BOM Co-operative Housing Society Current Account (BOM CHS CA)

Particulars

BOM CHS Current Lite

BOM CHS Current Supreme

Eligibility

All registered co-op housing societies, resident welfare associations, apartment owners’ association (CHS/RWA/AOA) (who are eligible to open current accounts).

All registered co-op housing societies, resident welfare associations, apartment owners’ association (CHS/RWA/AOA) (who are eligible to open current accounts).

Type of Account

Current Account

Documents Required

(latest KYC policy of the Bank)

  1. Society Registration Certificate
  2. Society By-laws
  3. Managing Committee Resolution for opening of account and Power of attorney granted to transact on its behalf.
  4. Society PAN Card
  5. KYC Documents of Authorized Signatories: Proof of identity and address for the individuals authorized to operate the account. This often includes:
    • Aadhar card (and masked Aadhar if required) 
    • PAN card 
    • Other Officially Valid Documents (OVDs) like passport, driving license, etc

Average Quarterly Balance (AQB)

₹25,000/-

₹50,000/-

Non- Maintenance   of Average Quarterly Balance (AQB) Charge

₹1500/- + GST Per quarter

₹2000/- + GST Per quarter

Special offer for new/existing customers

*to be given only if mentioned Criteria is fulfilled

up to 25% off (up to Rs 2500/-) on annual rentals of Apartment Management App/Software as system integration cost

Applicable on* -

  • Community software integrated society account to be held with Bank of Maharashtra and maintaining minimum average balance
  • Reimbursement will be made on one time basis within 3-12 months of account opening date
  • System integration cost will be reimbursed by Head Office, Resource Planning after the recommendation of Zonal office on production of GST Invoice

up to 25% off (up to Rs 5000/-) on annual rentals of Apartment Management App/Software as system integration cost

Applicable on* -

  • Community software integrated society account to be held with Bank of Maharashtra and maintaining minimum average balance
  • Reimbursement will be made on one time basis within 3-12 months of account opening date
  • System integration cost will be reimbursed by Head Office, Resource Planning after the recommendation of Zonal office on production of GST Invoice

Account Benefits & Features

A) Transaction Related Services

Cash Deposit Limit

Up to ₹2,50,000/- per day free

Up to ₹5,00,000/- per day free

Cash Withdrawal Limit

Free at home branch.

Free up to Rs 50,000 at non home Branch

Free at home branch.

Free up to Rs 50,000 at non home Branch

Cash handling Charges above free limit

₹1/- per ₹1000/-

 Min- ₹100/- per Txn,

Max- ₹15,000/- per Txn

Note- Cash handling charges shall be collected considering the cumulative cash deposit during the day in the a/c

₹1/- per ₹1000/-

 Min- ₹100/- per Txn

Max- ₹15,000/- per Txn

Note- Cash handling charges shall be collected considering the cumulative cash deposit during the day in the a/c

Debit Card

Not applicable

Not applicable

NEFT charges

Free through digital channels.

3 NEFT free per day at branch counter.

Beyond free limit: Normal Rates as applicable.

Free through digital channels

5 NEFT free per day at branch counter.

Beyond free limit: Normal Rates as applicable.

RTGS charges

Free through digital channels

Applicable at Branch Counter

Free through digital channels

Applicable at Branch Counter

Demand Draft

First DD free per month (Max. ₹20,000/- per instance)

Beyond which regular charges applicable

First 3 DDs free per month (Max. ₹20,000/- per instance)

Beyond which regular charges applicable

Cheque returns charges

As per Extant Service Charges

As per Extant Service Charges

Cheque stop payment

Free through digital channel.

As per latest service guidelines from Branch channel

Free through digital channel.

As per latest service guidelines from Branch channel

Closure Charges

Up to 14 days from account opening date: NIL.

If closed within 15 days to 1 year-Rs 750/-

Applicable Charges for various facilities

Refer to latest Service Charges Guidelines.

B) Digital Facilities

SMS Alerts

Free

Free

WhatsApp Banking

Free

Free

Net Banking

Free

Free

Interest Certificate/TDS Certificate through Digital Channel

Free

Free

Statement of Accounts through Digital Channel

Free

Free

C) Value Added Services

Personalized Cheque Books

Free 2 cheque book (100 leaves) p.a.

Free 3 cheque books (150 leaves) p.a.

