Bank of Maharashtra Sukanya Samriddhi Account

If you want to avail the benefits of Sukanya Samriddhi Scheme, you can open a Sukanya Samriddhi account with Bank of Maharashtra. The bank will function as the provider as well as facilitator of this scheme to the customers.

Bank of Maharashtra is one of the most popular nationalized banks of the country. The bank is specially well-known in the Maharashtra region and has a huge presence in rural as well as urban areas. Owing to its deep reach and proven growth record, the bank is one of the registered banks for dissemination of information regarding the newly launched government scheme - Sukanya Samriddhi Scheme. The bank will also act as the facilitator and provider of this deposit scheme to customers.

Sukanya Samriddhi Scheme is a unique deposit scheme launched by the government for the welfare of girl child in the country. With an age-old history of gender discrimination, women in the country need to be uplifted from their current status and money is one important aspect of the same. Sukanya Samriddhi Scheme ensures that girl child gets an assured sum for necessary expenditure like higher education and marriage etc.

On 23 July 2018, the criteria for minimum annual deposit for the Sukanya Samriddhi Yojana account has been revised to Rs.250 from the earlier amount of Rs.1,000. Also the interest rate for the July-September quarter is 7.6%.

Features of Sukanya Samriddhi Yojana at Bank of Maharashtra

There are certain features unique to this Bank of Maharashtra Sukanya Samriddhi Yojana new deposit scheme rolled out by the government. Some of these are listed as under.

  • Account Holder – Sukanya Samriddhi Account can be opened on behalf of a girl child by either her parents or by her legal guardians.
  • Eligible Age of girl child – Any girl child equal to or less than 10 years of age is eligible to avail this deposit scheme.
  • Tenure – The overall tenure of the Sukanya Samriddhi Scheme is 14 years from the date of inception. You can use the Sukanya Samriddhi Yojana calculator for calculating how much monthly amount you want to put in your Sukanya Samriddhi Account.
  • Number of accounts – One account can be opened in the name of one girl child.
  • Deposit amount – The minimum deposit amount allowed is Rs.250, thereafter in multiples of Rs.100. The maximum deposit amount allowed per year is Rs.1,50,000.
  • Interest – 7.6% per annum is the applicable rate of interest on deposits made under the Sukanya Samriddhi Scheme.
  • Deposit mode – Deposits for this scheme can be made either via cash, demand drafts or by cheques.
  • Premature closure – Premature closure of deposit is allowed only in extreme cases like death and critical illness.
  • Account revival – Any lapsed deposits can be revived by payment of Rs.50 as penalty fee and the applicable deposit amount for that term.
  • Deposit Withdrawal – Partial withdrawal of up to 50% of the deposit amount can be made once the girl child attains the age of 18 years. This amount can be withdrawn for purposes of marriage or higher education.

Benefits of Bank of Maharashtra Sukanya Samriddhi Account

Here are certain benefits of the Bank of Maharashtra Sukanya Samriddhi Yojana as compared to other fixed deposit schemes available in the market.

  • Attractive rate of interest – Attractive rate of interest of 7.6% per annum is applicable on these deposits.
  • Tax exemption – Tax exemption can be enjoyed on deposits made under this scheme, subject to a maximum deposit of Rs.1,50,000.
  • Special benefit for girl child – The scheme has been launched specially to ensure financial freedom for girl child and such it offers special features for the same.
  • Affordable and flexible deposit amount – Deposit amount starts at Rs.250 and can thereby be increased in multiples of Rs.100.
  • Transfer of deposit account – Deposit account can be transferred from one registered bank to another anywhere in the country.
  • Additional interest – The account continues to earn interest even after the maturity date, until it is closed.

Bank of Maharashtra Sukanya Samriddhi Account Documents Required

Certain documents are required for opening of Sukanya Samriddhi account in Bank of Maharashtra. These are listed below.

  • Birth certificate of girl child under whose name the account is being opened.
  • Identity Proof of parent/legal guardian.
  • Address Proof of parent/legal guardian.

A passbook will be furnished by the bank at the time of account opening. This will keep a track of all deposits and withdrawals.

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