Product Details
Bank Name
Bank of Maharashtra
Account Name
Yuva Yojana
Account Type
Saving
Interest Rate
2.75%
Free Debit Card
Classic Contactless Card: NIL
Platinum Card:Rs.100/-
Account Opening Fees
Annual Maintenance Fees
Nil
Minimum Account Balance
No minimum balance criteria applicable (minimum balance criteria will be made applicable after the age of 18)
Debit Card Charges
Platinum Card:Rs.100/- Annual
Maintenance - General Public Ist year Free
Rs. 200 from second year onwards
NEFT Charges
Digital Mode : FREE
IMPS Charges
Not mentioned
Fees and Charges
Yuva Yojana
Special Features
Eligibility Criteria
Benefits
Features, Eligibility and Benefits
Pros & Cons
Pros
Free transfer of funds from parent’s account Under deposit Schemes for intercity for course fee, educational fee, hostel fee, etc.
Free standing instruction for transfer of money from parent’s account in the same branch.
Free standing instruction for transfer of money from Child’s account to RD account in the same branch.
Facility for free service for payment of utility bills like mobile phones wherever available.
Cons
Yuva Yojana Review
The account comes with an extremely low interest rate. The value add features are also limited. Overall the account offers nothing to distinguish itself from other bank accounts.
Abhijeet Saxena
Abhijeet Saxena
Nalsar University of Law
Ex- Senior Associate, Shardul Amarchand Mangaldas, Delhi
Ex - Khaitan & Co. Bengaluru,
Ex - National Stock Exchange, Mumbai,
Ex - Argus Partners, Mumbai