FurEver Account      

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FurEver Account

1.

What is FurEver Account?

India has over 31 million household pets and that number is growing every year. Behind every adoption is a story of love, responsibility, and a lifelong commitment. FurEver Account is Bank of Maharashtra's way of saying: We understand that bond, and We are here to support it.

In the world of Pet-Centric Lifestyle Banking, we are pleased to announce a new banking product ‘FUREVER ACCOUNT’ which enables smart financial planning, disciplined savings & enhanced protection of funds with online access for privileged retail customers who are pet parents.

The FurEver Account offers a bouquet of accounts namely SPEND, RESERVE & GROWTH that help pet parents to spend, save, and grow their money efficiently.

A SPEND (FurEver Spend Account) is a Primary Current Account for using funds for everyday pet care needs — purchases, payments, vet bills & more.

This account offers Mobile Banking / Internet Banking / Debit Card to use online, at stores and at ATMs.

A RESERVE (FurEver Reserve Account) is a Savings Account for setting aside money as a dedicated pet care reserve / backup fund.

Visible as a separate “Pet Fund” in Mobile Banking. ROI at prevailing SB Interest rate.

Amount

Rates (p.a.)

Upto ₹1 Crore

2.50%

Above ₹1 Crore to ₹100 Crore

2.60%

Above ₹100 Crore

2.75%

A GROWTH (FurEver Growth Account) is a Term Deposit account (FD/RD) for 1/3/5/10 Years tenure at prevailing interest rate intended for set timeline planning, saving & investment for earmarked pet care expenses.

Tenure

Rates (p.a.)

1 year

6.20%

3 Years

5.25%

5 Years

5.00%

10 Years

5.00%

  • Amount – Min. ₹1,000 for FD and ₹100 for RD. Max. ₹2,99,99,999 per FD/RD. Multiple FDs can be opened on the same day.
  • FD Auto-renewal at prevailing rate. Partial withdrawal allowed (LIFO method). Premature withdrawal penalty as per Bank Guidelines.
  • RD will be auto closed on the maturity date. Proceeds of RD and FD after closure will directly go to spend account.

Few important operational features:

  1. All transactions done vide Cheque, IMPS, IB, MB, Digital Transactions will be allowed through ‘FurEver Spend Account’ only.
  2. ‘No third-party transactions’ and ‘No direct funding’ are allowed in ‘FurEver Reserve’ and ‘FurEver Growth’ account.
  3. Funds transfer to/from FurEver Reserve and FurEver Growth accounts will be allowed on exclusive action from the customer via IB/MB.

In nutshell, FurEver Account offers: -

  • Smart Transaction Capability
  • Dedicated Pet Care Savings
  • Wealth Accumulation
  • Value on Idle Balances
  • Higher Yield Opportunities
  • Personalized Pet Banking Experience

2.

Who can open the account?

Individual only (age: above 18 years) with Full KYC Compliance and self-declaration of non-availment of Commercial Cash Credit (CC) facility.

3.

Not eligible to open the account.

  • NRI / NRO / PIO / OCI
  • Minors
  • HUFs, Firms, Companies, Trusts, etc
  • Politically Exposed Persons (PEPs)
  • High-Risk Customers classified under AML/KYC high-risk categories.
  • Suspicious Profiles (Money mule risk or customers involved in suspicious transactions)

4.

Initial Deposit and Minimum Average Quarterly Balance in FurEver Spend Account

FurEver Spend Account can be opened with Zero initial deposit.

AQB: ₹10,000/- in FUREVER SPEND account.

5.

Charges for Non-Maintenance of AQB of ₹10,000 (in SPEND account)

Maximum ₹500 per quarter for all Branch Categories (M/U/SU/R)

Shortfall to AQB

Penal Charges (% of shortfall, subject to minimum Re.1)

₹1 to < ₹10,000

5%

6.

Account Closure

Within 14 days: Nil

After 14 days: as per prevailing Service Charges guidelines for FurEver Spend (Current) Account only. Nil for FurEver Reserve & FurEver Growth account.

To close FurEver Spend Account, first close FurEver Reserve & FurEver Growth accounts by transferring balance to Spend Account.

7.

