Public Sector Banks In India

Allahabad Bank | Andhra Bank | Bank of Baroda | Bank of India | Bank of Maharastra | Canara Bank | Central Bank of India | Corporation Bank | Dena Bank | Indian Bank | Indian Overseas Bank | Oriental Bank of Commerce | Punjab & Sind Bank | Punjab National Bank | State Bank of India | Syndicate Bank | UCO Bank | United Bank of India | Union Bank of India | Vijaya Bank

Bank of Maharastra

Bank of Maharashtra was registered in the year 1935 with an authorized capital of Rs 10.00 lakh. It is also known as a common man's bank. After nationalization in 1969, it expanded rapidly. According to data till 31st March 2004, it has 1276 branches all over India. It is one the largest network of branches by any Public sector bank in the state of Maharashtra.

Deposit Policy Bank of Maharashtra

One of the important functions of Banks is to accept deposits from the public for further lending. Bank of Maharashtra have the following deposit policy:

• Demand Deposits
• Saving Deposits
• Term Deposits
• Notice Deposits
• Current Account

Add-on services of Bank of Maharashtra

Apart from the regular and routinous services of Bank of Maharashtra, it also takes active part in the welfare of the community with its services for the society. These services are fulfilled under its fully owned subsidiary, The Maharashtra Executor & Trustee Co. Ltd., established in 1946. The range of services are as follows:

Executor of Will

• It drafts will for its customers and keep it in safe custody.
  
  
• It realizes and collects the property of its customers from Banks, Companies, Mutual Funds, Unit Trust etc. by complying with varying formalities & procedures.
  
  
• It holds the property for the benefit of the customers near and dear ones as per the wishes ensuring proper utilization and perseverance with full care and prudence.
  
  
• Roposes the property in the hands of those desired person according to the wishes of customers in true sense.

Management of Private Trust

• It gives guidance with information in making Private Trust in case the dependents are incapable of taking proper care of the property due to mental incapacity, physical disability, insufficient age, etc.
  
  
• It acts as Managing Trustee of such trusts either as sole Managing Trustee or with other Advisory Trustees.
  • As Trustee, it functions in the following ways:
  • Keep custody of the property
  • Invest, reinvest, collect interests / dividends
  • Makes periodical payments
  • Pay for special requirements
  • Distributes property as per Trust deed

Management of Public Charitable Trusts
It provides the following services at times when somebody desires to donate part of his/her estate for social cause:

• Guides for the formation of Public Charitable Trust.
  
  
• Drafts Trust Deeds
  
  
• Register the trust with Charity Commissioner
  
  
• Obtains recognition for the Trust under Income Tax Act.
  
  
• Keep accounts and get them audited annually
  
  
• Files periodical returns and statements with concerned authorities
  
  
• Calls upon meetings of the Advisory Trustees and maintain the minute book

Management of Investments and House Properties as Attorney
When somebody is miles away from hie/her moveable or immovable properties, Bank of Maharashtra takes care of it after getting power of attorney to manage the property. It functions in the following ways:

• Keep safe custody of the securities
  
  
• Collects rent and interest
  
  
• Invest and reinvest surplus as per the directions of the owner of the property
  
  
• Pay taxes
  
  
• Pay other outgoings, like telephone bills, electricity bills, society charges, etc.
  
  
• Maintain the house property by undertaking general repairs for wear and tear.

Guardianship of Minors' Property
Bank of Maharashtra takes care of minors property when their parents have died. It acts as a Court Guardian and manage the property of minors till they attain majority positioon under the directions of the Court.

Services through Telebanking

The following services are provided by Bank of Maharashtra through Telebanking:

Online Activity

• Balance Enquiry
• Details of last 5 transactions in the a/c
• Cheque enquiry
• Cheque Book request
• Instructions for stop payment of cheques
• Deposits Interest Rates Enquiry
• Fax back statement of a/c

Offline Activity

• Balance Enquiry
• Cheque Book Request
• Rates Enquiry

Regional Offices of Bank of Maharashtra

The regional offices of Bank of Maharashtra are located in the following cities:

• Hyderabad
• Dispur
• Patna
• Rajpur
• Delhi
• Panaji
• Gandhinagar
• Chandigarh
• Shimla
• Srinagar
• Ranchi
• Bangalore
• Thiruvananthapuram
• Bhopal
• Mumbai
• Bhubaneshwar
• Jaipur
• Chennai
• Lucknow
• Dehradun
• Kolkata

Website of Bank of Maharashtra

www.maharashtrabank.com