Savings Account - Meaning or Definition

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

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

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

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.

Frequently Asked Questions (FAQs)

Types of Savings Accounts offered by Us

Bank of Maharashtra provides various types of savings accounts to meet the diverse needs of customers. Whether you're looking for an account with a zero balance, student benefits, or high-value transactions, Bank of Maharashtra has a solution for everyone.

1. Basic Savings Bank Deposit Account (BSBDA):
   • Zero balance requirement
   • Free debit card facility
   • Ideal for students and low-income groups
   
   
2. Regular Savings Account:
   • Standard savings account with minimum balance requirements
   • Cheque book and debit card facilities
   
   
3. Salary Savings Account:
   • Designed for salaried individuals
   • Easy credit of salaries and other benefits
   
   

Digital Banking Made Simple with Us

Experience the benefits of a digital bank account opening with Bank’s seamless online process. Our online new account opening service is user-friendly, ensuring that individuals can create an account within minutes.
For customers seeking a zero-balance digital account opening online, Bank offers BSBDA and student-specific accounts that cater to varying financial needs.

How to Apply for Online SB Account Opening

Opening a savings account with Bank of Maharashtra is easy and can be done through multiple channels. Customers can opt for:

1. Online Saving Account Opening: Apply directly through Bank’s secure portal.
2. Visit a Branch: Walk into your nearest Bank of Maharashtra branch to complete the account opening process.
3. Apply via Mobile Banking App: Enjoy the flexibility of managing your account with mobile banking services.

Bank also caters to customers looking for a government bank online account opening by providing secure and regulated processes, ensuring adherence to government-mandated guidelines.

Seamless Online Account Opening Process with Bank

Our online account opening processes are designed to be straightforward and time-saving. We empowers customers with the ability to open a savings account digitally, eliminating the need for cumbersome paperwork.

By offering a govt. bank online account opening option, Bank of Maharashtra ensures that the account opening process is aligned with regulatory standards, maintaining trust and transparency.