Azadi ka Amrit Mahatsav
savings account,best savings account

Savings Account - Meaning or Definition

If you're looking to start a new bank account you may want to begin with a Savings Account. The reason for doing this is that many banks offer an interest rate on the amount you save inside of your bank account which varies greatly based off of what your goals are while also working alongside a deposit-raising program. In order to get started opening up an account, applying online is the simplest way to do so and takes only a short period of time as well.


  Open Savings Bank Account Interest Rates  

Features and benefits of savings account

  • best savings account
    Tele Banking
  • best savings account
    SMS Banking
  • why have a savings account
    Mobile Banking
  • savings account
    Internet Banking
  • high interest savings account
    Credit Card
  • why have a savings account
    Deposit Insurance
  • online saving account opening, online fund transfer
    Fund Transfer
  • online saving account opening, online bill payment
    Bill Payment
  • The account holder/s can give standing instructions for transfer of funds from the account to any another account/s, make payment of electricity bills, Insurance Premium, Telephone bills, taxes, loan installments etc. Charges applicable are furnished in Service Charges Schedule available in every branch and also on Bank's website.
  • Telebanking facility, SMS Banking facility, Mobile banking facility and Internet Banking are available.
  • TDS is not applicable for interest earned on the account.
  • Free Mahabank VISA ATM / Debit Card.
  • Deposit Insurance Cover upto Rs. 5.00 lac.

Document required for savings account

Following documents are required to be submitted by different types of entities for opening Savings Bank account. Originals of documents for reference and verification are required to be presented and certified true copies to be submitted for bank’s record.

Individuals

Proof of identity (any one of the following)
  • Passport
  • PAN card or Form No. 60 / 61 (as applicable)
  • Voter’s Identity Card
  • Driving License
  • Job Card issued by NREGA duly signed by an officer of the State Govt
  • The letter issued by the Unique Identification Authority of India ( UIDAI)containing details of name, address and Aadhaar number
  • Identity card (subject to the bank’s satisfaction)
  • Letter from a recognized public authority or public servant verifying the identity and residence of the customer to the satisfaction of bank

Proof of Address (any one of the following)
  • Telephone bill
  • Bank account statement
  • Letter from any recognized public authority
  • Electricity bill
  • Ration card
  • Letter from employer (subject to satisfaction of the bank)
  • A rent agreement indicating the address of the customer duly registered with State Government or similar registration authority.

In case any document alone suffices the purpose of both identity and address, no separate documents for the same shall be required.

Following additional documents shall be required as below


Accounts of minors

  • If guardian is appointed by the court, order of the court for the same
  • In case the guardian is illiterate, birth date certificate of the minor from the competent authority

Trusts & foundations

  • Certificate of registration
  • Power of Attorney granted to transact business on its behalf
  • Any officially valid document to identify the trustees, settlers,beneficiaries and those holding Power of Attorney, founders/managers/ directors and their addresses
  • Resolution of the managing body of the foundation/ association
  • Telephone bill

In addition to the above, account opening form, customer information form etc. duly filled in and authenticated are required to be submitted.

Documents in proof of identity and addresses of the individual/s involved as proprietor / partners / directors / trustees / authorized signatories etc. are required to be submitted as required under KYC norms.

Savings account interest rate

saving account interest rate,savings account interest rate

Savings Account Interest Rate

Bank will pay interest on DAILY PRODUCTS in the account (i.e. on daily balance) on quarterly basis payable on end of every quarter.

Click here to know Present interest rate

Savings Account Interest Calculator

savings account interest rate calculator

 

The savings account interest is calculated on daily balance basis. The computed amout will be more if you keep the amount all throughout the year.

How to calculate interest on a savings account?

Savings account interest rate is calculated by multiplying the daily interest rate by the average balance at the end of the month.

The following formula is used to explain the calculation of savings interest rate and calculate interest in a savings account:

Interest on a monthly basis = Daily Balance * (Number of days) * Interest / (Days in the year)

If the invested amount is ₹5 lakhs and the interest rate on the savings account is 2.75% per year, the computation will be:

5 lakhs * 30 * (2.75/100) / 365 = ₹1,130 per month in interest

 

savings account eligibility

Savings account eligibility

Any individual can open savings bank account singly or jointly.

SB Account of minors can be opened jointly with natural guardian/legal guardian.

