Mahabank Royal Savings Account

Mahabank Royal Savings Account
Sl NoParticularDetails of Offer
iWho can open accountResident individuals (sole or joint account),
HUFs,Associations, Trusts, Clubs, Societies etc. subject to
ful filling eligibility criteria (domestic depositors) of
Reserve Bank of India, on compliance of "Know Your
Customer(KYC) Guidelines
iiAgeAs required for normal SB Account with cheque facility
iiiInitial Amount of DepositAccount can be opened with zero balance
ivMinimum BalanceMinimum Monthly Average Balance (MAB) - Rs 1,00,000/-
vPersonal AssistanceSpecial assistance of Relationship Manager
If minimum MAB Rs 10 lakh, personal service by
Branch Head (in absence of Branch Manager the
Dy Branch Manager will provide the personal
service)
viPersonal Air Accident Death Insurance CoverRs 50,00,000/-, Free of Cost
viiPersonal Accidental Death Insurance (PAI) CoverRs 10,00,000/-, Free of Cost
viiiCheque book facilities100 free Personalized Cheque leaves per annum
ixRupay debit cardFree ATM Card while opening of Account (no maintenance charge)
xHigher Transaction Limit on Debit Card (per day)Rs 0.50 lac at ATMs
Rs 0.50 lac at Point of Sale (POS)
xiInternet BankingFree Internet Banking Facility
xiiNumber of TransactionsUnlimited free transactions (No ledger folio/ account maintenance charges)
xiiiNEFT/ RTGSFree NEFT/RTGS through internet banking
xivDemand DraftUpto 3 Free DDs per month and upto 3 free delivery per month if ordered through internet banking
xvCBS transactionsFree transactions at all our CBS branches s.t. limit stipulated for such transactions from time to time (Rs 50,000 at present)
xviStanding Instruction (SI)Free registration and execution of SIs
xviiCollection of outstation ChequeImmediate Credit of outstation Cheques upto Rs 25,000/- free of charge (not exceeding 2 cheques per month).
xviiiTax payment through ATM & Internet BankingFree
xixDemat AccountFree for 1st year
xxOther Service Charges 50% concession in processing fee of retail  loans.
xxiCharges on Non Maintenance of Minimum MABRs 400/- per Month.
xxiiClosing of A/C before 1 yearPenalty of Rs 1,000/-

Frequently Asked Questions

1. What is the Royal Saving Account offered by Bank of Maharashtra?

The Royal Saving Account is a premium savings account designed for high-value customers, offering exclusive benefits like insurance cover, higher transaction limits, and personalized banking services.

2. Who is eligible to open a Royal Saving Account?

Resident individuals (single or joint), HUFs, associations, trusts, clubs, and societies can open this account, subject to RBI KYC guidelines.

3. What is the minimum balance requirement for this account?

The account requires a Monthly Average Balance (MAB) of ₹1,00,000 to be maintained.

4. Can I open a Royal Savings Account with zero balance?

Yes, the account can be opened with a zero initial deposit, but maintaining the required MAB is mandatory thereafter.

5. What are the insurance benefits provided with this account?

The account offers:

  • Personal Air Accident Insurance coverage of ₹50 lakh
  • Personal accident insurance coverage of ₹10 lakh
    Both are provided free of cost.

6. Are debit card and checkbook facilities available?

Yes, customers get:

  • Free RuPay debit card (no maintenance charges)
  • 100 free personalized cheque leaves per year

7. What are the transaction limits on the debit card?

The daily transaction limits are:

  • ₹50,000 at ATMs
  • ₹50,000 at POS (Point of Sale)

8. Are online banking and fund transfer services free?

Yes, customers enjoy:

  • Free internet banking
  • Free NEFT/RTGS transactions through online banking

9. Is there any relationship manager support available?

Yes, customers receive dedicated assistance from a Relationship Manager.
For higher balances (₹10 lakh MAB), personalized service is provided by the Branch Head.

10. Are there any charges for not maintaining the minimum balance?

Yes, a penalty of ₹400 per month is charged if the required MAB is not maintained.

11. What additional benefits are included in this account?

Additional benefits include:

  • Unlimited free transactions
  • Free standing instructions
  • Free demand drafts (limited per month)
  • Concessions on retail loan processing fees

12. Is there a penalty for closing the account early?

Yes, if the account is closed within one year, a penalty of ₹1,000 is applicable.

13. Can I access banking services across branches?

Yes, customers can enjoy free transactions at CBS-enabled branches, subject to applicable limits.

14. Does the account offer digital and tax payment facilities?

Yes, customers can:

  • Pay taxes via ATM and internet banking (free)
  • Use digital banking services for seamless transactions
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