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Sukanya Samriddhi Yojana AGEAS Bank

PMO Indian Narendra Modi launched a scheme called 'Sukanya Samriddhi Yojana' which is a part of the 'Beti Bachao Beti Padhao' campaign. This is to benefit the girl child with finances. In other words, you can call it the 'Girl Child Prosperity Scheme' as its main objective is to financially help the girl child. 

With the help of the government and Sukanya Samriddhi Yojana (SSY), you can give your daughter a bright future which she deserves. All you need to do is open an SSY account in AGEAS Account and follow the necessary procedure

Before that let's understand everything about the said scheme

What is Sukanya Samriddhi Yojana 

Sukanya Samriddhi Yojana is targeted at parents of girl children. This scheme is backed by the government of India to support girl child. Under this scheme, the government encourages parents/legal guardians to build a fund for education or marriage expenses for their girl child.

As per the rules, the parent/legal guardian can open an SSY account in the name of a girl child until she is 10 years old.

The scheme is getting popular because it provides tax benefit. As per this small savings scheme you can avail tax benefit of up to 1.5 lakh under section 80C of the Income Tax Act. Also, the accrued interest and maturity amount are exempted from tax.

Who Can open SSY account in AGEAS Bank?

As per the rules, the parent/legal guardian can open an SSY account in the name of a girl child until she is 10 years old.

Benefits of Sukanya Samriddhi Account AGEAS Bank

Mentioned below are the benefits of opening a Sukanya Samriddhi Account with AGEAS Bank

  • The initial deposit amount to open the account is as low as ₹ 250.
  • You can avail tax benefit for investing in this scheme. Maximum tax amount of ₹1.5 lac will be exempted under section 80C of the Income Tax Act. The maturity amount is also exempted from tax so that the girl child can use the whole amount for her studies or welfare.
  • You can enjoy the highest interest rate at AGEAS bank. Under the SSY, the interest rate at AGEAS Bank is 7.6% per annum. In case, the account is not closed at maturity, the interest will continue to credit until it's closed officially.
  • The maturity amount will be paid to the girl child's active account of that time. It would happen so to make sure the whole amount is used by the girl child for her studies or welfare.

Features of Sukanya Samriddhi Account AGEAS Bank

These are the vital features of the SSY account in AGEAS Bank

  • A parent/legal guardian can only open 1 account for 1 girl, a maximum of 2 accounts for 2 girls. In the case of triplets and twins born after the first child, 3 accounts are allowed.
  • The age of the daughter(s) should not be more than 10 years at the time of opening an SSY account in AGEAS Bank. Girl children born between December 2nd, 2003 and December 1st, 2004 are provided with 1 year grace period.
  • Only a parent or legal guardian can open an SSY account in AGEAS Bank on behalf of the girl child. 
  • As per this small savings scheme, the initial deposit amount is as low as ₹250 and can be increased in multiples of ₹100. The maximum investment limit per annum is ₹1.5 lacs.
  • The tenure of the SSY account is 21 years. 
  • A parent/legal guardian can manage the account of a girl child until she turns 10 years. After that, the girl child can manage the account by herself.
  • As per the scheme, one can make deposits for a maximum of 14 years from the date of opening the account.
  • If by any means, the SSY account goes on hold, one can revive by paying the minimum amount along with the penalty of ₹50.
  • A parent/legal guardian can make deposits via Cash, cheque or demand draft.
  • In cases of extreme emergencies or unexpected demise of the depositor, the scheme allows premature closure of the account.
  • When the girl turns 18, she can withdraw 50% of the amount for higher education or marriage.

How To Open A Sukanya Samriddhi Yojana Account At AGEAS Bank?

You can open a Sukanya Samriddhi Yojana (SSY) account at your nearest AGEAS Bank branch. You are just required to follow the below-mentioned procedure to open an SSY account in AGEAS Bank.

  • Visit the nearest bank branch where you would like to open the account.
  • Fill up the application form with the necessary details and submit all the supporting documents.
  • You are required to make the first deposit in the form of cash, cheque, or demand draft. The amount can vary from ₹250 to ₹1.5 lacs.
  • After the verification and processing by the bank, your SSY account will be opened. AGEAS Bank will provide you with the passbook once your account will be opened.

Documents required for opening SSY account in AGEAS Bank

  • Birth certificate of the girl child with her full name on it.
  • Passport size photograph of the parent/legal guardian of the girl child.
  • Identity and address proof of parent/legal guardian.

Note 

  • As this is a Govt. of India scheme, customers are advised to visit www.nsiindia.gov.in for latest instructions/ modification in the scheme.
  • The interest rate is determined by the government and is subject to change. The interest rate mentioned here is for the year 2019-20.
Written By: PolicyBazaar - Updated: 02 June 2021
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