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Maha Saraswati Scheme

ParticularDetails
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 DepositMinimum of Rs.50/- and in multiple of Rs.10/- there in Rural & Semi Urban Minimum of Rs.100/- and in multiple of Rs.10 thereafter in Urban & Metro
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, No TDS will be applicable to Mahasaraswati Scheme also
Additional Features
  • Free Accident Insurance Cover of Rs.50000/- - Cover available till the maturity of the deposit, subject to regular payment of installments
    Claim amount is payable in case of death or permanent total disablement arising due to accident
  • 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.

Issue of Policy
The designated office of United India Insurance Company Ltd., at Pune, will issue a Master Policy to the Bank. Branches of the bank will be authorised to issue certificate of insurance to such account holder(s) at the time of issuance of the Pass Book /Statement of the Account.