Central Bank of India Sukanya Samriddhi Yojana

The Central Bank of India, which has the distinction of becoming India's first commercial bank, continues to have a persistent presence in both urban and rural areas of the world today. The Sukanya Samriddhi scheme, for which the government uses various public and private banks as facilitators, is another government-led initiative. Because of its high penetration in the Indian market, the Central Bank of India is an obvious option.

Read more
Premium paid
Insurer pays your premiums in your absence
Invest
₹10k/month your child will get ₹1 Cr Tax free
Tax saving
₹46,800 in tax under Section 80(C)
All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
+91
View Plans
Please wait. We Are Processing..
Plans available only for people of Indian origin By clicking on "View Plans" you, agree to our Privacy Policy and Terms Of Use #For a 55 year on investment of 20Lacs #Discount offered by insurance company Tax benefit is subject to changes in tax laws
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply.
Get Updates on WhatsApp
All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

The Sukanya Samriddhi Account can have a significant effect on the lives and welfare of young girls in the country even though it is a small savings scheme.

The Central Bank of India Sukanya Samriddhi Yojana is one of the most beneficial investment opportunities on the market, securing the financial future of the girl child while also providing tax benefits. Let us continue reading to learn more about the Sukanya Samriddhi Yojana.

Eligibility Criteria for Central Bank of India Sukanya Samriddhi Yojana

The Central Bank of India Sukanya Samriddhi Yojana provides a wide range of premium options and attractive returns. Now, let's return to the most basic question. The Central Bank of India is an obvious choice due to its strong market presence in India. The eligibility criteria of opening a Central Bank of India Sukanya Samriddhi account is as follows:

  • A girl child's parent or legal guardian will open the account on her behalf before she reaches the age of ten.
  • A resident Indian girl child is needed.
  • Up to two accounts for two girls can be opened per family.
  • In the case of twin girls, a third SSY account may be opened.

Suppose a girl child obtains non-resident Indian status after opening a Central Bank of India Sukanya Samriddhi Yojanaaccount. In that case, her parents/legal guardians must notify the respective Central Bank of India branch within one month of the transition, after which the account will be closed.

Salient Features of CBI SSY

The following are the key features of the Central Bank of India Sukanya Samriddhi Scheme:

  1. Account Opening

    A Central Bank of India Sukanya Samriddhi Yojana account may be opened with a minimum deposit of Rs.250 by either parents or the legal guardians of the girl child. 

    A family can have up to two accounts for two girl children and a maximum of three accounts if they have twins or triplets.

  2. Tenure

    An SSY account is valid till there is the marriage of the girl child after she turns 18, or for 21 years. The account remains in force for a maximum of 21 years post the account activation date. After this time frame, the Central Bank of India's Sukanya Samriddhi account earns no interest.

  3. Age

    The Canara Bank SSY account opening can be done when a girl child is born until she reaches ten years of age.

  4. Minimum Deposit

    A Sukanya Samriddhi Yojana can be opened at the Central Bank of India with a minimum deposit of Rs. 250 per year. The maximum deposit is Rs.1.5 lakh per year. Cash and checks may be used to make deposits.

  5. Eligibility

    Only a girl child who is an Indian resident is eligible for this scheme. Girl children with NRI status cannot open an account in their names.

  6. Partial Withdrawal

    The girl child can withdraw 50% of her funds from her Central Bank of India Sukanya Samriddhi account for higher education or marriage if she becomes 18 years of age.

  7. Account Resurrection

    Accounts that have been closed can be resurrected by paying Rs.50 plus the sum due for that term.

  8. Withdrawal of Deposit

    When a girl child hits 18, she is entitled to withdraw half of her deposit for higher education or marriage.

  9. Deposit Duration

    A limit of a minimum of 14 years is permitted for deposits with the minimum deposit being maintained every year.

  10. Deposit Mode

    Cheques, cash, and demand draughts can all be used to fund the account.

  11. Account Reactivation

    To ensure the account's longevity, a minimum deposit of Rs. 250 per year for at least 14 years is expected. If this condition is not met within a given year, there are chances of de-activation of the SSY account. It must then be reactivated by payment of a charge of Rs.50 in addition to the minimum deposit sum.

Core Benefits of the Scheme

The advantages mentioned below are the most compelling reasons people open a CentralBank of India Sukanya Samriddhi Account.

  1. Reasonable Deposit 

    Designed for all families, the annual deposits of Rs.250 are reasonable and easily affordable. They enable a depositor to continue the account contribution without difficulty.

  2. High-Interest Rate

    Beginning in 2020-21, an annual interest rate of 7.6% will be compounded and credited to the account.

  3. Additional Interest

    If there is no withdrawal of money from the account after the 21-year maturity date, it will continue to collect compound interest at the scheme's rates.

  4. The Choice to Move the Account

    If the depositor wishes to change accounts or relocate, can submit an application for the same to any other post office or approved bank in the new area. 

  5. Tax Benefits

    According to the Income Tax Act, Section 80C, the funds deposited into this account are tax exempt.

