Andhra Bank Sukanya Samriddhi Account

Andhra Bank Sukanya Samriddhi Scheme is a crucial initiative of the Government of India to save girl child. The scheme was offered under the "Beti Bachao, Beti Padhao” initiative. Andhra Bank Sukanya Samriddhi Account used to be opened at Andhra Bank branches. However, in April 2020, the bank merged its operations with the United Bank of India.

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Therefore, the interested individuals must visit the United Bank of India branches to open the account. The girl child must be 10 years old to open the account.  

Eligibility Criteria

Andhra Bank Sukanya Samriddhi Account has been merged with Union Bank Sukanya Samriddhi Account from 1st April 2020. However, the eligibility criteria applicable to Andhra Bank Sukanya Samriddhi Account have not changed. The individuals can access the account from Andhra Banks also. 

The key eligibility criteria are mentioned below:

  1. Eligibility for Girl Child

    The scheme is applicable for girl children of age 10 years. The girl child must be an Indian citizen. The scheme is applicable for a maximum of two girl children of a parent. In that case, each girl child must have one account. In the case of twins or triplets, three accounts under the name of the same parents can be opened. However, in that case, a certificate from a reputed institute will be required.

  2. Eligibility for Parents

    The parents or legal guardians of the girl child must be an Indian citizen. One parent can avail a maximum of two accounts as applicable. The parents cannot transfer the ownership of the scheme. However, in case of parents' death, the scheme is either owned by a girl child or remains closed. In some cases of parents' death, Andhra Bank Sukanya Samriddhi Account is kept open with the deposited amount until it matures.

  3. Financial Eligibility

    The parents can open the account by making an annual deposit of a minimum of INR 250 or at a maximum of INR 1,50,000. They must continue paying the annual deposit amount until the next 14 from opening the account. They can increase the annual deposit amount in the multiple of 100 as applicable. In case of failure to make a minimum deposit in a year, the account holder will be required to pay a penalty of INR 50 to continue the scheme.

People also read: Child Education Plan

Features

The key features of the Andhra Bank Sukanya Samriddhi Account have been mentioned below:

  1. Account Opening

    Any girl child under the age of 10 years can have the account opened by her parents or guardians in her name. If the child is in her 10th birthday year, she would require waiting for one year to open the account. The girl child must be a citizen of India. The account will be managed by legal parents or guardians of the child. In the case of twins, the parents can open a maximum of three accounts. Otherwise, a family can open a maximum of two accounts.

  2. Deposits

    A minimum of INR 250 or a maximum of INR 1,50,000 should be deposited to open the account. The parents or legal guardian must be a citizen of India. They can increase the deposited amount in the multiple of INR 100. In case of failure to deposit the required amount, they must pay INR 50 as a penalty.

  3. Deposit Payment Terms

    The deposit of the Andhra Bank Sukanya Samriddhi Account is to be paid every year for the next 14 years from the account opening date.

  4. Interest Rate

    The interest offered in the scheme is at 7.6% per annum. However, initially, the interest used to offer at a 9.1% interest rate. The interest rates can change as per government interventions.

  5. Account Withdrawal

    The deposited money can be withdrawn partially up to 50% once the girl child attains 18 years. The money can be withdrawn for either marriage or education. In both cases, the girl must provide proper documents supporting the claims. On approval from the bank authority, they can withdraw money partially in five instalments or a lump sum. 

    Once Andhra Bank Sukanya Samriddhi Account matures, the girl can withdraw the deposited money along with the interests. 

  6. Transfer of Account

    The ownership of the account cannot be transferred. However, the account can be transferred from one bank to other banks across different branches as applicable. It will help the girl child access the withdrawn money required to support their educational expenses in schools or universities located in other states. The parents can transfer the account from Andhra bank to post offices and vice versa within India as required. In case of transfer, the parents must provide address proof. Otherwise, a charge of INR 100 will be levied. 

  7. Mode of Deposits

    The legal parents or guardians can pay the deposit through online transfer, cash, demand draft, or cheque.

  8. Duration of Scheme

    Andhra Bank Sukanya Samriddhi Account is applicable for girl child of age under 10 years. When the child attains 18 years, they can withdraw up to 50% of the total amount deposited. Otherwise, the account matures when the child attains 21 years. The girl should manage the account once she attains 18 years.

  9. Account Revival

    Andhra Bank Sukanya Samriddhi Account can be revived by paying a fine of INR 50 if the parents or legal guardian fail to make a minimum deposit of INR 250. 

People also read: Sukanya Samriddhi Yojana

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Benefits of the Policy

  • High Interest Rate: The scheme offers a high interest rate of 7.6% per annum. The rate is higher than other government-backed investments such as PPF.

  • Flexible Investment: The scheme requires a minimum deposit of INR 250 and a maximum deposit of INR 1.5 lakhs. The deposit amount can be multiplied as a multiple of 100 units. Therefore, the individuals can choose and adjust the deposit amount as per their financial ability.

  • Guaranteed Return: Since it is a government-backed investment, it offers a secured return.

  • The benefit of Compounding: The scheme offers an annual compounding facility. Therefore, beneficiaries can get an increased return if they invest for the long term.

  • Convenient Transfer:  The account can be transferred to other banks or branches, or post offices as per the convenience required by the students.

  • Tax Benefits: The account offers tax benefits as per Section 80C of the Income Tax Act 1961. The beneficiaries can avail of the tax benefits for the amount up to INR 1.5 lakhs.

