Bank of Maharashtra Sukanya Samriddhi Yojana 2026 Explained

Bank of Maharashtra Sukanya Samriddhi Yojana Interest Rates Historical Data

Financial Year	Q1 Apr–Jun	Q2 Jul–Sep	Q3 Oct–Dec	Q4 Jan–Mar
2026–27	8.2%	8.2%	–	–
2025–26	8.2%	8.2%	8.2%	8.2%
2024–25	8.2%	8.2%	8.2%	8.2%
2023–24	8.0%	8.0%	8.0%	8.2%
2022–23	7.6%	7.6%	7.6%	7.6%
2021–22	7.6%	7.6%	7.6%	7.6%
2020–21	7.6%	7.6%	7.6%	7.6%

What Are the Benefits of the Bank of Maharashtra SSY Account?

The Sukanya Samriddhi Yojana benefits available through Bank of Maharashtra include:

Benefits Component

Details

Government-backed Scheme

SSY follows Government of India rules, so the notified interest rate remains the same across authorised SSY providers.

All-branch Access

The account can be opened at any Bank of Maharashtra branch.

Deposit Options

Contributions can be made through cash, cheque or demand draft.

Long Contribution Period

Deposits can continue for 15 years from the account-opening date.

Tax Benefits

Eligible deposits can qualify for a deduction up to ₹1.5 lakh under the old tax regime, subject to the applicable tax regime and the overall Section 80C limit. Interest earned and qualifying payments from the account are exempt from tax.

Education Support

Part of the eligible balance can be used for higher education under the withdrawal rules.

Revival Facility

An irregular account can return to regular status after the missed contribution and prescribed penalty are paid.

Frequently Asked Questions

What payment methods can I use for a Bank of Maharashtra SSY account?

Bank of Maharashtra lists cash, cheque and demand draft as deposit modes for SSY. You can choose from these options while staying within the yearly contribution limits. The bank also provides a separate pay-in slip for making deposits into the account.

Can I open a Bank of Maharashtra Sukanya Samriddhi Account online?

The account-opening form is available online, but Bank of Maharashtra states that SSY accounts can be opened through its branches. The bank does not currently show a complete online opening process. You can fill out the form before your visit and take it to the branch with the required papers.

Where can I get the Bank of Maharashtra Sukanya Yojana form?

The Bank of Maharashtra Sukanya Yojana form can be downloaded from the bank's SSY page. A separate pay-in slip and withdrawal form are also available there. You can fill in the required details before visiting a branch.

What happens if I miss the yearly minimum deposit in the Bank of Maharashtra SSY account?

The account can become irregular if you do not make the required contribution for a financial year. Bank of Maharashtra allows revival by paying the minimum amount due along with a ₹50 penalty for each defaulted year.

What happens to a Bank of Maharashtra SSY account if the account holder becomes a Non-Resident Indian?

If the girl child ceases to be a resident Indian or acquires foreign citizenship, the account stops earning interest from the date of her status change. The guardian must promptly notify the post office, after which the account will be closed prematurely and the accrued balance paid out.

When does the Bank of Maharashtra SSY account reach maturity?

The regular term is 21 years from the date of opening. Deposits are made only during the first 15 years, so the contribution period ends earlier than the account itself.

How many SSY accounts can a family open in the Bank of Maharashtra?

A family can normally open accounts for up to two girl children. The scheme provides exceptions in certain cases involving twin or triplet births. The required supporting documents may need to be provided for these exceptions.

What tax benefits are available with the Bank of Maharashtra SSY?

Eligible contributions may qualify for a deduction up to ₹1.5 lakh under Section 80C under the old regime, subject to the applicable tax regime and the overall Section 80C limit. Interest earned and qualifying payments from the account are also exempt from tax under SSY provisions.