  6. Account Reactivation

    A minimum investment of Rs. 250 per year for at least 14 years is needed to ensure the account's longevity.  If this criterion is not met within a year, there is a chance of de-activation of the SSY account. It has to then be reactivated upon payment of an Rs.50 fee in addition to the minimum amount of deposit.

  7. Child's Unique Advantage

    The girl child can only withdraw money deposited under this scheme for her unique benefits such as marriage and education. Deposit amounts are affordable and versatile, starting at Rs.250 and can be multiples of Rs.100.Customers should take advantage of this volume because it is both economical and versatile.

  8. Affordable and Flexible Deposit Amount

    The minimum deposit is Rs.250, with subsequent deposits in multiples of Rs.100. Customers should take advantage of this volume because it is both economical and versatile.

  9. Transfer of Deposit Account

    Sukanya Samriddhi is a form of Account that can be moved from one financial institution to another. It covers all banks that have signed up for the program.

The Process to Purchase of the Plan

The process of opening a Sukanya Samriddhi account in the central bank of India is mentioned below:

Step 1: Fill out the account opening form that was given to you by the branch.

Step 2: Along with the picture, you must send all of the relevant documents.

Step 3: Make a cash deposit

Step 4: After opening the account, a person may make the minimum contribution in check, cash, or DD.

Documents Required

To open an account under this scheme, go to the central bank of India's website and follow the instructions. The following are the relevant documents to have on hand when opening an SSY account.

  • Type for establishing an SSY account.
  • At the time of account opening, the girl child's birth certificate must be submitted.
  • At the time of account opening, the depositor must provide proof of identity and address.
  • If more than one child is born in the same order, a medical certificate must be submitted.
  • Any other documentation that the bank or post office can need.

The depositor will obtain a passbook after opening an SSY account. The date of account opening, the date of the girl's child's birth, the account number, the account holder's name, address, and the amount deposited will all be listed on the passbook. When money is deposited into the account, interest is paid, and the account is closed, the passbook must be submitted to the bank or post office.

Terms and Conditions

Before you sign something, make sure you understand what you're getting and consider your choices. As a result, reading the bid, reviewing it, and looking up the rules is a good idea. This way, there will be no question about your decision.

  • Premature withdrawal from SSY is permitted until the girl reaches 18 and is engaged to be married. To be eligible for the benefit, an application must be submitted at least one month before the wedding and three months after the wedding. Documents establishing the girl's age must also be provided.
  • The account will be considered closed if the girl child becomes a non-citizen or non-resident. Any such change of status must be recorded within one month of the change in status by the guardian or the girl child.
  • On the flip side, one might be eligible for a refund if the account has been open for more than 5 years. Since the bank or post office feels that keeping it open will cause problems for the girl, the girl's guardian will decide to close it early.
  • Permission to close the account for other purposes will also be granted, but the interest received on contributions will be the same as the interest rates offered by post offices.

Additional features

The following are the tax advantages of the Central Bank of India Sukanya Samriddhi Yojana:

  • Contributions to the scheme are eligible for tax benefits of up to Rs.1.5 lakh under Section 80C of the Income Tax Act, 1961.
  • The amount of interest that is generated is also tax-free.
  • The maturity amount or the withdrawal amount is also eligible for tax benefits.

Rate of Interest

Sukanya account interest is compounded annually and has been set at 8.1 percent per annum for the September quarter. The government adjusts the rate under the scheme every year during the Union Budget. The scheme's interest rate was 9.2 percent at the time of its introduction.

Key Exclusions

 If the depositor wants to relocate, the account can be transferred to any other authorized bank or post office in the new region under the Central Bank of India's Sukanya Samriddhi Yojana. Any subsequent account tasks can be done locally without difficulty.

FAQ's

Written By: PolicyBazaar - Updated: 08 July 2021
Search
Disclaimer: Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by an insurer.
Newsletter
Sign up for newsletter
Sign up our newsletter and get email about Child Plans.
You May Also Want to Know About
5 Benefits of Sukanya Samriddhi Yojana for Girl Child by the Govt of India
5 Benefits of Sukanya Samriddhi Yojana for Girl Child by the Govt of India Sukanya Samriddhi Yojana is a savings scheme for the girl child launched as a part of the Government’s 'Beti Bachao Beti Padhao' campaign, in 2015. A Sukanya Samriddhi ...
Best Child Investment Plans to Invest in 2021
Best Child Investment Plans to Invest in 2021 Planning for the child’s secured future is not an easy task. Most of the people try to create a strong financial cushion for their child but find their funds insufficient at the time of need. While p...
Best Child Insurance Plans in India
Best Child Insurance Plans A child insurance plan is a combination of savings and insurance, which help the individuals to plan for the financial future of the child. With a child insurance plan, the parent can be assured that all the requiremen...
Top Child Insurance Plans to Invest
Child Insurance Plans As a parent, your biggest fear in regards to your child might be the constant thought of providing your child with the best of everything possible so that your child need not compromise on the needs and successfully fulfill...
Best Child Plans to Invest
Best Child Plans  Upbringing a child and providing them with the best of everything is a great responsibility for every parent. For every individual, their children are the main priority of life and in order to facilitate your child with a qual...
Close
Download the Policybazaar app
to manage all your insurance needs.
INSTALL