Product and Services of Bank of Maharashtra

PRODUCTS & SERVICES
Credit Card
The Bank of Maharashtra credit cards offer simpler and smarter
solutions to all daily financial needs of an individual along with the
power to save while you earn. One may use their Bank of
Maharashtra credit card for all their needs ranging from shopping to
dining and holidaying to fuelling up. The Shop & Smile reward
Program of Bank of Maharashtra credit cards offer rewards points
against every single penny spend and reward points on your credit
card can be redeemed against either the outstanding balance or any
gifts from the rewards catalogue. The other special features of Bank
of Maharashtra credit cards are:
 Earn 1 Reward Point for every Rs. 100 spent on Bank of
Maharashtra credit cards.
 Accelerated reward points to offer 2.5% of Value Back on
departmental store and grocery purchases using Bank of
Maharashtra credit cards.
 Waiver of 2.5% fuel surcharge for fuel purchase done using the
Bank of Maharashtra cards.
 Bank of Maharashtra cards offers online facility to view Card
account summary, Hotlist lost or stolen credit cards or Request for
duplicate credit card statement of their Bank of Maharashtra credit
card
 Other value add services in bank of Maharashtra credit cards
includes balance transfer option , FLEXIPAY option to convert
credit card outstanding into EMIs, pay Bank of Maharashtra credit
card bills using 6 different options.

 State of the art online facilities to check the Bank of Maharashtra
credit cards eligibility, choose a Bank of Maharashtra card as per
requirement, and apply for a Bank of Maharashtra credit card.

 Bank of Maharashtra credit cards insurance cover protects the card
holder from any liability due to fraudulent transactions
The two types of credit cards offered by Bank of Maharashtra
are:
1. Bank of Maharashtra Gold card.
This bank of Maharashtra credit card comes with a onetime fee of Rs.
499.
The annual fees of Rs. 499 are waived off in case the Bank of
Maharashtra credit cardholders spends more than Rs. 75,000 in the
previous year. There is no Add-on fee as well for Bank of
Maharashtra cards
Other Features of Bank of Maharashtra Gold card
I. Reward Points:-
 After spending Rs. 100 using this card, customers can earn 1
reward point.
 The earned reward point could be used to redeem against gifts or
to pay outstanding balance of the gold credit cards offered by
Bank of Maharashtra.
II. Wide acceptability
 Bank of Maharashtra gold card can be used at over 3, 25,000
outlets in India and in more than 24 million outlets in the world.
 This card can be used at any outlets which accept MasterCard or
Visa card to make payment.
 Within 30 days of receiving the card, customers can get cash back
of Rs. 100 on first ATM cash withdrawal.
 This card also provides facility of add on card of family members
who are more than 18 years of age.
 Cash withdrawal can be done from 1 million Visa ATMs around
the world.
III. Utility Bill Payment Facility:-
 The Gold credit cards offered by Bank of Maharashtra makes life
simpler for the card holder through Easy Bill Pay facility mobile,
telephone, electricity and other utility bills payments. Fast Pay,
Auto Pay and Register Pay option is available.
IV. Railway Tickets Booking:-
 Railway tickets can be booked online and delivered using this
card. In order to do that, customer needs to visit the IRCTC
website and get registered, log in using his/her username and
password, needs to follow instructions on the website and then
using the SBI credit card, payment need to be made.
V. Balance Transfer on EMI:-
Customers can save money by transferring his outstanding credit
card balances of another bank to Bank of Maharashtra gold
credit card and get lower interest rate. The gross outstanding
shall be merged with the Bank of Maharashtra credit card bills
and later on paid in between 3 and 6 months. If the outstanding
balance from a Visa Credit Card is transferred, it will take 3
working days to complete the transfer of the amount. In case,
the other bank card is not Visa, then customer will get a cheque
of the particular amount within 5 working days. A penalty of 3%
of the outstanding balance will be charged if the balance transfer
facility is closed before the tenure completion.
VI. Online facilities
State of the art online facilities to check the Bank of
Maharashtra credit cards eligibility, choose a Bank of
Maharashtra card as per requirement, and apply for a Bank of
Maharashtra credit card and later on access the credit card
account online. In order to get this benefit, customer needs to
log on to sbi website using the username and password for their
card account and register their Bank of Maharashtra credit card
with their account.
VII. Easy Money:-
Against the cash limit on Bank of Maharashtra credit card, a cheque
or draft can be received and delivered to home using Easy Money
facility. For booking Easy Money, customer needs to login to sbi
card website & register their Bank of Maharashtra credit card.
VIII. Flexipay:-
Flexi pay is a facility offered on register their bank of Maharashtra
credit card wherein transactions can be converted into monthly
installments. It could be paid in a period of 6, 9, 12 and 24 months. At
first, a purchase of Rs 2,500 or more is to be made using this card in
order to get the EMI conversion offer from the bank. Within 30 days
of purchase, customer needs to visit the online banking website of
SBI in order to convert a big-ticket purchase to flexipay.
IX. SBI Card Drop Box Locator:-
The customer can get information regarding nearby drop boxes by
sending an SMS to the customer service number provided by Bank of
Maharashtra. The card holder can dop a cheque within the due date to
make the required payment.
X. Extended Credit:-
In case the outstanding balance of previous months for Bank of
Maharashtra credit cards are already paid, then there is an interest free
period of 20 to 25 days for retail purchases.
XI. Insurance Cover
The Bank of Maharashtra credit card insurance scheme ensures cover
against any adverse liability in case of fraud on the Bank of
Maharashtra credit card.
Charges & Fees for Bank of Maharashtra credit card
a. Fee: -
From the date of withdrawal, 3.35% per month is the finance charge
amounting to 40.2% per annum.
In domestic ATMs, cash advance fee is 2.5% of withdrawal amount
or INR 300 per transaction, whichever is higher. For international
ATMs, it is 3% of the withdrawal amount or INR 300, whichever is
higher.
b. Other Charges related to Bank of Maharashtra Credit Card:-
I. Rs. 100 for card replacement.
II. Rs. 99 for reward redemption fee of rewards.
III. Rs. 100 for Cash OTC fee, actual cost of card with a minimum of
Rs.175 in case of emergency card replacement outside India.
IV. In case of cheque bounce, 2% of the cheque dishonor amount
(min-INR 350 and max-INR 500). For over limit, 2.5% of the over
limit amount (minimum of INR 350) needs to be paid
V. Rs. 225 per charge slip for charge slip retrieval and Rs. 100 for
statement retrieval need to be paid accordingly.
VI. For foreign currency transaction, 3.5% is the conversion mark.
c. Late payment charges:
 For amount due from Rs 0 to Rs 200, cardholder doesn’t need to
pay.
 For amount due more than Rs. 200 and up to Rs. 500, Rs.100
needs to be paid.
 For amount due more than Rs. 500 and up to Rs. 1,000, Rs. 200
needs to be paid.
 For amount due more than Rs. 1,000 to and up to Rs. 10,000, Rs.
500 needs to be paid.
 For amount due more than Rs. 10,000, Rs. 750 needs to be paid.
d. Surcharge:-
If customer purchases railway ticket at counter using SBI
Gold credit card, then the surcharge applicable is Rs. 30 plus
2.5% of the transaction amount and if he purchases his ticket
online, then the surcharge will be 1.8% of the transaction
amount with service charge.
If customer purchases fuels or other products available at
petrol pumps, then, for each transaction between Rs. 500 and
Rs. 3,000, he will get a surcharge waiver of 2.5% exclusive
of GST.
Note: -
 Only local cheques are accepted for receiving payment.
 On fees, charges and interest, service charges are applicable.
Bank of Maharashtra platinum card

The key features of Bank of Maharashtra platinum credit card are
 Bank of Maharashtra Platinum Credit Card is an elite class credit
card offered to enhance every congenial experience in life.

 Welcome Gift & Anniversary Gift worth Rs. 3,000 from any one
of the VISA retail Partners on the bank of Maharashtra credit card.

 The platinum Bank of Maharashtra cards offers Spend Rewards as
1 Free Domestic One Way Air Ticket from Indigo Airlines or Gift
Voucher worth Rs. 3,000
 Complimentary membership airport lounge access program with
over 600 airport lounges worldwide for Bank of Maharashtra
credit cardholders.

 Bank of Maharashtra platinum card can be used in 2, 85,000
outlets in India and in more than 2 million outlets in the world.

