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Bank of Maharashtra

Bank of Maharashtra

A nationalised bank, Bank of Maharashtra is owned by the Indian government's Ministry of Finance. By March 2022, the bank had 2022 branches around the nation and 29 million customers. In the state of Maharashtra, it boasts the broadest network of branches of any nationalised bank.

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Loans offered by Bank of Maharashtra

Bank of Maharashtra LoansInterest RateProcessing FeeLoan Amount/Tenure
Personal Loan


Up to 1%

Up to ₹20L

Tenure(Up to 7 Years)

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Home Loan




Tenure(1 - 5 Years)

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Features and Benefits of Bank of Maharashtra

Bank of Maharashtra incorporates various qualities designed to benefit the customers. Some of the salient features and benefits of the Bank of Maharashtra are as follows:

  • Bank of Maharashtra offers a wide variety of loan products that cater to the needs of a diverse customer base.
  • The application procedure and product purchases from the Bank are easy and hassle-free, ensuring a quick response to its applicants.
  • The Bank has established several mobile applications and net banking facilities, where customers can avail of the products and services.
  • The Bank offers its customers a diverse assortment of deposit schemes that ensure lucrative returns.
  • The customers are offered low EMI options on loan products and attractive interest rates on deposit schemes.

Overview of Bank of Maharashtra

Due to Maharashtra's economic and strategic significance, various lending institutions have played an instrumental role in efficiently carrying out various developmental activities. These banking activities have contributed to much of the success of the state. Initially known as the Bank of Bombay, the Bank of Maharashtra came into existence on September 16, 1935. That came in the wake of the first World War, where several banks suffered due to the great depression. The agreement and memorandum were signed with various dignitaries, including professor V G Kale, D K Sathe, and many more.

The Bank of Maharashtra aims to stand tall in the global community while providing financial services to individuals and businesses with state-of-the-art technology. Their core motto incorporates the mobilisation of money, the modernisation of methods, and staff motivation. The Bank of Maharashtra is constantly involved in developing its products while aiming to provide quick and efficient solutions to its customers' needs. They have various financial products that provide solutions to an array of customer bases.

Products Offered by Bank of Maharashtra

Here is a rundown of the various financial products the Bank of Maharashtra offers. That includes personal banking products, corporate banking products, and schemes for MSMEs.

Personal Banking 

Bank of Maharashtra offers an array of personal banking products that cater to the needs of its diverse customer base. The financial products offered by the bank are specifically designed to regale various financial requirements of borrowers across the country. Customers availing of the products and services can expect a top-notch user experience from seasoned banking professionals. The bank's products include deposit schemes, digital banking services, government schemes, and loan schemes. 


The deposit schemes offered by the Bank are a popular choice among investors who aim to park their investments in a lucrative saving cum investment scheme. The Bank of Maharashtra offers the following deposit schemes to its customer base:

  • Saving Deposit - Anyone can start their investment journey with a traditional savings deposit plan. Customers will be required to maintain a minimum balance monthly. Even though this scheme has low-interest rates, it can still be instrumental owing to its high liquidity policy. 
  • Current Deposit - Any individual, company, or partnership firm can maintain a current account, etc. The scheme caters to investors inclined to keep their liquid funds safe, secure, and ready for withdrawals anytime. The investor must maintain a minimum monthly balance in the current deposit scheme.
  • Term Deposit - Users have the provision to invest in lumpsum cash for a fixed tenure, after which they can expect capital gains through interest-bearing policies. Bank of Maharashtra term deposits offers attractive interest rates with flexible tenure options making it a lucrative investment option.
  • Capital Gain Deposit - Customers can opt for a capital gain deposit account that offers re-investment and tax savings facilities. The scheme is for individuals without joint account facilities for a minimum of 7 days to 10 years.


Financial needs can arise anytime and anywhere. These monetary obstructions can be dealt with if the individual can obtain funds conveniently. The Bank of Maharashtra has designed  many financial products that cater to such requirements without affecting their savings. There are a variety of financial products that customers can choose from, including personal loans, home loans, loans against property, and so on.

