Sukanya Samriddhi Yojana

Salient features of Sukanya Samriddhi Yojana

Sukanya Samriddhi Yojana has been introduced in our Bank with effect from December 02, 2014.

The account can be opened at all branches of Bank of Maharashtra.

Objective: To promote the welfare of Girl Child.

Who can open the account: A natural/ legal guardian can open account in the name of the girl child from the birth of the girl child till she attains the age of ten years.

Maximum number of accounts:Upto two girl children or three in case of twin girls as second birth or the first birth itself results in three girl children.

Minimum and Maximum Amount of Deposit:Min. Rs. 250 of initial deposit with multiple of one hundred rupees thereafter with annual ceiling of Rs.150000 in a financial year.

Tenure of the Deposit:21 years from the date of opening of the account.

Maximum period upto which deposits can be made:15 years from the date of opening of the account.

Interest on Deposit:The interest rate is declared by Government of India on quarterly basis.

Tax Rebate: As applicable under section 80C of the IT Act, 1961.

Premature Closure:Allowed in the event of death of the depositor or in cases of extreme compassionate grounds such as medical support in life threatening diseases to be authorized by an order by the Central Government.

Irregular Payment/ Revival of account:By payment of penalty of Rs.50 per year along with the minimum specified amount per year.

Mode of Deposit:Cash/Cheque/ Demand Draft

Withdrawal :50% of the balance lying in the account as at the end of previous financial year for the purpose of higher education, marriage after attaining the age of 18 years.

Sukanya Samriddhi Yojana