Bank of Maharashtra Children’s Savings Accounts

Bank of Maharashtra Children’s Savings Accounts

The bank offers the Mahabank – Yuva Yojana for children in the 10-18 years age group. Under this, children can open savings accounts and invest in recurring deposits and fixed deposits. The bank also allows parents or guardians to open a standard savings account jointly with their children.

Mahabank – Yuva Yojana

Bank of Maharashtra offers the Mahabank – Yuva Yojana as a comprehensive solution to take care of the savings needs and expenses of young children. Here is a look at some of its features.

Features

  • Under this, children can open savings accounts and invest in recurring deposits and fixed deposits
  • The savings account has no minimum balance requirements and can be opened with only Rs. 10
  • Children do not get any chequebook until they are over 18 years, but then the account becomes a standard savings account with minimum balance requirements and so on
  • The Mahabank – Yuva Yojana account comes with a free debit card but with specified spending limits
  • Account holders can put in standing instructions to transfer money from their accounts to their recurring deposit. In addition, parents can put in standing instructions to put in money from their account to the child’s account
  • Bank of Maharashtra also sanctions education loans to deserving students at the time to admission if they have held the account for over 6 months

Savings Account

The bank also allows parents and guardians to open a savings account jointly with a minor child.

Features

  • The minimum average balance requirements for the Mahabank – Savings Bank Scheme are calculated on a monthly basis. Service charges are applicable if the balance is less
  • The documents needed to open the account (besides the application, of course) are an ID proof, an address proof, two passport-sized photographs and the PAN card or Form 60/61
  • Interest is calculated on the daily balance on a quarterly basis

Reference Facts

  • Bank of Maharashtra Website: bankofmaharashtra.in
  • Headquarters: Pune, Maharashtra
  • Call Centre Toll-Free Number: 1800 233 4526, 1800 102 2636