 Bank of Maharashtra credit cards insurance cover to protect the
card holder from any financial loss or liabilities.
Other Features of Bank of Maharashtra platinum card
Easy Money:-
 Against the cash limit, a cheque or draft can be received and
delivered to home using Easy Money facility. For booking Easy
Money, customer needs to login to the card issuer website.
Flexipay:-
 Flexipay is a facility wherein transactions can be converted into 3
monthly installments. It could be paid in a period of 6, 9, 12 and
24 months. At first, a purchase of Rs 2,500 or more needs to be
made using this card. Within 30 days of purchase, customer needs
to visit sbi website and then convert it into flexipay.
Railway Tickets Booking:-
 Railway tickets can be booked online and delivered using this
card. In order to do that, customer needs to visit irctc.co.in and get
registered, log in using his/her username and password, needs to
follow instructions on the website and then using the SBI credit
card, payment need to be made.
Utility Bill Payment Facility:-
 With the help of Easy Bill Pay facility mobile, telephone,
electricity and other utility bills can be paid. Fast Pay, Auto Pay
and Register Pay option is available.
Extended Credit:-
 If outstanding balance of previous months is already paid, then
there is a interest free period of 20 to 25 days. It is only for retail
purchases.
Online facilities
State of the art online facilities to check the Bank of
Maharashtra credit cards eligibility, choose a Bank of
Maharashtra card as per your requirement, and apply for a Bank
of Maharashtra credit card through Paisabazaar. In order to get
this benefit, customer needs to log on to the card issuer website
using the username and password and register their bank of
Maharashtra credit card.
Bank of Maharashtra credit card fees – Platinum card
There is a onetime fee of Rs. 2,999 needs to be paid by the customer
annually for this card. However, in the previous year, if total
purchases made by the customer are more than INR 2 lakhs, he will
get vouchers of INR 3,000 as renewal gift.

Minimum amount due- For purchases minimum amount due could
be 5% of total outstanding balance as per most recent statement.

Cash Advance Limit - Up to 80% of credit limit. Customer can
withdraw maximum Rs. 15,000 per day.

Finance Charges- Customer needs to pay a finance charge up to
3.35% per month.

Cash Advance Fee: - From the date of withdrawal, 3.35% per month
is the finance charge amounting to 40.2% per annum. In domestic
ATMs, cash advance fee is 2.5% of withdrawal amount or INR 300
per transaction, whichever is higher. For international ATMs,
conversion mark is 3.5%.

Other Charges related to this card:-
I. Rs. 90 for cheque book.
II. Rs. 100 for card replacement.
III. Rs. 99 for reward redemption fee.
IV. Rs. 100 for Cash OTC fee, actual cost of card with a minimum of
$175 in case of emergency card replacement outside India.
V. In case of cheque bounce, 2% of the cheque dishonor amount
(min-Rs. 350 and max-INR 500) is charged by Bank of
Maharashtra in every instance. For over limit, 2.5% of the over
limit amount (minimum of Rs. 350) needs to be paid to the card
issuer.
VI. Rs. 225 per charge slip for charge slip retrieval and Rs. 100 for
each statement retrieval needs to be paid accordingly.
VII. For foreign currency transaction, 3.5% is the conversion amount is
charged as mark-up.
Surcharge:-
If customer purchases railway ticket at counter using SBI
Platinum credit card, then the surcharge applicable is INR 30
plus 2.5% of the transaction amount and if he purchases his
ticket online, then the surcharge will be 1.8% of the transaction
amount with additional service charge.
If customer purchases fuels or other products available at petrol
pumps, then, for each transaction between Rs. 500 and Rs.
4,000, he will get a surcharge waiver of 2.5% exclusive of GST.
 Only local cheques are accepted for receiving payment.
 On fees, charges and interest, service charges are applicable.
 These vouchers cane be redeemed at Shopper Stop, Lifestyle,
Jabong and Raymonds outlets.
 Customers can also get access to over 300 golf courses across the
globe. 30% discount on the green fee is available as well.
Moreover, cash can be withdrawn from more than 1 million Visa
ATMs across the world. This card also provides facility of add on
card of family members who are more than 18 years of age.
Balance Transfer on EMI for Bank of Maharashtra platinum
card
 Customers can save money by transferring his credit card balances
of another bank to Bank of Maharashtra platinum card and get
lower interest rate. It could then be paid in between 3 and 6
months. To do this, he needs to transfer the balances of all the
other cards onto his SBI-Bank of Maharashtra Card. If the
outstanding balance from a Visa Credit Card is transferred, it will
take 3 working days to complete the transfer of the amount. It
could then be paid in between 3 and 6 months. In case, the other
bank card is not Visa, then customer will get a cheque of the
particular amount within 5 working days.
 In order to get this benefit, customer needs to log on to the sbi
card website using the username and password and register their
Bank of Maharashtra platinum card.
How to apply for Bank of Maharashtra credit cards
 Interested applicant can apply for a credit card offered by Bank of
Maharashtra online by visiting the paisabazaar.com website.
 Select the BOM credit card of your choice from the list of cards
available online.
 The page would redirect automatically to the BOM credit card
section on the SBI webpage.
 Applicants can check the necessary Bank of Maharashtra credit
cards documents & other BOM credit card details and select the
variant of Credit card from Bank of Maharashtra they want to
apply. The application can be tracked online as well using the
unique identification number.
Debit Card
Bank of Maharashtra started operations in 1936 in Pune, Maharashtra.
The bank opened its second branch in the year 1938 in Fort, Mumbai.
The third branch was opened at Gymkhana, Pune, Maharashtra in
1940. In 1944, Bank of Maharashtra was declared as Scheduled Bank
and in 1946, the bank crossed deposits of Rs 1 crores. In the same
year, Bank of Maharashtra formed a fully owned subsidiary known as
The Maharashtra Executor & Trustee Company. It opened its first
official branch outside of Maharashtra in Hubli (Mysore), Karnataka.
In 1985, our then Prime Minister of India Mrs. Indira Gandhi
inaugurated the 500th branch in Mumbai, Maharashtra. Two years
later in 1987, 1000th branch was inaugurated at Indira Vasahat,
Bibwewadi, Pune by our then Vice President of India Dr. Shankar
Dayal Sharma. Since then, the bank has seen an upward growth
journey and has backed several awards and recognitions.
Bank of Maharashtra launched an array of RuPay cards in 2013 in
Delhi, and in 2016, the bank crossed the milestone figure of Rs 2.50
lakh crores.
Bank of Maharashtra has designed online shopping & payment
services to help users make payments easily for availing any goods
and services online through Internet Banking Facility. It is a special
feature to aid online payment facility through secure transactions.
This facility is available to all the existing customers of Bank of
Maharashtra.
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Bank of Maharashtra ‘Maha Amulya Rewardz’ Program

Bank of Maharashtra (BoM) has introduced ‘Maha Amulya
Rewardz’, a loyalty benefit program for every BoM user. Through the
Amulya Rewardz Program, a customer can earn Amulya Points every
time he/ she makes a transaction through the Bank of Maharashtra
debit card.
Why choose a Bank of Maharashtra ATM Card?
The debit card users of Mahabank get facilitated with numerous
benefits. Below are some of the common benefits of using a
Mahabank debit card:

 The Mahabank VISA debit card allows its users to use the debit
card at any VISA accredited ATM and to access the savings or
current account.
 The bank also allows its debit card users to purchase any product
or service at recognised retail outlets.
 A Mahabank card user can directly debit money to his savings
account through online facility.
 Users have 24/7 cash withdrawal facility of up to Rs 20,000 per
day.
 The debit cards do not have any joining fees.
 Highly safe and secure transactions ensured.
Key benefits of Mahabank International Debit Card
Below are the key important benefits of Mahabank International Debit
Card:

 It is one of the most widely accepted international debit card
which allows its users to withdraw money from any recognised
ATM worldwide, given the ATM has a VISA logo.
 Shop cashlessly by paying for any products using your Mahabank
international VISA debit card at any POS terminals across the
globe.
 A Mahabank debit card user can get a mini statement from any
Bank of Maharashtra ATMs.
 The debit card users can withdraw cash from any linked account
from Bank of Maharashtra ATMs.
 The debit cardholders can change their ATM PIN from any Bank
of Maharashtra ATM.
 Bank of Maharashtra also benefits its users with lost card liability
cover. It is available on the transactions made after the date of loss
of card as reported.
 24/7 customer care facility.
 No service charges on any transactions at any POS terminals.
 Mahabank debit cards are issued for a period of 10 years.
 Add-on card benefits available to the joint account holders of the
primary account.
Important tips to consider while using Mahabank Card
 The maximum cash withdrawal limit at Mahabank ATMs is up to
Rs 10,000.
 Debit card users can withdraw up to 5 times per calendar month
from any other bank for free. Any transaction above the minimum
transaction limit is chargeable and the bank will levy Rs 20 per
transaction.
 If the current account holder makes any transaction from any other
bank’s ATM, then the bank has the right to charge up to Rs 20 per
transaction.
 Bank of Maharashtra charges Rs 100 + service tax 2 year
nd
onwards as an Annual Maintenance Fee on ATM cum debit card.

