A savings bank account required you to maintain a minimum balance amount every month. This amount varies from bank to bank but is usually between Rs.500 – Rs.2000. 

The minimum balance to be maintained in Bank of Maharashtra savings bank account is: 

Metro/ Urban Areas

Monthly Average Balance of Rs.2000

Semi-Urban Areas

Monthly Average Balance of Rs.1000

Rural Area Branches 

Monthly Average Balance of R

What is the monthly average balance?

Banks have migrated to the monthly average balance parameter for better account management. A Monthly Average Balance is the minimum average balance you are required to maintain at the end of the month. 

For example, Bank of Maharashtra stipulates that you maintain a monthly average balance of Rs.2000. This means the average of all end of day balances for a particular month is equal to or above Rs.2000. 

This amount varies for semi-urban and rural areas. 

Read more about Bank of Maharashtra Savings Bank Account here!

What are the charges for not maintaining your Minimum Monthly Average Balance?

Monthly Average Balance Limit

Charges

For Metro/Urban branches
  • Balance >= RS.1,000 to < RS.2,000, Penalty Charges = RS.38/- per month
  • Balance >= RS.500 to < RS.1,000, Penalty Charges = RS.56/- per month
  • Balance >= RS.0 to < RS.500, Penalty Charges = RS.75/- per month

For Semi-Urban Branches
  • Balance >= RS.500 to < RS.1,000, Penalty Charges = RS.25/- per month
  • Balance >= RS.250 to < RS.500, Penalty Charges = RS.38/- per month
  • Balance >= RS.0 to < RS.250, Penalty Charges = RS.50/- per month

For Rural Branches
  • Balance >= RS.250 to < RS.500, Penalty Charges = RS.10/- per month
  • Balance >= RS.125 to < RS.250, Penalty Charges = RS.15/- per month
  • Balance >= RS.0 to < RS.125, Penalty Charges = RS.20/- per month