Beti Bachao Beti Padhao

Maha Saraswati Scheme

EligibililtyMinor / Student aged 6 months and above
  • Minor / Student singly aged 10 years
  • Minor / Student jointly with parent or Guardian
  • By parent / Guardian on behalf of Minor Student
    (In all cases, there should be KYC compliance while opening the account)
Monthly Deposit Minimum of Rs. 100/- and in multiple of Rs.100/- thereafter
PeriodMinimum 36 months & Maximum 120 months
Rate of InterestThe scheme shall carry rate of interest as that of regular term deposit scheme. As this scheme is a variant of Recurring Deposit, TDS as per rule will be applicable to Mahasaraswati Scheme also
Additional Features
  • Preferential treatment in Educational Loan with - concession in rate of interest up to 0.25% for normal Mahasaraswati A/c holders, 0.50% for Below Poverty Line (BPL) beneficiaries.
  • Free VISA international ATM card (the customer has to open a Yuva Yojna Account and he/she will get the benefit of Free International Visa ATM cum Debit card.)
Maturity of DepositThe deposit amount is repayable on the date of maturity i.e. when the agreed period is over or one month after the credit of last installment which ever is later, along with the interest.
Premature WithdrawalPremature withdrawals may be allowed as per regular term deposit scheme, and per rules.

Penalty for Non Payment / Late Payment of Installment :
The penalty for late payment of a Mahasaraswati Installment will be as per Central Office guidelines in force for Recurring Deposits will be recovered from the maturity proceeds at the time of closing the account. This penalty amount will be credited to P/L Interest General.

Closing of Mahasaraswati Account:
The Mahasaraswati Account can be closed on maturity by payment of the maturity value to the account holder. In case of his/her death the amount will be paid to the legal heirs and / or nominee subject to the other formalities that are required under settlement/ payment of claims.