The applicant should furnish identity and address proof as given in account opening form (CIF for individuals), two photographs & PAN number/Form No. 60/61 while opening new account.

In case the customer is unable to give any documentary proof of identity & address, to the satisfaction of the bank, the account can be opened with the introduction from existing account holder who has been subjected to full KYC procedure & having satisfactory operations in the account for over six months.

savings account,best savings account

Frequently Asked Questions (FAQs)

A Savings Account is a deposit account that provides principal security, a interest rate and high degree of liquidity.

Savings accounts are ideal for keeping emergency money or money for daily expenses that you might need at a later date.

Any individual can open savings bank accounts singly or jointly. A joint account is one, which operated by two or more persons.

SB accounts of minors can be opened jointly with a natural guardian/legal guardian.

You can apply for the Bank of Maharashtra Saving Account through any of the below processes.

  • Apply for SB Saving Account online by clicking on the link : Apply
  • Walk into any of our nearby branches.
  • Banking Correspondents/ Customer Service points

Click On this link Document Required

  • Adding a nominee to your account is the smart thing to do. In the unfortunate event of death of account holder, the funds are settled to the account of nominee in a hassle-free and without much paper work.
  • Adding Nominee to account is advisable, but not mandatory.

Minimum balance should be maintained in the account on a Monthly Average basis. If Minimum Monthly Average Balance in the account is not maintained, applicable service charges shall be levied monthly.

To know more about applicable service charges click, Service Charges

The interest on your Savings Account is calculated on daily basis, and credited quarterly.

Interest shall be credited only when interest payable is minimum Re.1/-

Interest on savings account

One can use the following modes to transfer money from savings account;

  • Using Maha-Mobile App to transfer funds, from your Savings Account to any other Account, anytime, anywhere.
  • Using Net Banking facility to transfer money quickly and easily.
  • Using Bank’s UPI application for money transfer.
  • One can also visit the nearest bank branch in person and transfer the funds through NEFT/RTGS and other modes.
  • One can also avail the services of Banking Correspondents/ Customer Service Points for transfer of funds.

Mobile Banking: One can register on Mobile Banking, hassle-free, by downloading “Maha Mobile” app from playstore/ appstore, using credentials of account.

Internet Banking: One can apply for internet banking in its home branch. After successful registration on internet banking, the user ID and password is sent to registered email id immediately. The user can download “MahaSecure” app for logging into internet banking.

Yes. You will be receiving a RuPay/ RuPay Platinum/Visa ATM cum Debit Card on successful opening of account in person or on your communication address.

No, there are no fees applicable while withdrawing from your Savings Account.

Cheque book is available with every Saving Account, on request and through various other modes. The cheque book is despatched to registered communication address of the depositor.

No, PAN Card is not mandatory. However, it is advisable to produce PAN Card as an OVD, otherwise form of declaration, under form60/61 is to be submitted, if one does not have a PAN number.

Yes, there are several ways to know your account balance without visiting branch;

  • Through, Whatsapp Banking Number, 7066036640
  • Give a Missed call on 9222281818, from your registered mobile number.
  • Login to “MahaMobile” app.
  • Login to “MahaSecure” Net Banking facility.
  • Using “Maha Bhim UPI”.
  • Visit your nearest “MahaBank”ATM.

Yes. The online account statement sent to registered e-mail Id is free of charge.

The following formula is used in Savings account calculator to explain the calculation of savings interest rate and calculate interest in a savings account:

Interest on a monthly basis = Daily Balance * (Number of days) * Interest / (Days in the year)

If the invested amount is ₹5 lakhs and the interest rate on the savings account is 2.75% per year, the computation will be:

5 lakhs * 30 * (2.75/100) / 365 = ₹1,130 per month in interest

Similar Products

Yuva Yojana

Yuva Yojana

With a view to making children develop the habit of banking and also to make them our future customers,.

Lok Bachat Yojana

Lok Bachat Yojana

To enable people belonging to “bottom of the pyramid” (Low income group) to open an account with the Bank.

Royal Saving account

Royal Saving account

Resident individuals (sole or joint account), HUFs,Associations, Trusts, Clubs, Societies etc. subject to full..

Purple Saving Account

Purple Saving Account

Resident individuals subject to fulfilling eligibility criteria of Reserve Bank of India,.