  • Maha Super Housing Loan Scheme - The scheme benefits customers by raising funds to obtain a new property, house renovations, acquire a plot, and much more. The borrower can leverage the low EMIs, quick loan disbursement, and attractive interest rates the Bank of Maharashtra offers in the Maha Super Housing Loan scheme.
  • Maha Combo Loan Scheme - Customers can avail of the Maha combo loan scheme that incorporates housing loan necessities and vehicle loan facilities. That is predominantly for employees of government entities and reputed companies.
  • Mahabank Vehicle Loan Scheme for Old Car and Two-wheeler - This Bank of Maharashtra loan scheme assists people in procuring two-wheeler vehicles, second-hand cars not older than three years, and CNG-fueled vehicles along with CNG kits.
  • Education Loan Scheme - Get educational loans with the Bank of Maharashtra. Full loan disbursement without collateral for premium institutions. Furthermore, female students are eligible for interest rate concessions as well.
  • Consumer Loan Scheme - Customers can get consumer loan schemes for durable items such as electronic gadgets, computers, laptops, etc.
  • Salary Gain Scheme - This is a unique loan scheme designed to cater to borrowers who need to raise funds on an emergency basis. With the salary gain scheme, customers can meet day-to-day financial requirements. They can get up to 3 to 5 times their salaries up to INR 5 Lakhs.
  • Maha Adhaar Loan - This is similar to a basic personal loan where consumers can get credit facilities to meet their personal financial goals such as marriage expenses, medical bills, ceremony expenses, etc.
  • Maha Super Car Loan Scheme - Customers who wish to buy high-end vehicles can avail of the maha supercar loan scheme with the Bank of Maharashtra.
  • Pradhan Mantri Awas Yojana - There are government-backed loan schemes such as Pradhan Mantri Awas Yojana, where customers, especially those in economically weaker sections, can get financial assistance.
  • Top-Up Loan for Home Loan Borrowers - Get an additional mortgage facility with the Bank of Maharashtra’s Top-up Loan for home loan borrowers. That can help renew a mortgage with a new loan and assist customers in employing the funds to realise their monetary requirements.
  • Maha Gold Loan Scheme - With the Maha Gold Loan Scheme, avail of personal financial assistance for a specific reason that needs to be mentioned prior to getting the loan. This is due to the fact that the bank does not sanction this scheme for any random speculative reasons.
  • Mahabank Personal Loan Scheme - Bank of Maharashtra provides its customers with a quick loan disbursement to meet their personal goals. The borrowers can also avail of the provision to transfer their existing high-interest rate loan with the Mahabank personal loan scheme. 
  • Loan Against Property - Bank of Maharashtra also allows customers to use their real estate properties as collateral and obtain loans at attractive interest rates. 


In Businesses, Capital is never out of the picture, whether equity or debt. It does not matter whether or not a company is well-established. Monetary requirements arise now and then. Bank of Maharashtra caters to providing a platform for corporations to get easy credit funding with attractive interest rates and features. Here is a list of corporate banking products that aims to provide financial solutions for corporations.

Corporate Banking 

  • Working Capital - This loan scheme provides corporations financial assistance to meet working capital expenses such as purchasing inventory, managing employee salaries, etc. Working capital generally refers to the funds kept for current operations.
  • Term Finance - Get term finance if a company requires to expand their business, have more expenditure, or re-financing with reduced interest rates.
  • Project Finance - Every company, at some point, needs to experiment with various resources. Bank of Maharashtra provides options for corporations to obtain finance to support their new projects. However, it is to be noted that there are specific project categories that the firm needs to adhere to.
  • Infrastructure Finance - For major infrastructure projects such as road construction, power generation, bridges, pipelines, and so on, the Bank of Maharashtra provides financial assistance to its customers with an easy loan sanction process.
  • Line of Credit - Bank of Maharashtra possesses a rich experience in catering to the various financial requirements of the customer base in India. Keeping flexibility in mind, the Bank of Maharashtra has incorporated a line of credit facility, which allows switching between plans as per the customer’s convenience.
  • Export Finance - Bank of Maharashtra has given utmost importance to export owing to the fact that it can majorly contribute to the country’s growing economy. The Bank provides financial assistance for its customers involved in export and trading by boosting efficiency via funds.
  • Bill Finance - Get the bill finance scheme that aims to provide liquidity and enable the smooth running of the business without any financial hindrance. Bill Finance scheme looks out for inconsistencies in the balance sheets and provides financial solutions to rectify the same.
  • Mahabank Commercial Lease Rental - Commercial lease rental allows customers to obtain financial assistance to tackle inconsistencies in liquidity while also enabling them to make essential business procurements.
  • Takeover of Accounts - Bank of Maharashtra allows individuals to transfer their loan accounts from other banks to the Bank of Maharashtra with better interest rates. However, this scheme is limited to eligible customers such as high-rated corporates.
  • Non-Fund Based Services - Bank of Maharashtra offers various non-fund based services such as letters of credit, bank guarantees, LC advising, Bancassurance, solvency certificate, and credit report facilities. 

Micro Small Medium Enterprises

Micro, small, and medium-sized businesses consistently raise funds to facilitate business operations. Such businesses stand on fragile grounds and depend on financial institutions to provide them with financial aid. Bank of Maharashtra provides an array of services for MSMEs to help them prosper in their business operations. Here are some major financial products offered by the Bank of Maharashtra for MSMEs.

Bank’s MSME Schematic Loans

Equity and debt funds are the backbones of most startups and MSMEs. With the Bank of Maharashtra’s lucrative loan schemes, customers have the provision for growing their businesses efficiently.