“Tax benefit is subject to changes in tax laws. Standard T&C apply.”

Process to Purchase the Policy

The interested individuals must read the scheme details carefully before opening Andhra Bank Sukanya Samriddhi Account. They can get the details from the nearest branch of Andhra Bank. They can also download the information of the scheme from the bank or RBI website.

They must ensure the girl child meets the scheme's eligibility criteria and fill up the details as required. It will help to reduce any chances of confusion in the future. They must also consider investing the amount of money that will help to get a high return. The account must be opened with a provision to continue it until the girl attains 21 years. 

Once they submit the application form, they must purchase the scheme successfully by making payment through cash, cheque, online transfer, or bank payment slip as required.  

Documents Required 

The documents required to open and operate Andhra Bank Sukanya Samriddhi Account have been listed below:

  • Application Form: The application form to open the account is accessible from the bank website. Otherwise, the individuals can visit the nearest branches of the bank.

  • Date-Of-Birth Certificate: The date-of-birth certificate of the girl child must be submitted to verify their age and related details.

  • KYC Documents: The individuals are required to submit the following documents to facilitate easy operations of the KYC process of the account.

    • For identity verification, ID cards such as voter ID, Aadhar card, passport, etc.

    • For address verification, ID cards such as Voter ID, License, Passport, Residential Address details, etc.

  • Photographs: The individuals are required to submit passport-sized photos of the girl child attached to the files submitted.

  • Educational Certificates: The individuals are required to submit educational certificates of 10th standard, 12th standard, or other as required to claim the account benefits or partial withdrawals.

  • Marriage Certificate: To claim the account benefits for marriage, the girl must present the marriage certificate and other related documents as required.

Terms and Conditions 

The individuals must carefully read the terms and conditions mentioned in the scheme details before opening Andhra Bank Sukanya Samriddhi Account. They must understand and agree with the clauses mentioned in the terms and conditions.

The account offers closure and all the benefits as applicable to the nominee of the account holder in case of her death. However, the nominee must follow a legal approach to produce a death certificate to avail of benefits gained until the date of death.

Account Closure

Andhra Bank Sukanya Samriddhi Account can be closed in the following cases:

  • The account closes when it matures, i.e., when the girl child attains 21 years. However, if the child attains 18 years and wants to get married, she can close the account by submitting the application one month before or three months after the marriage.

  • If the account continues at least for 5 years, the girl child, parents, or legal guardians can close the account and withdraw money if they find financial constraints or other pressures.

  • If the girl child attains citizenship of another country, then the account will be closed after placing necessary details and documents.

  • In case of the death of a girl child, the account will be closed. However, the parents or legal guardian of the girl child is required to submit the death certificate.

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Exclusion 

Andhra Bank Sukanya Samriddhi Account does not offer any loan facility. The account cannot be invested further in other investment schemes. The policy offers a tax exemption facility of up to INR 1,50,000 under Section 80C of the Income Tax Act 1961. The policy does not offer any investment facility for girls child of age more than 10 years. It does not include a boy child under its purview.

FAQ's

  • Who can opt for the scheme?

    The legal guardians or parents of a girl child can buy the scheme on behalf of the child before the child attains 10 years. However, only one parent can avail of the scheme.
  • Can I buy the account and PPF simultaneously?

    Both Andhra Bank Sukanya Samriddhi Account and PPF are government-backed schemes. However, the two schemes have two different objectives. Therefore, the individuals can buy both accounts simultaneously.
  • When can I withdraw money?

    The legal guardians or parents of the girl child can make partial withdrawal up to 50% of deposited money when the girl attains 18 years. However, they can completely withdraw money when the girl attains 21 years. 
  • Is the scheme applicable for NRI girl children?

    No. The scheme applies to the girl child of India only.
  • Should I buy the account from Andhra Bank or other private banks available?

    The scheme is government-backed. Therefore, it can be accessed from all the branches of Andhra Bank. It can be accessed through a few selected private banks in India with the same benefits as applicable.
  • Is the scheme available through banks located across India?

    The scheme applies to all the states across India. Therefore all the key private and public banks can offer the schemes. 
  • Is the account similar to other recurring savings accounts?

    Andhra Bank Sukanya Samriddhi Account is not similar to other recurring savings accounts because it offers facility only to the girl child of India who is less than 10 years old. The account also offers a high interest rate.
  • What is the minimum amount that can be deposited into the account?

    The parents or legal guardians can deposit a minimum of INR 250 to the account to access its benefits. 
  • What happens if someone forgets to deposit money in Andhra Bank Sukanya Samriddhi Account?

    If the account holder fails to deposit the minimum amount as required on the due date, they would require paying a penalty of INR 50.

*All savings are provided by the insurer as per the IRDAI approved insurance plan.
*Tax benefit is subject to changes in tax laws. Standard T&C Apply
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
#The lumpsum benefit is calculated if policyholder invested ₹10000 monthly for 10 years in the fund with a policy term of 20 years. This Point To Point past performance data of last 10 years has been used to illustrate a scenario for the customers benefit. It is assumed that the past 10 years returns would have also been delivered in last 20 years. This is not guaranteed and not in anyway indicative of what the customer may actually get 20 years from now. The investment is subject to market risk and the risk is borne by the policyholder.
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^^The information relating to mutual funds presented in this article is for educational purpose only and is not meant for sale. Investment is subject to market risks and the risk is borne by the investor. Please consult your financial advisor before planning your investments.

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