most banks use the daily balance method, which means they apply the interest rate to your balance each day. The interest you earn is then added to your account every quarter, or sometimes every month.

What's wrong with the Bank of Maharashtra?

Bank of Maharashtra (BoM) has some strengths, such as controlled NPAs and solid credit growth. However, investors are concerned about recent NIM compression, weaker stock performance compared to other banks, rising slippages, regulatory challenges for smaller banks, and past instances where the bank did not share details about large loan write-offs.

How does a bank give interest on a savings account?

Banks pay interest on savings accounts by calculating it daily based on your balance. They use the formula: Daily Balance × Annual Interest Rate / 365. The interest you earn is added to your account every month or every few months.

Why are savings account interest rates very high in India?

Savings account interest rates in India are not always very high, but some banks do offer competitive rates, often around 3-4% or more, to attract deposits. These rates depend on factors like RBI policies, inflation, competition for lending funds, and each bank’s strategies, such as monthly interest payouts or incentives for higher balances.

Is a PAN card mandatory for my savings account?

No, a PAN card is not required. If you do not have one, you can submit a declaration using Form 60 or 61 instead.