All you need to know about Smart Savings Scheme BSS 15 and BSS 25

The Bank of Maharashtra Smart Savings Scheme offers two tailored savings bank account variants—BSS 15 and BSS 25—designed to balance liquidity, convenience and benefits for different customer segments. BSS 15 requires an average quarterly balance of ₹15 000 while BSS 25 asks for ₹25 000, each unlocking a suite of features that go beyond basic deposit accounts.

Understanding eligibility criteria for BSS 15 and BSS 25

The Smart Savings Scheme can be opened by resident individuals (sole or joint) and Hindu Undivided Families (HUFs) who meet Know Your Customer guidelines. Applicants must be at least 18 years old; minors are not eligible for standalone accounts. Joint accounts are allowed and there is no initial deposit requirement—accounts can start with a zero balance.

Opening your BSS account online

Bank of Maharashtra lets you open both BSS 15 and BSS 25 accounts online through a simple video KYC process. By visiting the Smart SB Scheme page, you can complete your KYC and documentation digitally without visiting a branch.

Key features of BSS 15 and BSS 25

Average quarterly balance and non-maintenance charges

BSS 15 mandates an average quarterly balance (AQB) of ₹15 000, and BSS 25 mandates ₹25 000. Failure to maintain these balances attracts quarterly charges of ₹750 for BSS 15 and ₹1000 for BSS 25.

Chequebook and debit card benefits

Holders of BSS 15 receive 40 free personalized cheque leaves per year and a complimentary RuPay Platinum Debit Card. BSS 25 customers enjoy 60 free cheque leaves and a RuPay Select Debit Card—both variants carry no annual maintenance charges.

Transaction limits and free services

At Bank of Maharashtra ATMs, unlimited free transactions are allowed. For other-bank ATMs, the first five transactions per month are free (three in six metros); thereafter, charges apply. ATM withdrawals are capped at ₹1.5 lakhs per day. POS and e-commerce limits are ₹3 lakhs for BSS 15 and ₹5 lakhs for BSS 25. Online NEFT and RTGS transactions are free .

Accidental insurance and lounge access

BSS 15 cardholders get a ₹2 lakhs accidental death and disability cover, plus complimentary domestic lounge access. BSS 25 extends cover up to ₹10 lakhs and adds international lounge access alongside concierge, wellness and entertainment offers.

Smart Savings Scheme interest rates and calculation

Savings under BSS earn interest at the standard rate for Savings Bank Deposits, which is 2.75 percent per annum effective since 8 June 2020. Interest is calculated on the daily closing balance and credited at quarter-end. For example, ₹5 lakhs kept for a 30-day month at 2.75 percent yields around ₹1130 of interest .

Flexibility and withdrawal benefits

As a demand deposit account, the Smart Savings Scheme imposes no fixed maturity period and allows withdrawals at any time without penalties. This high liquidity makes it ideal for both everyday needs and emergency funds.

Loan against BSS deposit and other credit options

The bank does not permit loans against balances in savings accounts. However, BoM offers a separate Loan Against Deposit facility for fixed deposits, letting customers access up to 90 percent of FD value without breaking the deposit and losing interest.

Nomination facility in Smart Savings Scheme

Customers can add or update nominees for their Smart Savings accounts digitally via BoM’s online nomination feature. The bank supports nomination through internet banking, mobile banking and branch services for added security of your funds.

Tax benefits of BSS deposits

Interest income up to ₹10 000 per financial year from savings accounts qualifies for a deduction under Section 80TTA of the Income Tax Act, 1961. This deduction applies to all individual and HUF account holders, helping you reduce taxable income on your Smart Savings interest.

Top up and renewal options for BSS

Since Smart Savings accounts have no set tenure, there is no renewal process. Customers seeking higher benefits can maintain the larger average quarterly balance required for BSS 25 at any time, effectively “topping up” from BSS 15 to BSS 25 and unlocking additional privileges .

Frequently asked questions around Smart Savings Scheme

• What is the maturity period for BSS 15?
   There is no maturity date. Accounts remain active until you choose to close them.
  
• Are premature withdrawals allowed?
   Yes. Funds can be withdrawn at any time without penalty.
  
• How do I calculate interest on BSS balances?
   Interest is computed daily on closing balances and paid quarterly .
  
• Can I upgrade from BSS 15 to BSS 25?
   Simply maintain an AQB of ₹25 000 to enjoy BSS 25 benefits.
  
• How do I claim nomination digitally?
   Use BoM’s internet or mobile banking to add or update nominees.
  

Conclusion and recommendation

The Bank of Maharashtra Smart Savings Scheme (BSS 15 & BSS 25) blends everyday flexibility with rich banking privileges. Whether you prioritize lower balance requirements or enhanced premium perks, BSS helps you manage funds smartly while earning steady interest and enjoying tax deductions. Consider opening a Smart Savings account today and experience the comprehensive offerings that only Bank of Maharashtra can deliver.

Author: Bank of Maharashtra
Date of Publish: 23 Oct, 2025