Documents required to apply for a Mahabank Debit Card
Address Proof: Telephone bill, Electricity bill, Bank account
statement, Ration card, Letter from employer, Letter from recognised
public authority, Rent agreement.
Identity Proof: PAN Card, Passport, Voter ID Card, Diving License,

Job Card Letter issued by the UIDAI containing Name, Aadhaar
Number, Address, letter from recognised authority.
Who can have a Mahabank debit card?
 Savings account holders (Singly or Jointly)
 Minors above the age of 10 years holding a Mahabank savings
account
 Individuals with current account, Overdraft account, savings
account
 NRI individuals singly or jointly
Education Loan
The cost of education has been steadily rising and consequently,
education loans are gaining more popularity. Students are finding it
the one-stop solution to cope with the rising fee structure of higher
studies from recognized educational institutions. The scheme for
education loans first came into existence in 1995, having been
initiated by State Bank of India. Many other public and private sector
banks started offering student loan schemes thereafter. The
momentum increased in the beginning of the 21st century after RBI
included education loans as part of priority sector lending for banks.
Soon after, the Indian banking sector actively started including loan
for courses in their banking solutions.
Bank of Maharashtra is one of the prominent public sector banks in
our country. It offers a spectrum of banking services to its customers
ranging from deposits schemes to savings account to home loans,
personal loans and education loans. It also focuses on providing debit
cards and credit cards facilities to its customers. A Bank of
Maharashtra education loan helps students to continue their higher
education from educational institutions in India or abroad of their
choice without having to worry about their finances.
Bank of Maharashtra offers Education loan to students to enable them
to pursue higher education both in India and abroad without the worry
of finances. The bank finances the Education undertaken by the
students when they avail of the Education Loan. The bank offers two
types of Education Loans. One is the basic Education Loan to
students and the other is the Loan under Interest Subsidy scheme as
mandated by the Government. Let us discuss each one of them in
details.
1. Education Loan – A student loan scheme issued to students to
pursue higher studies in India or abroad. The features of the loan
are as follows:
 For studies in India, the eligible courses covered under the loan
are graduation courses from colleges under Universities approved
by the UGC, other courses leading to a diploma or degree
conducted by colleges or universities approved by UGC /
Government / AICTE / AINMS / ICMR, etc.
 For studies abroad, the list of courses covered under Bank of
Maharashtra education loan includes job oriented professional,
technical, PG courses or Post-graduation like MBA, MCA, MS,
etc.
 The maximum amount of Bank of Maharashtra education loan that
a student can avail for studying in India is Rs.10 lakh. For
studying abroad, the maximum amount of available loan is Rs.20
lakh
 Up to a loan amount of Rs.4 lakh, no security is required to be
pledged to the bank against the loan
 Above Rs.4 lakh and up to Rs.7.5 lakh, a security in the form of a
guarantor is required. An agreeable third party guarantee is
enough in these cases. For loan amounts above Rs.7.5 lakh, a
collateral security is required whose value should be the quantum
of loan granted after providing the margin requirement of the bank
along with 2 acceptable guarantors.
 If computers are purchased for the course, the same should be
hypothecated to the bank.
 Up to Rs.4 lakh of the loan amount there is no requirement of any
margin money. For loans above Rs.4 lakh, a 5% margin is
required for studies in India which increases to 15% for studies
abroad
 During the moratorium period, simple interest is charged on the
loan. A discount of 1% can be availed on the interest if regular
interest is paid by the borrower during the moratorium period.
This concession is applicable only during the moratorium period
or the repayment holiday mentioned in the tenure of loan.
 There is no loan processing fee charged by the bank from the
borrower for processing the loan
 For loan amount of up to Rs.7.5 lakhs, repayment period can be up
to 10 years and for the loans of above Rs.7.5 lakhs, repayment
period can be up to 15 years.
 The moratorium period is calculated as the course duration plus 1
year/6 months after getting a job whichever is earlier.
Eligibility: The education loan eligibility criteria are provided below:
 The student should be a Resident Indian and must have secured
admission through an Entrance test or merit based selection
process
 The parent or guardian of the student should act as a co-borrower
to avail the loan
Applying for Education Loan from Bank of Maharashtra

 Applying Online
Like other banks in the sector, the Bank of Maharashtra has also
facilitated the online application process for applicants desirous of
availing Bank of Maharashtra Education Loan. The steps include:
The bank asks the applicant to provide his personal details which
would be required to match the criteria which is required to be
fulfilled by every individual who wants to avail of an Education Loan
from the bank. If the applicant successfully matches the criterion list,
the bank does not hesitate to approve and sanction the funds
demanded as loan. The applicant would simply have to complete the
documentation which is the next important step towards availing the
funds. The online application mode of availing the loan has made
taking loans both easy and transparent. The candidate can provide his
details and see how the bank uses it to match the criterion. He can
also check his application status to gauge how soon the funds would
be available to an applicant.
Another way of online application of Bank of Maharashtra education
loan is through Paisabazaar.com. This is the most hassle-free method
of applying for education loan, you just need to fill up some details
and click “apply”.
 Applying Through Branch
Application through the bank’s branches is also possible as the bank
has a wide network of its branches to cater to every banking need of
the individuals. The loan department is present in every branch and an
applicant has to approach this department, inquire about the loan
formalities, complete the same and the loan would be easily granted.
 Checking Loan Status
The bank takes precautions while granting a loan to an applicant. All
his details are analysed and later verified to ensure adherence to the
legibility criteria of the bank. This takes some time and if the
applicant wants, he can check the loan application status online
without having to visit the bank’s branch. The applicant needs to log
on to the website of the bank and on the page of Education Loan there
would be a ‘Know Your Loan Application Status’ option. Clicking
this option would open a new page. The applicant should then provide
the application details in that new page which would then display his
loan status.
Features of various Bank of Maharashtra Fixed Deposit
Schemes
Mahabank Term Deposit Scheme
A deposit scheme designed to save tax under Section 80C of the
Income Tax Act. The features of the scheme are as follows:

 Individuals or HUF can open the account either solely or jointly
 Interest rate on deposits ranges from 4.50% to 7.51% p.a.
 Minimum deposit amount is Rs.100
 Minimum deposit tenure is 5 years
 Deposit can be accepted in MIDR / QIDR / FDR / CDR schemes
with interest payable half-yearly / quarterly / monthly / or in lump
sum on maturity respectively
 Interest earned on the deposits will be taxed under section 194A or
195 of the Income Tax Act
 Premature withdrawal is not allowed before the expiry of 5 years
 Deposits can be transferred easily from one branch of the bank to
the other
 Nomination facility is available
 Trading, pledging and loan against deposit is not allowed
Bank of Maharashtra Recurring Deposit Scheme
A scheme where investment is to be made every month.The features
of the deposit are as follows:

 Any individual, firm, partner, company or minors can open the
account
 Minimum monthly deposit is Rs.50
 Minimum term of deposit is 6 months
 Deposits can be made in cash every month or by placing a
Standing Instruction of the existing Savings or Current Account to
debit the requisite amount every month
 Penalty levied on late payments
 Interest is payable on maturity
 Loan facility is available at up to 90% of the deposit amount
 Deposit can be easily transferred from one branch of the bank to
the other
 Nomination facility available
Bank of Maharashtra Monthly Interest Deposit Scheme
A scheme which provides monthly incomes in the form of interest
earned on deposits. The features are:

 Account can be opened by an individual, minor, joint depositors,
firms, corporates, clubs, etc
 Minimum amount of deposit is Rs.1000
 Monthly interest payable is calculated at a discounted rate
 Minimum deposit period is of 12 months
 Interest will be credited monthly to the savings, current or
recurring deposit account
Bank of Maharashtra Quarterly Interest Deposit Scheme
A scheme where quarterly interest is paid on deposits. The features of
the deposit are as follows:

 Account can be opened by an individual, minor, joint depositors,
firms, corporates, clubs, etc
 Minimum amount of deposit is Rs.1000 and thereafter in multiples
of Rs.100
 Deposit can be made for a period of 12 months or 1 year to a
maximum of 120 months or 10 years
 Interest will be calculated and credited quarterly to the savings,
current or any other account
Cumulative Deposit Scheme (CDR)
A scheme with quarterly compounded interest. The features are:

 An individual either solely or jointly can open the account
 A firm, corporate, club, etc. can also open the account
 Interest is calculated quarterly and is reinvested with the principal
to earn future interest which is paid cumulatively on maturity
 Minimum amount of deposit is Rs.100 and thereafter in multiples
of Rs.100
 Deposit can be made for a period of 6 months or 0.5 year to a
maximum of 120 months or 10 years
 TDS will not be applicable if duly filled Form 15G or 15H are
submitted
 The customer may give the bank instructions to renew his deposit
automatically
Maha Millionaire Scheme
A Recurring Deposit scheme with Rs.10 lakhs payable on maturity.
The features are:

 Account can be opened for a minimum period of 1 year and in
multiples of a year thereafter up to a maximum of 10 years
 The interest rate on the deposit is 8.25% p.a. for individuals and
8.75% p.a. for senior citizens
 A free insurance coverage of Rs.1 lakh
 Senior citizens, staff members and retired members of the staff are
eligible to earn a higher rate of interest
 Monthly installments will be calculated taking into consideration
the term and interest to reach a maturity value of Rs.10 lakhs or a
million
 Deposit can be encashed any time
Maha Lakhpati Scheme
A scheme where at least Rs.1 lakh is payable on maturity. The
features are:

 Account can be opened for a minimum period of 1 year and in
multiples of a year thereafter up to a maximum of 10 years
 Interest rates on the deposit is 8.25% p.a. for individuals and
8.75% p.a. for senior citizens
 Senior citizens, staff members and retired members of the staff are
eligible to earn a higher rate of interest
 Monthly installment will be calculated taking into consideration
the term and interest to reach a maturity value of Rs.10 lakhs or a
million
Gold Loan
Bank of Maharashtra offers Gold Loan under the name of Mahabank
Gold Loan Scheme. The loan is granted against gold ornaments and
jewelry pledged by the customers to the bank. Let us look at the loan
in details.
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Mahabank Gold Loan Scheme

The loan scheme offered by the Bank of Maharashtra offers loan
against gold ornaments and jewelry of the customers for meeting any
sort of expenses faced by the borrower. The features of the loan
scheme are as follows:

 The loan is issued to meet personal expenses of the borrower
which includes expense incurred on marriage, for higher
education, medical emergencies, business related travel expenses,
etc.
 The loan is offered as a Term Loan or as a Cash Credit facility to
the customer
 The maximum repayment period under the loan scheme is 12
months or 1 year. Thus, the customer has to pay back the loan
amount within the maximum tenure of 12 months. The actual
repayment period will depend on the repayment capacity of the
borrower and can be chosen as per the borrower’s discretion as
long as it is within 12 months. The loan can also be repaid as
bullet payment but interest is to be serviced regularly every month
 Loan is available against gold ornaments or jewelry worth 22
Karats or above. Loan is not granted against bullion or primary
gold
 The minimum amount of loan available is Rs.20, 000 and the
maximum amount of loan available is Rs.5 lakhs after meeting the
Loan To Value (LTV) requirement which is 75%
 The gold is valued at RS.1950 per gram of 22 Karat gold
ornaments. The Loan to Value ratio is 75% of the market value of
net weight of gold ornaments excluding the stones attached to the
ornaments or jewelry to be pledged. The loan offered will be
lower of the above two things, i.e. valuation of gold per gram or
the LTV ratio subject to the minimum and maximum limit of
Rs.20, 000 and Rs.5 lakhs respectively.
 There is a processing charge of Rs.500 for processing the loan
payable by the borrower
Eligibility:

 The loan is available to all individuals against their gold
ornaments or jewelry
 The age of the applicant should be a minimum of 18 years while
applying for the loan. The maximum age for loan application is
limited to 70 years.
Home Loan
Bank of Maharashtra offers home loans to existing as well as new
standalone borrowers. Bank of Maharashtra home loans are extended
in a lot of variants, designed specifically to meet the needs of
individuals.
Types and features of housing loans offered by Bank of

Maharashtra
Key Features of Maha Super Housing Loan Scheme: For

repairs/renovations/alterations of existing houses/flats for standalone
borrowers. The Bank of Maharashtra home loan offers multiple
features which are:

 It is a multipurpose loan extended towards renovation, repairs, and
alterations of existing houses or flats for new standalone
borrowers on an encumbered housing property.
 This loan is extended in the form of term loans.
 This loan can be availed by salaried professionals with a minimum
job experience of 1 year in his current organization. The applicant
must be a permanent and confirmed employee of the organization.
Temporary employees or interns are not applicable for this loan.
 This loan can also be availed by Self-employed professionals and
businessmen.
 This loan is also extended to pensioners, holding a pension
account with the bank and having a steady and good source of
income.
 An applicant whether salaried, self-employed non-professional or
a self-employed professional can apply for a Bank of Maharashtra
home loan only after reaching 21 years of age, i.e. an applicant
below the age of 21 years is not deemed eligible for a loan with
the bank.
 Bank of Maharashtra home loans are offered under floating rate
type method, and the interest on the same is calculated on a daily
basis payable at the end of each month.
 Even Farmers with a minimum land holding of 5 acres and a
steady source of income can apply for Bank of Maharashtra home
loans.
 The bank does not require any minimum or maximum margin for
the purpose of extending this loan.
 The bank requires a collateral security in the form of equitable or
registered mortgage on the value of the housing property in
question.
 The loan is sanctioned based upon the annual income of the
applicant. The amount of minimum income of the applicant, in
order to attain the required Bank of Maharashtra home loan
eligibility varies depending upon the business profile of the
applicant.

A salaried professional with a minimum annual income of RS.3
lakhs is eligible for getting a loan from the bank. The income to be
considered in this case is the last year’s income.
 A non-salaried professional or a businessman with a minimum
annual income of RS.3 lakhs is eligible for getting a loan. The
income to be considered in this case is the last year’s income.
 For applicants engaged in agriculture and such allied activities, the
minimum annual income limit is set at Rs.3 lakhs. Any applicant
having an income of less than Rs.3 lakhs is not deemed eligible for
a loan with the bank and cannot apply for the same.
Loan Amount: The amount of loan to be sanctioned depends upon
the value of the property and the cost of renovation or extension work
for which the loan has been taken. The income and the area of
residence of an applicant is also a deciding factor in this matter.

1. Amount of loan on the basis of value and Cost:
 The amount of loan to be sanctioned can be equal to 100% of the
actual cost of repairs, renovations or alterations.
 The maximum loan amount can reach up to 25% of the realizable
value of the property as per the latest valuation report. The report,
however, should not be older than three months.
 However, the lower of above two amounts will be considered for
the purpose of sanctioning the loan.
2. Amount of Loan on income:
 The bank also provides the facility of adding the incomes of
applicant’s close relatives such as Spouse, Son, Daughter,
Brothers or sisters in order to increase the repayment capacity of
applicant.
 However, in the case of proprietary concerns, partnership firms
and self-employed professionals, the cash accruals of the entity
will be considered as total income of an applicant.

3. Amount of Loan on the basis of Area of Residence:
 Even though no maximum amount of loan limit is set upon the
loans applied by applicants residing in Metros and Urban Cities, A
limit of Rs.10 lakhs is set for applicants applying for Bank of
Maharashtra housing loan from rural and semi urban areas. It
means that an applicant from rural and semi urban area cannot
apply for a loan amount higher than Rs.10 lakhs.
Bank of Maharashtra Home loan Repayment Tenure: Loans
offered by Bank of Maharashtra have a maximum repayment period
of 20 years, i.e. an applicant has to pay off the entire loan within a
maximum period of 20 years. The bank does not allow for any
moratorium period.
The maximum repayment period depends on the retirement age of

applicant at the time of maturity of loan i.e. the repayment tenure
added to applicant’s age should not cross the retirement age of
applicant at the time of maturity of loan. The age of applicant at the
time of maturity of loan cannot exceed 75 years.
A non-salaried non-professional can apply for repayment period to a

maximum of 65 years of his age, whereas, a salaried self-employed
professional like doctors, architects and CA’s can apply for a
maximum repayment period to a maximum of 60 years of his age.
Rate of interest: Home loan available at Bank of Maharashtra is

issued at floating rate of interest method. The rate of interest structure
is issued under two categories, namely, interest rate structure linked to
base rate, standing at the rate of 9.70% and interest rate structure
linked to BPLR, standing at the rate of 15%.

Fees and Service Charges for Bank of Maharashtra home loan
application:

 The bank does not levy any kind of processing charges for issuing
home loans.
 However, the bank levies certain charges against documentation
for purpose of acquiring the loan. These charges stand at 0.10% of
the sanctioned loan amount, subject to a maximum of RS.10000.
 Pre-Payment Charges: The bank does allow foreclosure of the loan
within a period of 12 months from the date of disbursement of the
loan. Post that, if the applicant chooses to foreclose his loan, he
can do so by paying a minimal charge of 0.50% on the principal
outstanding amount.
Personal Loan
Bank of Maharashtra offers Personal Loan to individual customers to
meet their personal expenses. Bank of Maharashtra Personal Loans is
also granted to salaried individuals who have an existing Housing
Loan scheme from the bank or Corporate Salary Accountholders at
attractive rates of interest. Let us look at their Personal Loan scheme
in detail.
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Maha Bank Personal Loan Scheme

 Bank of Maharashtra offers Personal Loans to applicants so that
they can meet their personal expenses without having to worry
about the necessary funds. The features of Bank of Maharashtra
Personal Loan are mentioned below:
 Personal Loans from Bank of Maharashtra are offered to
borrowers so that they can meet certain expenses of personal
nature like medical expenses in case of hospitalization or a
disease, expenses incurred on travelling or a trip undertaken either
for vacations or for business, income tax liability which is
supposed to be paid, expense for functions in the family like a
marriage or house warming ceremony, etc. The loan is offered to
individuals so that they can meet these expenses and other
personal expense easily
 Bank of Maharashtra Personal Loans can be availed for up to 1.5
lakhs by borrowers for the expenses. Any further amount will not
be granted as the bank limits the amount of loan offered by it.
 There is no need of maintaining a margin in case of a personal
loan and the loans are issued for the entire expense as deemed
required by the applicant
 The Bank of Maharashtra Personal loan is to be repaid within 36
months. Thus the individual who avails the this loan needs to
make sure that his EMI payments starts after availing the loan and
is completed within 3 years. The individual may choose a lower
tenure for Bank of Maharashtra Personal Loan like 1 or 2 years
but the period to repay Loan cannot exceed 3 years.
 There is a provision of deduction which can be at max. 60% of the
gross income including the proposed Equated Monthly Installment
(EMI)
 One can easily calculate EMI for Bank of Maharashtra Personal
Loan online
 There is a processing charge of 1% of the loan amount while
availing this loan. The processing charge should not be lower than
Rs.1000 which is the minimum processing charge. Subject to the
minimum amount, the processing charge is calculated as 1% of the
loan amount granted to the borrower. The processing charge is
payable at the time of loan application and is usually non-
refundable.
 No security or collateral required - A collateral or security is
defined as an asset against which loan is issued and failure to
make the repayment authorizes the bank to possess the asset and if
required, sell it off to recover the outstanding loan amount. This
scheme however pardons its customer from the security or
collateral for issuing a loan. Henceforth, the Bank of Maharashtra
personal loan is a hassle-free process.
 However, the bank calls for a guarantor at the time of Bank of
Maharashtra loan application. A guarantor is someone who
guarantees to pay the loan himself/herself if the applicant fails to
repay the loan himself. Under the Bank of Maharashtra Personal
Loan scheme, the bank requires a satisfactory guarantor who
should undertake to guarantee the loan repayment.
Mahabank Consumer Loan Scheme
This is a personal loan variant which is granted to help individuals
purchase consumer durables and gadgets. The features of the loan are
mentioned below and they include the following:
 This Bank of Maharashtra Personal loan is provided for the
purchase of consumer durables which include computers, laptops
or other electronic gadgets
 The loan can be availed by existing home loan borrowers who
have availed a home loan from the bank or individuals owning a
corporate salary account with the bank who have a minimum work
experience in the current organization of 2 years and have
maintained banking relations with the bank for a minimum of 1
year
 If the individual owns a corporate salary account with the bank,
the income requirement for the loan is a minimum of Rs.3 lakhs as
per the last annual salary drawn. To maintain this, the last two
years Income Tax Returns or a Form 16 from the employer is a
mandatory requirement.
 If the applicant is an existing home loan borrower whether
salaried, businessman or professional, the minimum income
should be Rs.2.5 lakhs in the last year and for supporting this, the
last two year’s Income Tax Returns or Form 16 from the employer
is mandatory to be submitted subject to a sufficient disposable
income
 Individuals aged between 21 years and 60 years are eligible to
apply for Bank of Maharashtra personal loans
 A minimum amount of Rs.50, 000 and a maximum of Rs.1.5 lakhs
can be availed as loan under this scheme
 If consumer goods are to be purchased using the loan, a minimum
margin requirement of 25% is kept. For computers, laptops or
other electronic gadgets, a minimum of 40% of the price of the
gadget is taken as a margin
 From the current financial year, the loan is being issued at the
Marginal Cost of funds based Lending Rate (MCLR) and for this
loan, the corresponding rate of interest linked to this MCLR is
MCLR + 5.0%
 A discount of 1% in the applicable rate of interest is provided to
existing home loan borrowers from the bank or individuals
holding a corporate salary account with the bank
 The period granted by the bank for repaying the Bank of
Maharashtra loan is a maximum of 60 months or 5 years
 The deduction should not exceed 60% of the gross income
including the EMI payable under the loan scheme
 A processing fee is payable for the loan which is 0.50% of the
loan amount subject to a minimum of Rs.500
 Hypothecation of the consumer durable purchased using the Bank
of Maharashtra loan would be required as security
 In addition to this security, one guarantor who should be
acceptable to the bank would also be required.
Mahabank Salary Gain Scheme
This is a scheme of personal loan which is available to salary earners
or individuals who are employed. The features of the loan are as
follows:
 The loan can be utilized for meeting the personal needs of
individuals who are earning a salary
 Eligibility which is required for personal loans state that
individuals who are salaried with a salary account with the bank
can avail of the loan. The individual should be in a permanent
employment with a corporate, mid-corporate, central government,
state government or a co-operative society for at least 2 years.
Moreover, the minimum monthly take home salary of the
applicant should be Rs.6000 which would be determined based on
the average of the last 6 month’s salary
 The personal loan requests would be offered as an overdraft
facility in the existing savings account of the applicant
 The existing loan available will be 50% of one month’s salary or
Rs.25, 000 whichever is lower
 A margin is maintained by the bank which is generally limited to
25% and may vary from case to case
 The bank now lends funds based on their marginal cost of fund
base lending rate or MCLR in short. The current proposed Bank of
Maharashtra Personal Loan interest rates linked to the MCLR for
this loan scheme stands at MCLR + 3.50%
 This is a unsecured loan and it doesn’t require any
security/collateral
 The amount eligible for the loan would be decided based on the
applicant’s salary over the last 6 months as on the date of availing
the loan, the repayment obligation of the applicant and the regular
credit of the applicant’s salary
 Account holders that currently operate account with the bank can
also apply for a Bank of Maharashtra Personal Loan
 If the take home pay of the applicant changes, the limit of loan
available can also be adjusted
 If the overdraft limit is not availed, interest is charged on the credit
balance of the account. If the limit is availed, interest is charged
on the debit balance on a monthly basis
 The employer of the applicant should be duly informed about the
loan availed by the applicant
Mahabank Aadhar Loan Scheme for Pensioners
A Bank of Maharashtra Pension Loan, this loan is available for
pensioners. The features of the Bank of Maharashtra Pension Loan
are:
 Pensioners can apply for this loan for meeting their personal
expenses
 The age of the applicant should not be more than 73 years as on
the date of application and 77 years as on the date of maturity
 For the bank’s staff pensioners, the Bank of Maharashtra Personal
loan would be equal to 18 months’ pension subject to Rs.6 lakhs
for ages up to 65 years, Rs.4.5 lakhs for ages up to 70 years and
Rs.3 lakhs for ages up to 73 years.
 For other pensioners, the Bank of Maharashtra Personal loan is 18
months’ pension subject to a maximum of Rs.4 lakhs for ages up
to 65 years, Rs.3 lakhs for ages up to 70 years and Rs.2 lakhs for
ages up to 73 years
 This is a clean loan which requires no security
 A guarantor is required for the loan who would be a person
entitled to family pension or in the absence of one any suitable
guarantor acceptable to the bank
 No margin is required for Bank of Maharashtra personal loan.
 The deduction limit for monthly pensions up to Rs.12, 500 is 40%.
For pension exceeding Rs.12, 500, the deduction limit is 50%
 The loan should be repaid within a maximum period of 60 months
or till the individual reaches 77 years of age whichever is earlier
 A processing fee equal to 0.50% of the loan amount with a
minimum of Rs.500 would be payable
 Pensioners who are aged up to 67 years can avail the loan multiple
times as required. If the individual is above 67 years of age and up
to 73 years of age, he can avail of the loan for a maximum of 3
times
 The rate of interest is now linked to the bank’s MCLR which is
MCLR + 2.00% for the bank’s staff pensioners and MCLR + 3%
for other category of borrowers.
Bank of Maharashtra Personal Loan Amount Eligibility
The bank has prescribed a eligibility criteria which should be adhered
to by every individual applying for a Bank of Maharashtra Personal
Loan. These criterions are used to check the legality of the application
and the creditworthiness of the applicant to make sure that the loan
would be duly repaid. The following are the prescribed list of criteria
which requires adherence:
 The Bank of Maharashtra Personal loan is issued to existing
Housing Loan Borrowers who are salaried individuals employed
with a company and earning a salary every month.
 Corporate Salary Accountholders who have a total work
experience of at least 2 years and are in the gainful employment
with the present organization for a continuous period of at least 1
year can also avail the Personal Loan issued by the bank. These
salary accountholders will also have to meet the additional criteria
of having an existing relationship with the Bank of Maharashtra
for the past 1 year at least.
 The minimum salary drawn by the Corporate Salary
Accountholders in the past year should be at least Rs.3 lakhs. The
same should be substantiated by submitting the last 2 years’
Income Tax Return or Form 16 provided by the Employer
 For salaried individuals who are existing Housing Loan Borrowers
of the bank, the minimum salary drawn by them in the past year
should be at least Rs.2.5 lakhs. The same should be substantiated
by submitting the last 2 years’ Income Tax Return or Form 16
provided by the Employer and they should also have sufficient
disposable income required for Bank of Maharashtra Personal
Loan to avail the loan
 The minimum age at which the individual can apply for this loan
is 21 years while the maximum age allowed for the loan
application is 60 years. Individual beyond the maximum specified
age and the minimum specified age are not qualified to apply for a
Bank of Maharashtra Personal Loan
Rate of interest
The rate of interest payable is linked to MCLR and may vary
according to various schemes and upon bank’s discretion. The current
MCLR is equal to 8.75%.
Savings Account
Every individual and every household need savings accounts as they
help take care of day-to-day money needs and perform necessary
tasks such as paying bills, shopping, etc. Sometimes, a savings
account may be that emergency fund that you can get your hands on
in a moment’s notice. It is an essential component to lead a stress free
and peaceful life.
Bank of Maharashtra is one of the most trusted banks in our nation,
having initiated its operations in the city of Pune in 1936. Over the
years since its existence, the bank has always aimed to build enduring
relations with its customers by offering them a wide range of financial
product and services to choose from. Currently, the bank has
established itself as one of the most customer-friendly and easy-to-
reach banks through its widespread network of branches and ATMs
across the nation. The most prominent fiscal products of the bank
include savings accounts, varieties of loans, corporate banking
solutions, SME products and many more.

You should go for a Bank of Maharashtra savings account to ensure
complete safety of your savings and to get the best financial returns
on your money. The Bank of Maharashtra offers multiple type of
savings account in every category like regular accounts, premium
accounts, Bank of Maharashtra women’s savings bank account, salary
account, joint savings accounts to accounts for low-income group
population of the country. Below is the detailed study of each account
which the bank has to offer.
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Types of Bank of Maharashtra Savings Account

 Mahabank Saving Bank Scheme
A basic Bank of Maharashtra savings account which has the
following features:
ØBank of Maharashtra minimum balance requirement is of Rs. 1,000
in metro or urban areas, Rs. 500 in semi-urban areas and Rs. 250 for
rural areas is to be maintained in the account failing which a charge of
Rs. 70 per month for metro and semi-urban areas and Rs. 35 per
month for rural areas will be applicable

 Transfer of funds to any other account can be done through
Standing Instructions
 The customer can pay utility bills, insurance premium, taxes, loan
instalments, etc. from the account
 The account provides facilities of telebanking, mobile banking,
internet banking and SMS banking across all the Bank of
Maharashtra braches
 Free Mahabank Visa ATM – cum – Debit Card
 An insurance cover on the deposit up to Rs. 1 lakh

Eligibility
The Bank of Maharashtra savings account eligibility criteria are listed
below:
 Any individual can choose the account wither solely or jointly
 A minor’s account can opened jointly with natural parents or
guardians
Documentation for Bank of Maharashtra savings account
 Identity Proof
 Address Proof
 2 Photographs
 PAN number or Form 60 / 61
 Aadhar Card
 If identity proof and address proof is not satisfactory to the bank,
an introduction by the bank’s existing accountholder having an
account since the past 6 months or more in whose respect proper
KYC formalities have been complete can be submitted
 Mahabank Yuva Yojana
Savings accounts for minor children with the following features:
 This savings account from Bank of Maharashtra can be opened
and operated by the child himself by depositing a minimum of Rs.
10 only.
 There is no requirement of maintenance of a minimum balance in
this Bank of Maharashtra savings account till the child reaches 18
years of age. Cheque book will also not be provided till that age
 Bank of Maharashtra offers free intercity transfer of funds from
parent’s account for course, fee, education fee, hostel fee, etc.
 Free Standing Instructions for transfer of money from parent’s
account to the child’s account in the same branch or from the
child’s account to a RD account in the same branch.
 Savings with Bank of Maharashtra is preferred as it also provides
the facility of free ATM – cum – Debit Card with a specified
spending limit
 Free payment of Utility Bills like Mobile Phone Bills, etc is also
available with Bank of Maharashtra savings account.
Eligibility
The eligibility criteria for Bank of Maharashtra savings accounts are
almost similar for each type of savings
account:

 Children aged 10 years and above and up to 18 years can open the
account
 Mahabank Lok Bachat Yojana
A Bank of Maharashtra savings account designed for the low-income
group population and has the following features:
 This savings account with Bank of Maharashtra can be opened
with any amount subject to a minimum amount of Re.1
 There is no requirement in this Bank of Maharashtra savings
account for a minimum balance to be maintained.
 A free cheque book containing 10 leaves is issued with this
savings account with Bank of Maharashtra
 Collection of third party cheques is not allowed
 Collection of outstation cheques, issuance of DD, MT, TT is
allowed at normal rates
 Bank of Maharashtra offers VISA / INSTA ATM – cum – Debit
card facility is also available
 The balance in all savings accounts taken together should not
exceed Rs. 50,000 and the total credit summation should not
exceed Rs. 1 lakh during the year
Eligibility
 Any individual who falls in the Below Poverty Line (BPL) criteria
can open the account solely or jointly. In case of joint account, the
other individual should also fall in the BPL category
 A minor’s account can also be opened if the minor falls in the BPL
category
Documentation
 Identity Proof
 Address Proof
 If identity proof and address proof is not satisfactory to the bank,
an introduction by the bank’s existing accountholder having an
account since the past 6 months or more in whose respect proper
KYC formalities have been complete can be submitted
 NRI Ordinary Account
Bank of Maharashtra savings account for the NRIs is account,
wherein the account is operated in Rupees. The features are as
follows:
 The Bank of Maharashtra savings accounts can be opened through
remittances from abroad, proceeds of foreign currency / notes or
traveller’s cheques during the individual’s temporary visit in India,
proceeds of Drafts or cheques, transfer from existing FCNR or
NRE accounts of the same individual and funds from local sources
which represent bonafide rupee dealings
 The funds in this savings account with Bank of Maharashtra are
non-repatriable except in certain cases like up to a limit of USD
30,000 to meet the accountholder’s children’s educational
expenses every year, up to USD 100,000 every year to meet the
accountholder’s or his family’s medical expenses, up to USD
100,000 every year representing the sale of immovable properties
held by the accountholder for a minimum period of 10 years and
current income like rent, dividend, pension, etc. net of taxes
 Proceeds of remittances received from abroad through normal
banking channels or foreign currency notes tendered by the
accountholder during his visit to India or transfers or legitimate
dues of the accountholder in India are allowable credit transactions
in the account
 Bank of Maharashtra offers all local payments in Rupees and
remittances abroad of the current income in India net of taxes are
the permissible debit transactions in the account
Eligibility
 NRIs or PIOs can open this Bank of Maharashtra savings account
solely or jointly with a local or another NRI or PIO.
 NRI External Account
NRI savings accounts maintained in Rupees with the following list of
features:
 The savings accounts can be opened through remittances from
abroad, proceeds of foreign currency / notes or traveller’s cheques
during the individual’s temporary visit in India, proceeds of Drafts
or cheques and transfer from existing FCNR or NRE accounts of
the same individual.
 The funds available in this Bank of Maharashtra savings accounts
including earned interest is fully repatriable
 The Power of Attorney to operate the Bank of Maharashtra
savings account can be given to any local person authorizing him
to operate the account for local payments, making investments,
etc.
 Proceeds of foreign currency cheques, drafts, traveller’s cheques,
remittances from abroad in foreign currency, proceeds from the
existing NRE or FCNR account, interest on Government securities
and dividends on UTI and other investments of shares or
debentures if the investment was made through debit in the
savings account are permitted credit transactions in the account
 Local disbursements, remittances abroad, transfer to NRE or
FCNR of the accountholder’s own account, investment in shares /
securities / debentures of an Indian company are the permitted
debit transactions
Eligibility
 The account should be opened by a NRI himself and not by
anyone acting on his behalf
 The account can be opened jointly provided all the holders are of
Indian origin and are either NRIs or PIOs
 Mahabank Royal Savings Account
A premium savings account with the following features:
 The account can be opened with a zero balance
 The minimum monthly average balance requirement is Rs. 1 lakh
 A dedicated Relationship Manager is available to the
accountholder to help him with banking transactions. If the
minimum monthly average balance in the account is Rs. 10 lakh or
more, the Branch Head acts as a Relationship Manager for the
customer
 A Personal Air Accident Death Insurance cover is provided of Rs.
50 lakh and a Personal Accident Death Insurance cover is granted
of Rs. 10 lakh free of cost
 100 personalized cheque leaves per year are issued free of cost
 A free ATM cum Visa Debit card is issued with a cash withdrawal
and POS limit of Rs. 50,000
 A BoM – SBI – co-branded Gold Credit Card is offered with a
50% discount in the annual maintenance charges or a BoM – SBI
– co-branded Platinum Credit Card is available with a 50%
discount in the annual maintenance charges for the first year
 Free internet banking, unlimited banking transactions, NEFT /
RTGS facility, CBS transactions of up to Rs. 50,000, registration
and execution of Standing Instructions, Tax payment through
ATMS or internet banking is offered with the account
 3 DDs are issued free of cost every month with free delivery if
ordered through internet banking
 Immediate credit of outstation cheques up to Rs. 25,000 free of
cost subject to a limit if 2 cheques per month
 The AMC of the Demat Account is waived for the first year
 50% discount in the processing fee of loans
 If the minimum balance is not maintained in the account, a charge
of Rs. 1,000 per quarter is levied
 If the account is closed before the completion of 1 year, a penalty
of Rs. 1,000 is applicable.
Eligibility
 Resident individuals either solely or jointly can open the account
 HUFs, Associations, Trusts, Clubs, Societies, etc. can open the
account if they meet the eligibility criteria laid down by the RBI
on compliance of KYC norms.
 Mahabank Purple Savings Account
A premium Bank of Maharashtra saving account designed for High
Net-worth Individuals. The features of the account are as follows:
 The account can be opened with a zero deposit
 The minimum monthly average balance requirement in the
account is Rs. 3 lakh
 A special Relationship Manager is available to provide assistance
to customers operating the account
 A Personal Air Accident Death Insurance cover is provided of Rs.
50 lakh and a Personal Accident Death Insurance cover is granted
of Rs. 10 lakh free of cost
 200 personalized cheque leaves per year are issued free of cost
 A free personalized ATM cum Visa Debit card is issued with
unlimited transactions and with a cash withdrawal and POS limit
of Rs. 1 lakh
 An additional loss or fraud protection on the card for 30 days for
up to Rs. 1 lakh
 A BoM – SBI – co-branded Gold Credit Card is offered with a
100% discount in the annual maintenance charges or a BoM – SBI
– co-branded Platinum Credit Card is available with a 50%
discount in the annual maintenance charges for the first year
 Free internet banking, unlimited Demand Drafts, NEFT / RTGS
facility, Tax payment through ATMS or internet banking is
offered with the savings bank account
 The AMC of the Demat Account is waived for the first year and a
50% discount is allowed in the charges for the second year
 50% discount in the processing fee of loans. Apart from these,
there are no Bank of Maharashtra savings account charges for the
customer
Eligibility
 Resident individuals either solely or jointly can open the account
if they meet the eligibility criteria laid down by the RBI on
compliance of KYC norms
Documents Required For Opening Savings Accounts
 Identity Proof - any one of the following:
i. Passport
ii. PAN Card or Form 60 / 61
iii. Voter’s ID Card
iv. Driving License
v. Job Card issued by NREGA signed by an officer of the State
Government
vi. Letter issued by the UIDAI containing details of name, address
and Aadhar number
vii. Letter from recognized public authority or public servant verifying
the identity and residence of the customer to the satisfaction of the
bank
 Address Proof – any one of the following
i. Telephone Bill
ii. Bank account statement
iii. Letter from recognized public authority
iv. Electricity Bill
v. Ration Card
vi. Letter from Employer
vii. A rent agreement indicating the address of the customer duly
registered with the State Government or any other similar
authority
 For minors
i. If guardian is appointed by the court then order of the court
ii. In case the guardian is illiterate, date of birth certificate of the
minor from the competent authority
 For Trusts & foundations
i. Certificate of Registration
ii. Power of Attorney granted to transact business on its behalf
iii. Any official valid documents to identify the trustees, settlers,
beneficiaries and those holding power of attorney, founders /
managers / directors and their addresses
iv. Resolution of the managing body of the foundation or association
v. Telephone Bill
Bank Of Maharashtra Savings Accounts Minimum Balance
Requirements:
Minimum Balance Required In Each
Type Of Savings Account Account
Minimum monthly average balance is

Mahabank Royal Savings Accounts Rs. 1,00,000
Minimum monthly average balance is

Mahabank Purple Savings Accounts Rs. 3,00,000
Mahabank Yuva Yojna Minimum amount of Rs. 10
There is no definitive amount for

opening the account. It can also be Re.
Mahabank Lok Bachat Yojna 1
Balance should be maintained on

Mahabank Savings Bank Scheme average monthly basis
Mahaconnect Services
All the savings accounts from the bank enjoy its Mahaconnect
services. It refers to the bank providing its services to its core banking
branch customers through new devices and media such as phones and
the internet. The services include internet banking, SMS banking and
telebanking and are offered to each and every savings bank account
holder who has an account with the bank. The benefit of using these
services are:
 Account status: this includes balance enquiry, statement of
savings bank account, details of transactions, demat account
details, and credit and debit card details.
 Request for cheque book: remittance (DD / pay order), stop
payment, utility payments, renewal of deposits and deposit
account opening.
 Financial transactions: these include transfer of funds to a self-
account, from one branch to other Bank of Maharashtra branches,
debit of charges, etc.
 Every banking based message alerts on your registered mobile
number
 Online tax payment, utility bill payment, share trading payment
 Adequacies: these includes display of foreign exchange rates,
interest rates of deposits, maturity value of deposits, EMI
calculation
Note: these Mahaconnect services cannot be claimed by the user/
customer as a matter of right and the bank reserves the right to refuse /
withdraw these facilities without assigning any reason whatsoever. It
is required for the customers to have legal internet access if he / she
wants to avail Mahaconnect Services through the internet. The bank
will publish the information on its official website and advise
customers on a regular interval about internet software such as
browser, which is required for using these services through the web.
There will be no responsibility on the bank to support all versions of
internet software and customers should follow the guidelines laid
down by the bank to avail these services.
Rate of Interest
The Bank of Maharashtra savings accounts interest rate is 4% p.a.
which is calculated on daily balances
HISTORY
Bank of Maharashtra is an Indian bank based in the city of
Pune. The bank was established in the year 1935 with an initial
authorized capital worth Rs. 10.00 Lacs, although it became
operational in the early phase of the next year. The bank got
nationalized by the Government of India in the year 1969. With
a total number of 1421 branches located all over India as of
April 2009, the bank claims to have the largest number of
branches within the state of Maharashtra, among all the Public
Sector banks.
Commonly known as a common man's bank, Bank of

Maharashtra adopts a philosophy of "Technology with personal
touch", and follows its motto stating "One Family, One Bank,
Bank of Maharashtra".
Facilities
All the branches of Bank of Maharashtra have been fully
computerized, with Depository services and Demat facilities
being offered at 131 branches as of April 2009. The bank aims
at increasing its ATM network from 345 to 500 soon, apart from
planning to install Biometric ATMs at some selected branches.
Apart from it, introduction of Phone Banking, Internet Banking
and Mobile Banking is also on the cards.
Other Highlights
Apart from providing regular banking services to the customers,
Bank of Maharashtra has established two Joint Ventures to
fulfill its other commitments towards the general public and
society. These Joint Ventures are M-SETI and Mahabank Info
Centre. Mahabank Self-Employment Training Institute (M-SETI)
is an effort initiated by Mahabank Agricultural Research & Rural
Development Fund (MARDEF), a trust run by Bank of
Maharashtra receiving help from National Bank for Rurl
Development (NABARD). The institute runs various self-
employment oriented training courses for the rural unemployed
youth from the districts of Pune, Kolhapur, Satara, Sangli,
Nashik, Ahmednagar, Jalgaon, Dhule and Nandurbar.
Mahabank Info Centre is a yet another initiative by Bank of

Maharashtra aimed at providing various retail baking related
information to the customers, and enabling smoother
operations for them.
Head Office
Bank of Maharashtra
Lokmangal, 1501, Shivajinagar, Pune (Maharashtra) - 411 005
Website: www.bankofmaharashtra.in
INTRODUCTION
Bank of Maharashtra is a major public sector bank in India.

Government of India holds 81.61% of the total shares. [2]The
bank has 15 million customers across the length and breadth of
the country served through 1897 branches as of 5 April 2016. It
has largest network of branches by any public sector bank in
the state of Maharashtra.
Bank of Maharashtra
Type Public
Traded as BSE: 532525
NSE: MAHABANK
Industry Banking, Financial
services
Founded 1935; 82 years ago
Headquar 1501, Lokmangal,

ters Shivajinagar,
Pune India
Key Ravindra Prabhakar

people Marathe (Chairman &
Managing Director)
Products consumer
banking, corporate
banking, finance and
insurance, investment
banking, mortgage
loans, private
banking, private
equity, savings, Securiti
es, asset
management, wealth
management, Credit
cards,
Revenue ₹13,052.98
crore(US$2.0 billion)[1]
Operating ₹2,345.18
income crore(US$370 million)
(2016)[1]
Net ₹100.69
income crore(US$16 million)
(2016)[1]
Total ₹160,957.32
assets crore(US$25 billion)
(2016)[1]
Owner Government of India
Number 13,765(2016)[1]
of
employee
s
Capital 11.20% (2016)[1]

ratio
Website www.bankofmaharashtr
a.in
Profile of the Firm/Company

INTRODUCTION:
Bank is defined as an institution for the keeping, landing and
exchanging etc. of money.Economists have also defined a bank
highlighting its various functions. According toCrowther, the
banker business is to take the debt of other people to offer his
own inexchange and thereby create money.” Thus a bank is an
institution that accepts depositsfrom the public in turn advances loans
by creating credit.It is different from other financial institutions in that
they cannot create credit thoughthey may be accepting deposits
and making advances.
Types of banks:
•Commercial banks
•Exchange banks
•Industrial banks
•Agricultural banks
•Cooperative banks
•Saving banks
•Central banks

Bank is defined as an institution for the keeping, landing and
exchanging etc. of money.Economists have also defined a bank
highlighting its various functions. According toCrowther, the
banker business is to take the debt of other people to offer his
own inexchange and thereby create money.” Thus a bank is an
institution that accepts depositsfrom the public in turn advances loans
by creating credit.It is different from other financial institutions in that
they cannot create credit thoughthey may be accepting deposits
and making advances.
Types of banks:
•
Commercial banks
•
Exchange banks
•
Industrial banks
•
Agricultural banks
•
Cooperative banks
•
Saving banks
•
Central
banksBanking Industry in India has always revolved arou
nd the traditional function of deposits and credit. Their role
had been defined as to assist the overall economic growthwith
majority of share being controlled by the Government of India
in most of
the banks. But with the process of liberalization, and the technologica
l revolution the banking industry has also undergone
tremendous change in the last 5 years. The market, which was
largely controlled by the public sector banks, has now been
facing stiff competition not only from foreign players but also
from the new generation privatesector banks. The rules of the
game have been changing with the RBI introducing newnorms to make
banks more accountable and to adopt the practices followed worldwide.Most
of the banks have now been trying to function on the concept of a
Universal Bank.Apart from the traditional functions of a commercial
bank, they are taking steps to buildthemselves into a one stop
financial centre wherein all the financial products would beavailable.
Banks have started catering to the retail segment to improve
their deposit portfolio.
In order to have a maximum share in this segment, most of the banks
have been introducing new products. The delivery channels have also
been shifted from branches to ATMs, phone banking, net
banking etc.Banks traditionally involved in working capital
financing have started offering consumer loans and housing
loans. Some of the banks have started offering travel loansas well.
Retail financing is the other area where the banks have started to
concentrate.The loan formalities too have been relaxed to a great
extent and sanctioning time has been speeded up.
Structure of the Banking

BANK PROFILE
Bank of Maharashtra is an Indian bank based in the city

of Pune. The bank was established in the year 1935 with an
initial authorized capital worth Rs. 10.00 Lacs,although it
became operati onal in the early phase of the next year.
The bank got nationalized by the Government of India in the year
1969. With a total number of 1421
branches located all over India as on April 2009, the bank claims
to have the largestnumber of branches within the state of Maharashtra,
among all the Public Sector Banks.Commonly known as a common
man's bank, Bank of Maharashtra adopts a philosophyof "Technology
with personal touch", and follows its motto stating "One Family,
OneBank, Bank of Maharashtra".
Facilities
All the branches of Bank of Maharashtra have been
f u l l y c o m p u t e r i z e d , w i t h Depository services and Demat
facilities being offered at 131 branches as of April2009. The
bank aims at increasing its ATM network from 345 to 500 soon, apart
from planning to install Biometric ATMs at some selected branches.
Apart from it,introduction of Phone Banking, Internet Banking
and Mobile Banking is also on thecards.
Other Highlights
Apart from providing regular banking services to the customers, Bank
of Maharashtrahas established two Joint Ventures to fulfill its other
commitments towards the
general public and society. These Joint Ventures are M-SETI and Ma
habank Info Centre.Mahabank Self-Employment
Training Institute (M-SETI) is an effort initiated byMahabank
Agricultural Research & Rural Development Fund (MARDEF), a
trust
run by Bank of Maharashtra receiving help from National Bank for R
url Development(NABARD). The institute runs various self-
employment oriented training courses
for the rural unemployed youth from the districts of Pune,
Kolhapur, Satara, Sangli, Nashik, Ahmednagar, Jalgaon, Dhule
and Nandurbar. Mahabank Info Centre is a yet another initiative
by Bank of Maharashtra aimed
at providing various retail baking related information to the customers
, and enablingsmoother operations for them.
Head Office
Bank of MaharashtraLokmangal, 1501, Shivajinagar, Pune (Maharashtra) -
411 005
Website:
www.bankofmaharashtra.in
History of the organization
Established in 1935, Bank of Maharashtra is one of the l
eading banks of India.Beginning with a mere capital of 10
lakhs on 8th February 1936, the bank targets tocross the Business
level of Rs. 85,500/- crores by March 2009.
Renowned for promoting small businesses, Bank of Maharashtra is
known as commonman's bank. Working on the mott o of
Technology with Personal Touch, Bank of Maharashtra is
catering to a large number of people across all strata of
society. Thenati onalizati on of the bank in 1969 led to its
rapid expansion and today Bank of Maharashtra over 1400
branches spread all across
India. The Bank of Maharashtra has incorporated the late
st techno logy to provide bestservices to its customers. This
public sector bank with largest network in Maharashtrahopes to
reduce net NPA level to below 1%.
From the chairman and managing director

It gives me immense pleasure to interact through this Web Site of
Bank of Maharashtraand I take this opportunity to share with you a
few salient features of our strength. It isour ten million clientele
whose valuable support and patronage facilitated the success of this
well known institution.
I would like to recall and share with you that this great
institution was founded
way back in September 1935 by a group of dedicated persons of smal
l means but with agreat vision and wisdom.The objectives behind
establishing Bank of Maharashtra were to mobilize the savingsof
household and extend financial support to persons of small means
who were then notconsidered for credit facilities by banks. In a
nutshell, the philosophy of founder fathersof the Bank was
something more than what has been emphasized about the role
of Public Sector Banks in the economic upliftment of rural poor and
neglected segments of the society.Right from its inception the Bank
has continued to play a vital role in carrying throughthis philosophy
and has always been in the forefront in extending helping hand to
theweakest of the weaker sections besides providing banking services
to all the business,corporate, institutional and personal
segments.Down the stream over more than 70 years, banking industry
has witnessed sea changeand the Bank could successfully sustain
and face the emerging challenges includingsmooth transition in
the era of banking sector reforms which were initiated in the
year 1992.The Bank has been continuously making profits for many
years.The overwhelming support and loyalty of ten million
clientele has given us addedstrength from time to time and enabled
this Bank to establish its network of more than1300 branches spread
over 22 States and 2 Union Territories, thus giving unique statusof an
All India Bank. This network is being expanded to cater to the
banking needs of under banked areas. As the banking industry is
undergoing rapid transformation andinfusion of state-of-the-art
technology in extending services is the order of the day,Bank
of Maharashtra is no exception. With the ever increasing
volume of business,number of clientele and their expectations of
high quality service, the Bank have been

adopting latest technology to render cost-effective and customer-
friendly products andservices without losing its “Personal Touch ".We
have an ATM network operated through VISA Debit card across the
country. Thisnetwork is being continuously expanded. We
have embarked on a very importanttechnological initiative viz.,
Core Banking Solutions which is targeted to transform our Bank
totally.It is our constant endeavor to regularly upgrade our
skills and technology and we areeager to interact with as many
well wishers as possible.The bank is proactive in revising its
interest rates on deposits for the benefit of thecustomers. The
Bank's objective is to continuously modify its existing
products andintroduce new products to meet changing needs of the
customers.Recently we have started new services like Banc assurance
in collaboration with LIC of India and United India Insurance Co
Ltd and Foreign Inward remittances servicesthrough Western
Union Money Transfer.
Range of products and services:
•
Personal Loans
•
Car Loans
•
Two Wheeler Loans
•
Commercial Vehicle Loans
•
Loans Against Securities
•
Farm Equipment Loans
•
Construction Equipment Loans
•
Office Equipment Loans
•
Medical Equipment Loans
•
Home loan
Board of Directors:
•
Shri Anup Sankar Bhattacharya( Chairman and Managing Director)
•
Shri M.G Sanghvi( Executive Director)
•
Shri. V. P. Bhardwaj
•
Ms. Kamala Rajan
•
Shri. A. K. Pandit
•
Dr. D. S. Patel
•
Dr. S. U. Deshpande
•
Shri. S. D. Dhanak
•
Dr. Naresh Kumar
•
Shri. Ramesh C. Agrawa
VISION & MISSION
Vision of the organization:

To be a vibrant, forward looking, techno-savvy, customer centric
bank serving diversesections of the society, enhancing share
holders' and employees value while movingtowards global
presence.
Mission of the organization:
To ensure quick and efficient response to customer expectations. To
innovate productsand services to cater to diverse sections
of society.To adopt latest technology on a continuous basis. To build
proactive professional andinvolved workforce.To enhance the
shareholders’ wealth through best practices and corporate
governance.To enter international arena through branch network.To
be a vibrant, forward looking, techno-savvy, customer centric bank
serving diversesections of the society, enhancing shareholders'
and employees' value while movingtowards global presence.
Bank of Maharashtra Internet Banking
The Internet Banking service provided by Bank of Mahar
ashtra is referred to asMahaconnect by the bank. Bank of
Maharashtra provides 24 hours access to bankingservices and
financial transactions to the customers who can enjoy these facilities
fromthe comfort of their home. Mahaconnect has become widely
popular among Bank
of Maharashtra customers as it provides great flexibility f
or carrying out banking transactions.Mahaconnect has gradually
transformed from “nice to have” feature to “need to have”feature for
the customers.Mahaconnect is made for all the customers of CBS
branchesof Bank of Maharashtra. Thus, customer only needs an active
internet connection along with PC with minimum PII processor,
32 MB RAM, any browser such as InternetExplorer 5.0 or above
for availing the net banking facility.

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PRODUCTS & SERVICES

Bank of Maharashtra platinum card

Bank of Maharashtra ‘Maha Amulya Rewardz’ Program

onwards as an Annual Maintenance Fee on ATM cum debit card.

Identity Proof: PAN Card, Passport, Voter ID Card, Diving License,

Applying for Education Loan from Bank of Maharashtra

Mahabank Gold Loan Scheme

Types and features of housing loans offered by Bank of

Key Features of Maha Super Housing Loan Scheme: For

The maximum repayment period depends on the retirement age of

A non-salaried non-professional can apply for repayment period to a

Rate of interest: Home loan available at Bank of Maharashtra is

Maha Bank Personal Loan Scheme

Types of Bank of Maharashtra Savings Account

Minimum monthly average balance is

Minimum monthly average balance is

Mahabank Yuva Yojna Minimum amount of Rs. 10

There is no definitive amount for

Balance should be maintained on

Commonly known as a common man's bank, Bank of

Mahabank Info Centre is a yet another initiative by Bank of

Bank of Maharashtra is a major public sector bank in India.

Founded 1935; 82 years ago

Headquar 1501, Lokmangal,

Key Ravindra Prabhakar

Owner Government of India

Capital 11.20% (2016)[1]

Structure of the Banking

Bank of Maharashtra is an Indian bank based in the city

From the chairman and managing director

Vision of the organization:

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