Bank of Maharashtra is one of the major public sector banks in India. The bank is renowned in the Maharashtra region and has a huge presence in rural as well as urban areas. With a customer base of more than 15 million customers and around 2000 branches, this bank also provides the facility to open a Sukanya Samriddhi Account with it.
Sukanya Samriddhi Scheme is a unique deposit scheme initiated by the government for the benefit of girl children in the country. Opening a Bank of Maharashtra Sukanya Samriddhi Yojana account ensures that your girl child’s features are secure and after the age of 18 years, she can utilize this funds for higher education and other expenses.
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Key Features of Bank of Maharashtra Sukanya Samriddhi Yojana
A Sukanya Samriddhi Yojana in Bank of Maharashtra has multiple benefits which could be utilized in favour of your girl child’s future. Some key features of Sukanya Samriddhi scheme for Bank of Maharashtra are as follows:
Account opening: Bank of Maharashtra Sukanya Yojana account can be opened only for a girl child who is at most 10 years old or less. In case, the daughters are twins or triplets, one can also open more than two accounts.
Minimum and maximum deposits: The Bank of Maharashtra SSY account’s minimum and maximum deposits are Rs. 250 to Rs. 1.5 lakhs per year. At least, the account holder has to pay Rs. 250 to maintain the account.
Tenure of SSY: The tenure for an SSY account is 21 years or until the girl child gets married after she completes 18 years. The account can be maintained in an active state for a maximum of 21 years period from the date of account opening. Once this period is over, the SBI Sukanya Samriddhi account won’t earn any interest on it. The minimum investment amount needs to be deposited every year for up to 15 years from the date of account opening. Thereafter, the account will continue to earn interest till maturity.
Interest rate: The current interest rate offered by the government on Bank of Maharashtra SSY is 7.6% per annum.
Withdrawal: A partial withdrawal of up to 50% of the account balance can be made once the girl child attains the age of 18 years. These funds can be utilized for the expenses of education or marriage.
Premature closure: The Sukanya Yojana Bank of Maharashtra account cannot be closed prematurely except for certain special conditions like:
- Untimely demise of the account holder
- The account holder is unable to continue with the payments and can justify this to the central government with proof
After being maintained the account payment for a continuous 5 year period from the opening of the account, premature closure is allowed in cases of extreme compassionate grounds such as medical support in life-threatening diseases of the account holder or death of the guardian, supported by complete documentation.
Transfer options: The account can also be transferred from one bank to another or even to a post office.
How to open an SSY account with Bank of Maharashtra Bank?
Opening a Bank of Maharashtra Sukanya Samriddhi Yojana Account is simple and easy. The biological parents or legal guardians of a girl child can easily open the Sukanya Samriddhi Account for their girl child by following the below-given steps:
You can open an SSY account with BOM through an offline method. Under this scheme, parents or legal guardians will have to submit the form and documents along with a minimum account opening deposit to the nearest Bank of Maharashtra Bank branch. Parents or legal guardians can download the Sukanya Samriddhi Account opening form from the Bank of Maharashtra official website. Along with the duly filled application form, the parents or legal guardian need to submit certain mandatory documents.
Bank of Maharashtra Sukanya Samriddhi Account – Documents Required
Certain documents are required for opening of Sukanya Samriddhi account in Bank of Maharashtra, as listed below:
- Birth certificate of the girl child
- Photographs of Girl Child and Parents or legal Guardian
- Address proof and id proof of parents or legal guardian
- Minimum account opening amount of Rs. 250
A passbook will be furnished by the bank at the time of account opening. This will keep a track of all deposits and withdrawals.
Upon receipt and successful verification of such request, the Bank of Maharashtra bank will activate the Sukanya Samriddhi Account provided all the documents submitted satisfy Bank of Maharashtra Banks terms and conditions.
Stepwise Process to open an SSY account
- Get the BOM SSY account opening form from your nearest Bank of Maharashtra branch and fill it
- Submit the required documents along with photographs
- Deposit at least the minimum token amount (Rs. 250)
- Once the account is active, deposits can be made by cash, cheque or demand draft
Calculate your returns by using Groww SSY Calculator
Frequently Asked Questions
Ques. Can I open two accounts of a single child?
Ans. No, you can’t open two accounts for one girl child. A depositor can open and operate only one account in the name of the girl child.
Ques. What is the interest rate provided by Sukanya Samriddhi Yojana Account?
Ans. Currently, the BOM Sukanya Samriddhi Yojana interest rate is 7.46%. The SSY rate of interest is compounded annually. An important thing to note here is the interest rates offered by this scheme are reviewed and announced quarterly by the Indian government.
Ques. Can I take a loan against BOM Sukanya Samriddhi Yojana Account?
Ans. No, the loan facility is not provided against Sukanya Samriddhi Yojana Account.
Ques. How to make SSY payments?
Ans. One can make payment to their Bank of Maharashtra Sukanya Samriddhi Account through cash or cheque.