Bank of Maharashtra SSY

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Introduction

The Sukanya Samriddhi Yojana (SSY), offered by the esteemed Bank of Maharashtra (BOM), is a government-backed savings scheme specifically designed to empower the financial future of girl children in India. This comprehensive guide will delve into the key features of the Bank of Maharashtra Sukanya Samriddhi Yojana, provide a detailed step-by-step process for opening an account, outline the necessary documents, and highlight the numerous benefits of this scheme. Join countless parents in securing their daughters’ aspirations with the trusted services of Bank of Maharashtra and the robust framework of the Sukanya Samriddhi Yojana.

Key Features of Bank of Maharashtra Sukanya Samriddhi Yojana

The Key Features of Bank of Maharashtra Sukanya Samriddhi Yojana are aligned with the core principles and advantages of the overarching Sukanya Samriddhi Yojana, enhanced by the accessibility and customer-centric approach of Bank of Maharashtra. These features make it an attractive and secure investment option for parents planning for their girl child’s future:

Government-Backed Scheme:

The SSY is a scheme initiated and fully supported by the Government of India, ensuring the safety and security of your investments.

Attractive Interest Rate:

The scheme offers a competitive interest rate, often higher than other small savings schemes, which is declared by the government on a quarterly basis. This allows your savings to grow at a significant pace over time.

Tax Benefits (EEE Status):

Investments made under the SSY scheme are eligible for tax deduction under Section 80C of the Income Tax Act, up to a specified limit. Furthermore, the interest earned and the maturity amount are entirely tax-exempt, making it an EEE (Exempt-Exempt-Exempt) investment.

Dedicated to the Girl Child:

The scheme is exclusively for the benefit of girl children, encouraging parents to save specifically for their future education and marriage expenses.

Flexible Investment Amounts:

You can open an SSY account with a minimum initial deposit of ₹250, making it accessible to a wide range of income groups. The maximum annual investment limit is ₹1.5 lakh.

Long Tenure:

The account matures 21 years from the date of opening or upon the marriage of the girl child after she attains the age of 18, whichever occurs earlier.

Partial Withdrawal Facility:

Once the girl child reaches the age of 18, she can withdraw up to 50% of the balance in the account as of the end of the preceding financial year for her higher education or marriage expenses.

Single Account per Girl Child:

You can open only one SSY account in the name of a girl child, and each family can open a maximum of two accounts (with exceptions for multiple births in the second order).

Operated by Parents/Legal Guardians:

The parents or legal guardians of the girl child open and manage the account until she reaches the age of 18 years.

Transferable Across India:

You can transfer the SSY account to any other authorized bank or post office across India if you change residence.

Accessibility through Bank of Maharashtra:

Bank of Maharashtra’s extensive branch network and efficient services make it convenient for individuals to open and manage an SSY account.

How to Open an SSY Account with Bank of Maharashtra?

Opening an SSY Account with Bank of Maharashtra Bank is a straightforward process that primarily involves an offline application at one of their branches. As of the latest information, Bank of Maharashtra primarily facilitates the opening of Sukanya Samriddhi Yojana accounts through their physical branches. While online account opening facilities might evolve, the current procedure is largely offline.

Stepwise Process to open an SSY account

The Stepwise Process to open an SSY account with Bank of Maharashtra involves the following steps:

Visit a Bank of Maharashtra Branch:

Locate the nearest Bank of Maharashtra branch. It is advisable to visit a branch that handles savings accounts and government schemes for a smoother process.

Obtain the SSY Account Opening Form:

Request the Sukanya Samriddhi Yojana account opening form from the bank officials. You can also often download this form from the official Bank of Maharashtra website and print it to save time at the branch. Look for it under the “Government Schemes” or “Savings Schemes” section.

Fill Out the Application Form:

Complete all the mandatory fields in the application form accurately and legibly. This will include details of the girl child (name, date of birth), parents/legal guardians (name, address, PAN, Aadhaar), nominee details, and the initial deposit amount. Pay close attention to all sections and ensure all information provided matches the supporting documents.