  • Mahabank GST Credit Scheme - The funds raised through this scheme are employed to meet an MSME’s capital expenditure requirements pertaining to trading, procuring, manufacturing, and other needs.
  • Mahabank scheme for units engaged in hospitality - Get the Mahabank scheme for hospitality-related operations for procurement of lands, plots, and operational functions to run a hotel efficiently. Bank of Maharashtra also provides working capital for the same.
  • Mahabank scheme for contractors - This scheme aims to provide funding to meet working capital requirements effectively. MSMEs can also use the funds to procure machinery and equipment.
  • Mahabank Vehicle Loan scheme for the Small Road Transport Operator - This specifically aims to provide funds to obtain vehicles for faster and smoother business functioning.
  • Maha MSME Project Loan Scheme - Get the Bank of Maharashtra’s Maha MSME Project loan scheme to fund various projects. Moreover, create financial security with this scheme.
  • Maha MSME Machinery/ Equipment Scheme - Get the Maha MSME machinery/equipment scheme to acquire essential business equipment. This term loan scheme with the facility for a repayment tenure of up to 7 years.
  • TReDS - TReDS or Trade receivables and the electronic discounting system allow businesses to monitor any receivables. Create invoices and other means to track various business transactions. The loan scheme helps MSMEs to finance the same.
  • Standby Line of Credit - Get a Standby Line of Credit to tackle fund inconsistencies.
  • Maha LAP - Now traders, manufacturers, businessmen, and professionals can acquire mortgage funds with the help of Maha Loan Against property. Which can be instrumental for MSMEs to raise funds to facilitate their business operations by pledging collateral with the bank. This not only allows them to get more funds but also gives them the flexibility to choose repayment tenure. 
  • Mahabank loan scheme for doctors - Any financial requirement pertaining to hospitals, clinics, nursing homes, therapy centers, and so on can be met with the help of the Mahabank loan scheme for doctors. These requirements can include land procurement, purchase of machinery, equipment, and so on.
  • MPLS - MPLS or Mahabank Professional Loan Scheme aims to provide financial aid to its customers looking to acquire office spaces on an ownership basis. Customers can also use the funds to make renovations to their existing properties. Moreover, this loan scheme also enables the obtainment of machinery and equipment.

Services Offered by Bank of Maharashtra

The rapid technological advancement has enabled the Bank of Maharashtra to devise a myriad of services that not only aims to accentuate the user experience by streamlining the facilitation of banking facilities for the customers’ benefit. Here are some of the major services offered by the Bank of Maharashtra.

  • Internet Banking - Customers can now avail of the provision to perform various banking transactions from the comfort of their homes. Internet banking allows users to transfer funds to their own and third-party accounts, check balances, tax and bill payments, obtain mini statements, stop the processing of cheque payments, get information about products and services, and much more.
  • MahaMobile Banking Application - The mobile application services have enabled users to facilitate banking transactions from their smartphones. The application is safe, secure, and easy to use owing to its straightforward interface.
  • Miscellaneous Services - Some other services that the Bank offers include the Maha UPI, e-SBTR, Personal-Digital Banking, Debit cards, BoM Credit Cards, E-gadgets, Digital Signage System, Bharat Bill Payment Service, BHIM Aadhaar Pay, NETC-FASTag, and WhatsApp Banking.

Bank of Maharashtra Contact Details

Bank of Maharashtra is constantly bent on providing top-notch customer service with minimal delays. To enable the same, the Bank of Maharashtra provides various means to get customers in touch, including calling services, email assistance, and so on. Here is how one can get in touch with the Bank of Maharashtra.

  • Toll-free Number - 1800 233 4526 / 1800 102 2636 Landline Contact Number - 020 26104400 / 020 48527200 Alternative Contact Number - 020 27008666
  • Email address - atmclaim@mahabank.co.in
  • 24/7 customer query helpline number - 1800 233 4526
  • Email service for Complaints and queries - hocomplaints@mahabank.co.in cmcustomerservice@mahabank.co.in
  • Credit card-related queries - 18601801290
  • Head office address - Bank of Maharashtra, Head Office, Lokmangal, 1501, Shivajinagar Pune, 411005


From refinancing to reducing your interest, we have the answers right here.

Has the Bank of Maharashtra merged with the Bank of India?

12 PSU banks, including Bank of India and Bank of Maharashtra, were in talks for a merger. However, the Bank of Maharashtra remains independent and a viable candidate for being privatised.

Which type of Bank is the Bank of Maharashtra?

The Bank of Maharashtra is one of the most sought-after and renowned public sector banks in the country.

Is the Bank of Maharashtra a private bank?

Bank of Maharashtra is a potential candidate for being privatised. However, currently, the bank of Maharashtra is a public sector bank.

Is the Bank of Maharashtra good?

The Bank of Maharashtra has been since 1935, and has developed its customer base and service quality over the years. The Bank is consistently providing quality services and innovation regarding its financial products.

What is the interest rate of the Bank of Maharashtra?

Bank of Maharashtra has an array of financial products and services. Their savings account is currently set at a starting rate of 2.75% per annum. Moreover, term deposits are being offered at a range of 2.75% to 5.40%.

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