Bank of Maharashtra Salary Account

Bank of Maharashtra

Bank of Maharashtra (BoM) is a leading public sector bank founded in 1935 and headquartered in Pune. The Government of Maharashtra is the single largest shareholder with roughly 28% stake, making BoM the lead banker for Maharashtra state government departments, semi-government bodies, and PSUs. The bank operates over 2,400 branches and 2,500+ ATMs, with the majority of its network concentrated across Maharashtra and the surrounding states — a depth of local presence that few competitors match in the region. The Bank of Maharashtra Salary Account is a zero-balance savings account opened through a corporate or government salary tie-up. Interest on the savings balance is credited at 2.7% p.a., in line with the RBI-mandated rate applicable to all domestic savings deposits. The Monthly Average Balance (MAB) requirement is fully waived for the life of the account as long as salary credits flow in from the mapped employer — making it genuinely a zero-balance salary account with no quarterly non-maintenance charges. Account holders receive a Bank of Maharashtra Salary Debit Card (RuPay/VISA variants issued at the employer's tie-up level) for ATM withdrawals, POS purchases, and online transactions. The MahaMobile mobile banking app and MoBILT internet banking platform handle funds transfer, bill pay, FD booking, and statement download. NEFT and RTGS are free and unlimited, and IMPS/UPI transfers are also free, allowing salaried customers to move money across banks without per-transaction fees. The salary account also bundles a personal accident insurance cover (underwritten by BoM's partner insurer, with the sum insured tiered by employer tie-up), free SMS/email alerts on every transaction, and doorstep banking in select metro locations. Chequebook issuance, passbook updates at home branches, and a dedicated relationship channel for corporate salary batches are all part of the package. On leaving the employer, the salary account is auto-converted to a standard Bank of Maharashtra Savings Account — there is no need to close and reopen, and the account number, debit card, and passbook continue to work. The customer can then continue banking as a regular savings customer, or close the account at any branch with no exit penalty. Source: Bank of Maharashtra official website, updated May 2026.