Date:31/12/2005 URL: http://www.thehindubusinessline.com/2005/12/31/stories/2005123103340600.htm

Back Bank of Maharashtra offers no frills account

Our Bureau

Mumbai , Dec. 30

BANK of Maharashtra has launched a no frills account `Mahabank Lok Bachat Yojana', with an initial minimum deposit as low as Re 1.

The account has no minimum balance criteria and there is no restriction on the number of transactions, the bank said in a press release.

The deposit scheme is initially introduced for all rural and semi-urban branches and may be extended to other areas over a period of time.

More than 60 per cent of the bank's branches are in rural and semi-urban areas, which have a huge population that has no access to basic banking facilities.

The no frills account does not offer facilities such as cheque book, ATM or debit card and collection of third-party cheques.

All other privileges of regular savings bank account holders are available under this scheme. The rate of interest for these accounts is also on a par with other savings bank accounts at 3.5 per cent, the release said.