Hallo Sanjeev,

data given at 'absolute maximum rating' is, what does not destroy chip. But that's not 'operating voltage', which defines what supply voltage is necessary to function properly.

You are right, sometimes specification in datasheet like 'Vcc=+5V +-10%' does not necessarily mean, that functioning at different voltages is impossible. E.g. AD7533 10bit DAC: All data like timing, rated accuracy, etc. is specified for Vdd = +15V +-10%, while chip is additionally specified also to work at other supply voltages, namely '+5V to +16V'.

So, what you need is a specification about 'operating voltage'. And this is specified as '+4.5V to +5.5V' in datasheet of MAX232. This clearly means: MAX232 WILL NOT WORK RELIABLY AT 3.3V.

Anyway, you should also have a look at supply current consumption of your RS232 transciever, when your application is battery powered. And with MAX232 you will not have much fun, because supply current can be much greater than 10mA!!
What you need is a transciever with minimal current consumption. MAX3222 / MAX3232 is a very good choice here, and, of course, it will cost a bit. But nothing is for free!

Kai