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Bank of Maharashtra introduces exclusive savings account for HNIs


Bank of Maharashtra introduces exclusive savings account for HNIs
For the high net-worth individuals maintaining a minimum average monthly balance of Rs 1 lakh, Bank of Maharashtra (BoM) has introduced an exclusive savings deposit account, Mahabank Royal Savings Account. The new scheme is introduced to broaden customer base and include more affluent people in its network. Further, with the new scheme banks aims to strengthen its relationship with the existing customer base.

Eligibility criteria: All resident individuals, Associations, Clubs, HUFs, Societies in compliance with the KYC guidelines can open the account. With respect to age, any person fulfilling the criteria to open the a/c in the age bracket required for opening a regular savings bank account with the bank can open the account.

Array of advantages: A person maintaining the special savings account with the bank is entitled to a host of benefits. Such benefits include specialized service offered by a dedicated bank personnel and in his bank head will offer assistance and service to the account holder.

Other than this a host of additional benefits such as insurance cover that includes Personal Air Accident Death Insurance cover and a Personal Accident Death Insurance of a substantial amount shall be provided at no cost. Also, in comparison to account holders of other deposit account with the bank, individuals maintaining Mahabank Royal Savings Account have an added advantage in respect of ATM transaction limit at POS terminal or ATMs.

Various other services are also offered with no charges or lesser charges in comparison. For instance, for the issue of a maximum of three bank demand drafts, the bank shall charge no commission from such an account holder. NEFT and RTGS transactions if executed through Internet Banking shall entail no fee. Outstation cheques of a maximum value of Rs. 25,000/- shall be credited with no charges subject to some limits.


For tax payments also individuals maintaining exclusive deposit account with the bank shall not be charged fees for the service. Retail loans shall be processed by the bank with a discount of 50% on processing fee.

Charges and penalties: If the account holder does not adheres to the minimum average monthly balance criteria of Rs. 1 lakh for which he is entitled to such advantages, bank levies a penalty to the tune of Rs. 1000 on a quarterly basis. Also for closure of the account before a year's time, bank shall impose Rs. 1000 for the early closure.

Story first published: Monday, January 20, 2014, 12:04 [IST]
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