Bank of Maharashtra Sukanya Samriddhi Account

FAQs on Bank of Maharashtra Sukanya Samriddhi Account

• Are there any tax benefits associated with the Sukanya Samriddhi account?

  Yes, there are significant tax benefits associated with the Sukanya Samriddhi account. Deposits made under this scheme are eligible for tax exemption under Section 80C of the Income Tax Act, up to a maximum limit of Rs.1,50,000 per annum. Additionally, the interest earned, and the maturity amount are also exempt from tax, making it a highly beneficial savings scheme for securing the financial future of a girl child. 

• Can a Sukanya Samriddhi account be transferred between banks or post offices?

  Yes, the Sukanya Samriddhi account can be easily transferred from one registered bank or post office to another anywhere in India. This flexibility ensures that the account remains active and manageable even if the account holder relocates to a different city or town. To initiate the transfer, you need to submit a transfer request form along with the passbook to the current branch or post office where the account is held. Once processed, the account details will be updated at the new location. 

• Can I open a Sukanya Samriddhi account with the Bank of Maharashtra?

  Yes, you can open a Sukanya Samriddhi account with the Bank of Maharashtra. The bank is one of the authorised institutions for this government-backed scheme. To open the account, visit any Bank of Maharashtra branch with the required documents, including the girl child's birth certificate, identity proof, and address proof of the parent or legal guardian. The bank will help you fill out the application form and issue the passbook for tracking deposits and withdrawals. 

• How can the Sukanya Samriddhi account be revived if it becomes inactive?

  If a Sukanya Samriddhi account becomes inactive due to non-payment of the minimum annual deposit, it can be revived by paying a penalty of Rs.50 along with the minimum deposit amount for each year of non-payment. This process will reactivate the account and restore its benefits. To revive the account, visit the Bank of Maharashtra branch where the account is held, submit a revival application, and make the necessary payments. 

• How long is the tenure of the Sukanya Samriddhi Scheme?

  The tenure of the Sukanya Samriddhi Scheme is 14 years from the date of account opening. However, the account matures when the girl child turns 21 years old. After completing 14 years of contributions, no further deposits are required, but the account will continue to earn interest until it matures. The accumulated funds can be withdrawn when the girl child reaches the age of 21, or earlier for specified purposes such as higher education or marriage. 

• Is premature closure of the Sukanya Samriddhi account allowed?

  Premature closure of the Sukanya Samriddhi account is generally not allowed, except in extreme cases. These cases include the death of the account holder, critical illness of the girl child or the guardian, or other exceptional circumstances as determined by the Bank of Maharashtra. To apply for premature closure, you must provide relevant documents and proof supporting the reason for closure. The bank will review the application and decide based on the evidence provided. 

• Is there a limit on the number of Sukanya Samriddhi accounts a family can open?

  Yes, there is a limit on the number of Sukanya Samriddhi accounts that can be opened by a family. A maximum of two accounts can be opened, one for each girl child. However, in the case of twins or triplets, a maximum of three accounts is allowed. This provision ensures that all eligible girl children in a family can benefit from the scheme. To open multiple accounts, you must provide proof of birth and other relevant documents for each eligible child. 

• What documents are required to open a Sukanya Samriddhi account with the Bank of Maharashtra?

  To open a Sukanya Samriddhi account with the Bank of Maharashtra, you need to submit the following documents: the girl child's birth certificate to verify her age and identity; identity proof of the parent or legal guardian, such as an Aadhaar card, PAN card, passport, or voter ID; and address proof of the parent or legal guardian, which can include a utility bill, bank statement, or rental agreement. Additionally, a duly filled application form, available at Bank of Maharashtra branches or their official website, must be submitted. After completing the application process and providing the necessary documents, a passbook will be issued to track deposits and withdrawals. 

• What happens if I fail to make the minimum deposit in a year?

  If the minimum deposit of Rs.250 is not made in a year, the Sukanya Samriddhi account will become inactive. To reactivate the account, a penalty of Rs.50 per year of default must be paid, along with the minimum deposit amount due for that year. This ensures that the account remains in good standing and continues to earn interest. To revive an inactive account, visit the Bank of Maharashtra branch where the account is held, submit a revival application, and make the necessary payments. 

• What happens to the Sukanya Samriddhi account if the girl child becomes an NRI?

  If the girl child becomes a Non-Resident Indian (NRI) during the tenure of the Sukanya Samriddhi account, the account will be closed. The deposited amount will be returned without any interest. The scheme is designed to benefit Indian residents, so maintaining the account is only permissible if the girl child remains an Indian citizen. Upon becoming an NRI, you must notify the Bank of Maharashtra and complete the account closure formalities to withdraw the deposited amount. 

• What is the minimum and maximum deposit amount for the Sukanya Samriddhi account?

  The minimum deposit amount for the Sukanya Samriddhi account is Rs.250 per annum, which ensures that the account remains active and earns interest. The maximum deposit amount is Rs.1,50,000 per annum, providing a flexible range for contributions based on your financial capacity. Deposits can be made in multiples of Rs.100, allowing for convenient and regular savings. You can make deposits through cash, cheque, or online transfer at any Bank of Maharashtra branch or via their digital banking services. 

• What is the procedure for partial withdrawal from the Sukanya Samriddhi account?

  Partial withdrawal from the Sukanya Samriddhi account is allowed once the girl child turns 18 years old. The maximum amount that can be withdrawn is up to 50% of the balance at the end of the preceding financial year. To initiate a partial withdrawal, you need to submit an application along with relevant documents such as proof of admission to an educational institution or a marriage invitation card. Visit the Bank of Maharashtra branch where the account is held, submit the required documents, and the withdrawal amount will be processed.

• Who can open a Sukanya Samriddhi account on behalf of a girl child?

  A Sukanya Samriddhi account can be opened by the parents or legal guardians of a girl child. The account must be opened before the girl child reaches the age of 10 years. The parent or guardian will operate the account on behalf of the minor girl child until she reaches the age of 18, after which she can operate the account herself. To open the account, visit a Bank of Maharashtra branch with the required documents, including the girl child's birth certificate, identity proof, and address proof of the parent or guardian.