Nomination

Yes (Nomination for FurEver Spend account will continue for FurEver Reserve & FurEver Growth Account)

8.

TDS on interest

Yes (as applicable for FurEver Reserve & FurEver Growth Account)

9.

Debit Card for Spend Account

Rupay Platinum / VISA Debit Card

Card can be used for domestic as well as international transactions.Personal Accident Death Insurance Cover and Complimentary Offerings as per NPCI guidelines

(The Debit Card facility for FurEver Reserve & FurEver Growth account is not allowed. Additionally, transaction via ATM also not allowed in FurEver Reserve & FurEver Growth account)

Card Issuance Charges – Free

Annual Maintenance Charge – As per Prevailing charges

10.

Cheque Book for Spend Account

Free 50 Cheque Leaves per annum. (Cheque book facility not allowed in FurEver Reserve & FurEver Growth account)

11.

Cash Deposit / Withdrawal

Cash Deposit: Free up to ₹1,00,000 per day in FurEver Spend Account.

Cash Withdrawal – Home Branch: Free.

Cash Withdrawal – Non-Home Branch: Free up to ₹50,000 per day.

Above free limits: As per Extant Service Charges.

12.

RTGS / NEFT for Spend Account

On Branch Counter: As per Prevailing Service charges

Online: Free

(Transactions not allowed in FurEver Reserve & FurEver Growth account)

13.

IMPS for Spend Account

As per Prevailing Service Charges. (Transactions not allowed in FurEver Reserve & FurEver Growth account)

14.

IB, MB, WhatsApp Banking

Free

15.

SMS Alerts / WhatsApp Banking / Net Banking

As per Prevailing Service charges*

(to be recovered from SPEND account only)

16.

How to Open the Account?

For New Customer of Bank

1. V-CIP Based Account Opening.

For Existing Customer of Bank

1. Use Mobile Banking (Zen Lyfe App) & Internet Banking Application.

17.

Other benefits

To know more benefits, visit the nearest Branch of Bank or download the Zen Lyfe Mobile Banking App.

Frequently Asked Questions on FurEver Account

Q: Who can open this account?

A: Resident individuals aged 18+ who own or intend to adopt a pet. Joint accounts holders, non-individual customers, NRIs are not permitted.

Q: What are the channels for account opening?

A: Account can be opened through Zen Lyfe, Internet Banking and V- CIP only. It cannot be opened via Branch Channel.

Q: Can I open this if I have an existing Cash Credit (CC) facility?

A: No; applicants must declare they have no commercial CC facilities in the banking system.

Q: What are the primary KYC requirements?

A: Standard OVDs (Aadhaar, PAN, etc.). Pet registration is optional.

Q: How is the account structured?

A: It is a tripartite account consisting of a Spend (Current), Reserve (Savings), and Growth (FD/RD) component.

Q: What is the initial deposit?

A: The FurEver Spend account can be opened with a zero initial deposit. Min. Amount for RD is Rs. 100/- and Min. amount of FD is Rs. 1000/-. Max. Amount for RD and FD is Rs. 2,99,99,999/-

Q: What is the Average Quarterly Balance (AQB)?

A: The FurEver Spend account requires an AQB of ₹10,000.

Q: What is the penalty for AQB shortfall?

A: 5% of the shortfall amount (subject to minimum Re.1), with a maximum cap of Rs.500 per quarter..

Q: Where are charges recovered from?

A: All service fees, penalties, and taxes are debited exclusively from the FurEver Spend account.

Q: Can I use the Reserve account for UPI or ATM withdrawals?

A: No. All external payments and third-party debits must be routed through the FurEver Spend account.

Q: How do I move money between the sub-accounts?

A: Transfers are permitted via Internet Banking and Mobile Banking.

Q: Is there a limit on cash deposits?

A: Free cash deposits are allowed up to ₹1,00,000 per day in the FurEver Spend account.

Q: Are digital transactions like NEFT/RTGS free?

A: Yes, digital transfers from the FurEver Spend account are free of cost.

Q: Can I transfer funds directly from FurEver Growth to a third party?

A: No. Funds must first be moved to the FurEver Spend account before an external transfer.

Q: How does nomination work?

A: The nominee registered for the FurEver Spend account automatically applies to the FurEver Reserve and Growth components.