The Indian government launched the Sukanya Samriddhi Yojana scheme under the "Beti Bachao Beti Padhao" movement. The scheme aims at shielding the future of the country's girl child by acting as a reliable source of security. This scheme was introduced to the citizens on January 22, 2015.Read more
The individuals under this scheme get attractive interest rates and can avail of tax benefits and other additional lucrative benefits like high interest rates.
Dena Bank in India has been serving reliable and efficient assistance to clients for a long time now. The bank has been authorized to execute the Sukanya Samriddhi Yojana scheme. The scheme aims at providing a secured future to the daughters of the country.
Sukanya Samriddhi Yojana's scheme matures at 21 years. However, an investor does not need to pay for the whole term but only for 14 years. The minimum amount for deposition each year has been reduced to Rs. 250 from Rs. 1000 in July 2018. The scheme is not only affordable, but Dena Bank Sukanya Samriddhi Yojana officials will assist the applicants in every possible way to understand the terms and conditions.
If one is worried about their girl's future, whether it be higher education or the future marriage, Dena Bank Sukanya Samriddhi Yojana scheme takes care of it all. The benefits an individual gets from the scheme can only be availed when they maintain the criteria that need to be followed to invest.
Dena Bank Sukanya Samriddhi Yojana scheme is open to all. However, certain restrictions need to be mentioned. The age of the girl who will be the account holder must not exceed 10 years at the time of opening the account.
The age shall not be more than 10 years, including the current age when availing of the scheme. This is the most vital requirement and mandatory to be fulfilled to open an account. Therefore, any individual can open an account if the girl's age is less than 10 years.
Guardians or parents can open the account on behalf of their daughter. But they must fulfil some formalities before opening the account. The bank officials will thoroughly check these formalities, and hence this step is a crucial process.
Each family is allowed to open a maximum of two Dena Bank Sukanya Samriddhi Yojana accounts. However, in the case of twins as the later or the earlier issue, then three accounts can be allowed.
The bank will not be compromising in doing a background check to secure the formalities. The guardian or the parents must be legal and biological respectively to open the account on behalf of the girl child.
The scheme has taken into consideration every citizens’ financial condition. The minimum annual deposit of this scheme is Rs. 250, and the maximum is Rs. 1.5 lacs.
The minimum annual deposit is needed to be maintained to keep the account in force. However, if an individual fails to deposit the minimum amount, the investors can pay a small amount to recover the account.
There are particular features of the Dena Bank Sukanya Samriddhi Yojana which an individual must know to get an inclusive insight of the scheme before investing. The most popular features of the scheme are attractive interest rates and minimal deposition.
Dena Bank Sukanya Samriddhi Yojana offers a 7.6% interest that is relatively higher than a savings account or fixed deposit accounts.
Tax benefits are lucrative to an already beneficial scheme.
The following are the key features of the Dena Bank Sukanya Samriddhi Yojana:
The scheme has an easy-to-follow process that one can effortlessly execute to open an SSY account.
The crucial and foremost step in opening an SSY account is to prepare the required documents beforehand so that there will be no hassle when submitting the forms and presenting the legal documents before the officials.
The applicants can readily download the official application from the bank's official portal. Before submitting the form, it is essential to thoroughly check the details and information provided by the applicants in the form. After re-checking, the applicants can submit the form with other required paperwork.
Dena Bank has made it easier for the applicants to get a good overview of the schemes and regulations. Particular documents need to be prepared beforehand to open a Dena Bank Sukanya Samriddhi Yojana Account. Following are the documents that will be crucial in proceeding with the process:
This form is readily available at the official portal of Dena Bank and can be accessed through the nearest branch also. This form is the most crucial document in opening an SSY Account.
The DOB Certificate will be essential in determining the age of the girl child and further verification. The certificate comprises precise details about the child, which will be important in the further processing of the account.
The paperwork should have an attached passport-sized photo of the girl child.
These are the set of documents that will aid the bank in checking the authenticity of the applicants. The documents will comprise of personal information, according to which the bank can process background verification before allowing the applicants to open Dena Bank Sukanya Samriddhi Yojana Account.
KYC documents include:
However, the submission of Aadhar Card documents makes the process faster. The applicants should also submit a demand draft of deposition or cheque to secure the SSY account.
Before proceeding with the process, an individual must know the scheme's terms and conditions thoroughly. It is essential to get an inclusive apprehension before availing of the benefits. One must know what the scheme offers and at what terms or costs.
Dena Bank Sukanya Samriddhi Yojana offers closing an account during unfortunate circumstances such as the account holder's death. The amount invested in the scheme will be paid as it is.
The nominee will be entitled to the maturity value along with the amount of interest.
To close the account, a legal process of presenting the death certificate and other formalities must be done.
Dena Bank Sukanya Samriddhi Yojana Account can be terminated during extreme cases such as medical emergencies. The authority will be responsible for taking an individual’s paperwork for the discontinuity.
Dena Bank Sukanya Samriddhi Yojana does not allow loan options of any kind. The individuals can get the benefit of transferring from one authorized bank to another. This option is beneficial for the girls who may require to move out from the residence because of educational purposes.