We study the impact of a maternity benefit conditional cash transfer scheme in India on child and maternal outcomes. By leveraging spatial and temporal variations in implementation and eligibility, Difference-in-Differences (DID) matching estimates reveal reduced neonatal mortality. Using variation in transfer size, we establish the importance of cash amount. Meeting conditionalities do not appear to be the key driver. The transfer itself may have increased quality of nutrition and healthcare utilization. The muted effects on maternal outcomes raise concerns regarding fulfilling program conditionalities by mothers. Our findings are robust to sample restrictions, falsification tests, and supported by exact randomization tests.