Locker facility

Allotment on priority basis subject to availability

25% concession in locker rent on every year small Locker Type A/B/C

Allotment on priority basis subject to availability
50% Locker Rent Concession on every year for small locker Type A/B/C

Balance confirmation certificate

Free

Free

Staff Salary processing facility

Free

Free

Additional Benefits for Individual Flat owners of the Societies

Features

BOM CHS Current Lite

BOM CHS Current Supreme

Retail Loan Benefits

50.00% processing fee waiver for Home & Car loans

100.00% processing fee waiver for Home & Car loans

(Operational Guidelines)

  1. Individual should have regular saving account/CHS SB Product with us (other than BSBDA)
  2. CHS SB Product is exclusively available to identify individual flat owners to provide Product offerings accordingly. Features and service charges of CHS SB Product are in the line of General Savings account.
  3. Individual flat society member should produce Share Certificate / letter from Society Management Committee (on letterhead) to avail these benefits.
  4. No additional waiver in any form will be given (clubbing of two Products are not allowed)

Frequently Asked Questions on BOM Co-operative Housing Society Current Account

General Account Information

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  • Q1: What are the "Maha Bank Co-Op Housing" products?

    These are two specialized current account products (BOM CHS Current Lite and BOM CHS Current Supreme) designed specifically for the banking needs of Cooperative Housing Societies, Resident Welfare Associations (RWAs), and Apartment Owners' Associations (AOAs).

  • Q2: Which organizations are eligible to open these accounts?

    Any registered Co-operative Housing Society, RWA, or AOA that is legally permitted to open a current account in India is eligible.

  • Q3: What documentation is needed to open the account?

    You will need your Society Registration Certificate, By-laws, a Managing Committee Resolution for account operation, the Society's PAN Card, and KYC documents (Aadhar, PAN, etc.) for all authorized signatories.

  • Q4: What is the main difference between the Lite and Supreme accounts?

    The Supreme account offers higher free cash deposit limits, lower locker rent concessions (50% vs. 25% for Lite), more free cheque leaves, and higher processing fee waivers on individual flat owners' loans compared to the Lite version.

Balance Requirements and Charges

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  • Q5: Is there a minimum balance required for these accounts?

    Yes, both accounts require maintenance of an Average Quarterly Balance (AQB):

    • Lite: ₹25,000/-
    • Supreme: ₹50,000/-

  • Q6: Are there penalties for not maintaining the AQB?

    Yes. A quarterly charge applies:

    • Lite: ₹1,500/- + GST per quarter.
    • Supreme: ₹2,000/- + GST per quarter.

  • Q7: Are there any charges if we close the account shortly after opening it?

    Account closure within 14 days is free. If closed between 15 days and 1 year from opening, a charge of ₹750/- applies.

Transactions and Daily Banking

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  • Q8: What are the daily free cash deposit limits?

    You can deposit up to ₹2,50,000/- per day for free with a Lite account, and up to ₹5,00,000/- per day with a Supreme account.

  • Q9: Are NEFT and RTGS transactions free?

    Yes, all NEFT and RTGS transactions are completely free when conducted through digital channels (Net Banking/Mobile Banking). A limited number of free NEFT transactions are permitted at the branch counter monthly.

  • Q10: Do these accounts come with a Debit Card?

    No, debit cards are not applicable for these specific current account products.

  • Q11: How many free cheque books do we receive annually?
    • Lite: 2 cheque books (100 leaves total) per year.
    • Supreme: 3 cheque books (150 leaves total) per year.

Exclusive Benefits and Offers

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  • Q12: Do you offer discounts on apartment management software?

    Yes, we offer up to 25% off (up to ₹2,500/- for Lite, ₹5,000/- for Supreme) on annual rentals for software that integrates with your Bank of Maharashtra account, subject to maintaining the minimum balance.

  • Q13: Are there any benefits for individual flat owners in the society?

    Yes. Individual members with a regular savings account at Maha Bank can receive a processing fee waiver on Home & Car Loans (50% for Lite society members, 100% for Supreme society members).

  • Q14: How does an individual member claim the loan processing fee waiver?

    The member needs to provide a share certificate or a formal letter from the Society's Management Committee (on letterhead) to the branch when applying for the loan.

  • Q15: Are there any discounts on locker facilities?

    Yes. Both accounts receive priority locker allotment. The Lite account receives a 25% annual rent concession on small lockers, while the Supreme account receives a 50% annual rent concession on small lockers.

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