Savings Account

If you're looking to start a new bank account you may want to begin with a Savings Account. The reason for doing this is that many banks offer an interest rate on the amount you save inside of your bank account which varies greatly based off of what your goals are while also working alongside a deposit-raising program. In order to get started opening up an account, applying online is the simplest way to do so and takes only a short period of time as well.

• Features & Benefits
• Documents Required
• Interest Rates
• Interest Calculator
• Eligibility
• FAQs

Features & Benefits

Features and benefits of savings account

Tele Banking

SMS Banking

Mobile Banking

Internet Banking

Credit Card

Deposit Insurance

Fund Transfer

Bill Payment

• The account holder/s can give standing instructions for transfer of funds from the account to any another account/s, make payment of electricity bills, Insurance Premium, Telephone bills, taxes, loan installments etc. Charges applicable are furnished in Service Charges Schedule available in every branch and also on Bank's website.
• Telebanking facility, SMS Banking facility, Mobile banking facility and Internet Banking are available.
• TDS is not applicable for interest earned on the account.
• Free Mahabank VISA ATM / Debit Card.
• Deposit Insurance Cover upto Rs. 5.00 lac.

Documents Required

Document required for savings account

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.

Interest Rates

Savings account interest rate

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

Interest Calculator

Savings Account Interest Calculator

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