Documents Required:

Gather the necessary documents. The typical Bank of Maharashtra Sukanya Samriddhi Account – Documents Required include:

Birth Certificate of the Girl Child: This is the most crucial document to verify the age of the beneficiary. It must be an original or a duly attested copy.
Identity Proof of the Parent/Legal Guardian: This can be a Passport, PAN Card, Voter ID, Driving License, or Aadhaar Card. Ensure it contains your photograph and matches the name provided in the application.
Address Proof of the Parent/Legal Guardian: This can be a Passport, Ration Card, Electricity Bill, Telephone Bill, Bank Statement, or Aadhaar Card. The address should be current and match the one provided in the application.
Photographs: Typically, two passport-sized photographs of the parent/legal guardian and one of the girl child are required. Ensure they are recent and clear.
Other Documents: Bank of Maharashtra may request additional documents as per their internal policies or regulatory guidelines. It’s always best to inquire with the bank beforehand.

Make the Initial Deposit:

You need to make an initial deposit to activate the account. The minimum amount is ₹250. You can deposit this in cash or via cheque/demand draft payable to Bank of Maharashtra.

Submit the Form and Documents:

Submit the filled-out application form along with the attached documents and the initial deposit to the designated bank official at the branch. Ensure you receive an acknowledgement receipt with the date and the official’s stamp.

Verification Process:

The bank officials will verify the submitted documents and the information provided in the application form. This process ensures compliance with the scheme’s regulations and the bank’s internal guidelines.

Account Opening and Passbook:

Upon successful verification, the Bank of Maharashtra will open the Sukanya Samriddhi Yojana account in the name of your girl child and issue a passbook. This passbook will serve as a record of your deposits and the accrued interest. Keep it safe for future reference and transactions.

Conclusion

The Bank of Maharashtra Sukanya Samriddhi Yojana offers a secure, high-return, and tax-advantaged way to save for your daughter’s future education and marriage. By understanding the scheme’s key features and following the straightforward offline account opening process at Bank of Maharashtra, you can take a significant step towards ensuring her financial well-being. The requirement of essential documents is minimal, and the accessibility through Bank of Maharashtra’s widespread branch network makes it convenient for parents across the region to participate. Embrace this opportunity to invest in your daughter’s dreams and secure her bright future with the trusted services of Bank of Maharashtra and the empowering Sukanya Samriddhi Yojana.

Frequently Asked Questions

What is the minimum and maximum amount I can deposit in a Bank of Maharashtra SSY account in a financial year?

The minimum deposit in a financial year is ₹250, and the maximum is ₹1.5 lakh. Deposits can be made in multiples of ₹100 thereafter.

Until what age can I make deposits in the Bank of Maharashtra SSY account?

Deposits can be made for 15 years from the date of account opening. After the completion of 15 years, the account will continue to earn interest until maturity (21 years from the date of opening or marriage after age 18).

Can I open more than one SSY account for one girl child with Bank of Maharashtra?

No, only one Sukanya Samriddhi Yojana account can be opened in the name of a girl child. However, up to two accounts are allowed per family, with an exception for the birth of twins or triplets in the second order.

What happens if I fail to deposit the minimum amount of ₹250 in a financial year in my Bank of Maharashtra SSY account?

If you fail to deposit the minimum amount, the account will be considered irregular. It can be regularized by paying a penalty of ₹50 per year of default, along with the minimum required deposit for the defaulted years.

Can I make online deposits into my Bank of Maharashtra SSY account?

As of the latest information, Bank of Maharashtra primarily facilitates deposits into SSY accounts through offline modes at their branches (cash, cheque, demand draft). It’s advisable to check with the bank directly for any updates on online deposit facilities.

Is partial withdrawal from the Bank of Maharashtra SSY account allowed for any purpose?

Partial withdrawal (up to 50% of the balance as of the end of the preceding financial year) is allowed only after the girl child attains the age of 18, and it can be used for her higher education or marriage expenses.

What happens to the SSY account with Bank of Maharashtra if the girl child gets married before the age of 18?

Premature closure of the account is allowed if the girl child gets married after attaining the age of 18. You will need to provide a marriage certificate and proof of age. Marriage before the age of 18 is against the scheme’s objectives and may have different implications; it’s best to consult with the bank in such a scenario.

How can I transfer my SSY account from another bank or post office to Bank of Maharashtra?

To transfer your SSY account to Bank of Maharashtra, you need to visit the bank or post office where your account is currently held and submit a transfer request. They will initiate the process of sending the account details and documents to the Bank of Maharashtra branch you specify. You will then need to complete the formalities at the Bank of Maharashtra branch to finalize the transfer.

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