Savings Account Requirements and Overview of Bank of Maharashtra

by Gil on December 11, 2010

Bank of Maharashtra is the premier bank of Maharashtra, with operations in  the country of India. It is one of the nationalized banks in India along with  other big banks like SBI bank and Canara Bank.

Overview of Bank of Maharashtra

It was registered as a bank on September 16, 1935 with an authorized capital of Rs 10.00 lakh and started its business on February 8, 1936. Presently, the headquarters of Bank of Maharashtra is located in Lokmangal, Shivajinagar, Pune, India with Mr. Allen C.A. Pereira as its current Chairman.

Its major industries includes banking, capital markets and allied industries. It is popularly known as a common man’s bank. When it started business, it assisted small business units that produced the many industrial houses today in India. As of 2008, it has 1375 branches across India and continue growing its  numbers.

Savings account of the bank has the following characteristics:

  • Easy cash liquidity
  • The minimum deposit for this account is Rs.100/-
  • Withdrawals can be made through withdrawal slips or cheques
  • Nomination facility available
  • Introduction necessary

Tips on Opening a Savings Account at Bank of Maharashtra

You also need to bring and accomplished the following documents before you can have a savings account. These documents are the following:

1. Account opening form
2. Customer Information forms for all applicants / signatories
3. Identity Proof for each individual applicant
4. Address Proof for each individual applicant
5. Undertaking for account opened under relaxed KYC Norms, where Identity or address proof is not submitted
6. Undertaking by Guardian for Minor’s accounts
7. HUF Letter for Joint Hindu Family Accounts
8. Form 60 / 61 in case, PAN not available
9. In case of Non-Individual customers, Customer Information form for Non-individuals and all required

When opening a savings account, you may also request to add or enroll to your account a Mahabank Debit Card, phone banking, mobile banking and Internet banking. These added features are very helpful and beneficial for the account holders since it will give you direct access and updates of you bank account.

Bank of Maharashtra is a good option when choosing which bank to open a savings account. It has nice facilities beneficial for its customers like Internet banking, mobile banking and phone banking.

Previous post:

Next post: