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BoM Smart SB Scheme
Sr No | Particulars | BSS – 15 Average Quarterly Balance (AQB) = Rs. 15000 | BSS – 25 Average Quarterly Balance (AQB) = Rs. 25000 |
|---|---|---|---|
| 1 | Who can open account | Resident Individuals (sole or joint), HUFs, subject to fulfilling eligibility criteria (domestic depositors) of KYC guidelines. Note: Minors are not eligible for this account. Joint account facility is available. | Resident Individuals (sole or joint), HUFs, subject to fulfilling eligibility criteria (domestic depositors) of KYC guidelines. Note: Minors are not eligible for this account. Joint account facility is available. |
| 2 | Age (Minimum) | 18 Years (For Individuals) | 18 Years (For Individuals) |
| 3 | Initial Deposit | Account can be opened with zero balance | Account can be opened with zero balance |
| 4 | Minimum Balance Requirement | AQB (Average Quarterly Balance) – Rs. 15,000/- | AQB (Average Quarterly Balance) – Rs. 25,000/- |
| 5 | Charges for Non-Maintenance of Minimum Balance | Rs. 750/- per quarter | Rs. 1000/- per quarter |
| 6 | Chequebook Facilities | 40 free personalised cheque leaves per annum | 60 free personalised cheque leaves per annum |
| 7 | Debit Card | Free RuPay Platinum Debit Card | Free RuPay Select Debit Card |
| 8 | AMC on debit card | NIL | NIL |
| 9 | No of Transactions at ATM | At Bank of Maharashtra ATM - Unlimited Free Transactions. Other Bank ATM- First 5 transactions in a month - Free (Except six metros viz Mumbai, New Delhi, Chennai, Kolkata, Bangalore & Hyderabad where 3 transactions only –both financial and non-financial are free) From 6th transaction onwards in a month | At Bank of Maharashtra ATM - Unlimited Free Transactions.
From 6th transaction onwards in a month |
| 10 | ATM Transaction Limit | Withdrawal : Rs.1.50 Lakhs POS / e-Commerce: Rs. 3 Lakhs | Withdrawal : Rs.1.50 Lakhs POS / e-Commerce: Rs. 5 Lakhs |
| 11 | NEFT/ RTGS | Online : Free | Online : Free |
| 12 | Complimentary accidental insurance cover | Rs. 2 Lakhs Accidental insurance cover with RuPay Platinum Debit Card. Note: The accidental insurance cover is complimentary with RuPay Platinum debit card, validity of which and the claim settlement shall be as per prescribed guidelines by NPCI from time to time. | Rs. 10 Lakhs Accidental insurance cover with RuPay Select Debit Card. Note: The accidental insurance cover is complimentary with RuPay Select debit card, validity of which and the claim settlement shall be as per prescribed guidelines by NPCI from time to time. |
| 13 | Complimentary Offerings on RuPay Platinum/ Select Debit Card |
Note: The above benefits are subject to modifications / withdrawal as per revision from NPCI from time to time. |
Note: The above benefits are subject to modifications/ withdrawal as per revision from NPCI from time to time. |
| 14 | IMPS | Free (any channel) | Free (any channel) |
| 15 | SMS Alerts | Free SMS/E-mails alerts | Free SMS/E-mails alerts |
| 16 | Charges for other services | Service charges for all other services, not mentioned above such as, locker, charges for account statement, DD issuance etc. will be as per extant schedule of service charges, applicable from time to time. | Service charges for all other services, not mentioned above such as locker, DD issuance etc. will be as per extant schedule of service charges, applicable from time to time. |
Note: Conversion of accounts from other Savings product to BoM Smart SB is allowed subject to fulfilment of eligibility norms of the scheme. Branch should invariably obtain consent of the customer in enclosed format, for conversion of account as per Annexure -1. | |||
Frequently Asked Questions
1. What is the BoM Smart SB Scheme?
The BoM Smart SB Scheme is a savings bank account offered by the Bank with two variants based on the average quarterly balance (AQB) requirement:
- BSS – 15 with an AQB of Rs. 15,000
- BSS – 25 with an AQB of Rs. 25,000
2. Who is eligible to open a BoM Smart SB account?
Resident individuals (sole or joint) and Hindu Undivided Families (HUFs) who meet the KYC guidelines are eligible. Minors are not eligible for this account.
3. What is the minimum age requirement to open a BoM Smart SB account?
The minimum age requirement is 18 years.
4. What are the product codes for these accounts?
BSS - 15:
- For Individuals: 2045-1401
- For Non-Individuals: 2045-2401
BSS - 25:
- For Individuals: 2046-1401
- For Non-Individuals: 2046-2401
5. Is there an initial deposit required to open a BoM Smart SB account?
No, the account can be opened with zero balance.
6. What are the AQB requirements for the BoM Smart SB Scheme?
- BSS – 15 requires an AQB of Rs. 15,000
- BSS – 25 requires an AQB of Rs. 25,000
7. What are the charges for not maintaining the minimum balance?
- For BSS – 15, Minimum balance is Rs. 750 per quarter.
- For BSS – 25, Minimum balance is Rs. 1000 per quarter.
8. What chequebook facilities are available with the BoM Smart SB Scheme?
- BSS – 15 offers 40 free personalized cheque leaves per annum.
- BSS – 25 offers 60 free personalized cheque leaves per annum.
9. What type of debit card is provided with the BoM Smart SB Scheme?
- BSS – 15 comes with a free RuPay Platinum Debit Card.
- BSS – 25 comes with a free RuPay Select Debit Card.
10. Are there any annual maintenance charges (AMC) on the debit cards?
No, there are no AMC charges on the debit cards provided with either variant.
11. What is the transaction limit for ATM withdrawals and POS/e-commerce transactions?
Both BSS – 15 and BSS – 25 allow ATM withdrawals up to Rs. 1.50 Lakhs.
POS/e-commerce transactions up to Rs. 3 Lakhs (BSS – 15) and Rs. 5 Lakhs (BSS – 25).
12. Are NEFT/RTGS transactions free?
Yes, online NEFT/RTGS transactions are free.
13. Is there any accidental insurance cover provided under Platinum / Select debit card?
BSS – 15 - Rs. 2 Lakhs accidental insurance cover.
BSS – 25 - Rs. 10 Lakhs accidental insurance cover.
The above benefit is subject to modifications/ withdrawal as per the guidelines from NPCI under Rupay Platinum / Select Debit Card.
14. What complimentary offerings are available with the RuPay Select Debit Card?
- Complimentary domestic and international lounge access.
- One complimentary spa session at select locations.
- Complimentary membership in Gold’s Gym/Talwalkar Gym.
- Discounted access to Golf sessions.
- Complimentary/discounted health check-up facility at SRL Diagnostic / Thyrocare.
The above benefits are subject to modifications/ withdrawal as per the guidelines from NPCI under Rupay Platinum/Select Debit Card.
15. Are IMPS transactions free?
Yes, IMPS transactions are free via any channel.
16. Are SMS alerts provided with the BoM Smart SB Scheme?
Yes, free SMS/email alerts are provided.
17. Can existing accounts be converted to BoM Smart SB?
Yes, conversion from other saving products to BoM Smart SB is allowed, subject to the fulfilment of eligibility norms of the scheme.
18. What is Average Quarterly Balance (AQB)?
The average quarterly balance is the average balance you are required to maintain in your bank account during a period of 3 months i.e., 1 quarter.
19. How to calculate Average Quarterly Balance(AQB)?
The average quarterly balance can be calculated by adding the closing balances of each day and dividing the sum by the number of days in a quarter. Also, if anyone does not maintain the balances, they must pay some charges. Following is the average quarterly balance formula:
AQB = Sum of closing balances of each day in a quarter / Total number of days in a quarter.
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