Sukanya Samriddhi Yojana (SSY) is a government-initiated savings scheme, which is specifically designed to secure the financial future of the girl child. With the low-cost investment, tax benefit and a high-interest rate of 7.6%, the Sukanya Samriddhi Yojana is one of the best investment option to ensure the financial security of the girl child. The account can be opened by the legal guardian/ parent of the girl child under the name of there daughter before she attains 10 years of age. The account can be opened at any Axis Bank Branch.
Let’s read further to know in detail about Axis Bank SSY.
Yearly InvestmentYou can invest maximum upto ₹1,50,000
Girl's AgeMaximum age should be 10 years
Start YearInvestment term is 21 years
Let’s take a look at some of the salient features of Axis Bank SSY.
The plan can be opened by the legal guardian/parent of the girl child who is a resident of India. An individual can open up to a maximum of two accounts in the name of each girl child before she turns the age of 10 years. In the case of triplet, the third girl child account can be considered.
Axis Bank SSY comes with a tenure of 21 years or until the marriage of the girl child after she attains 18 years of age. The 21 years of tenure is applicable from the date of opening of the account.
The Sukanya Samriddhi Yojana account can be opened with a minimum deposition of Rs. 1000/-. The individual can invest up to a maximum of Rs. 1.5 lakh in a financial year. The deposits can be made any number of times in multiple of Rs.100/- only. The subscriber can make the contribution at least once every year, till the completion of 15 years from the date of policy initiation. The deposition can be made in form of cash, cheque or internet banking.
Once the girl attains the age of 18 years, she can make a partial withdrawal from the Axis Bank SSY. Up to 50% of the accumulated fund is allowed for withdrawal. The withdrawal amount can be used for the higher education of the girl child or for her marriage.
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
Here are some of the benefits offered by the Axis Bank SSY.
Here are the important documents that should be kept handy while opening Sukanya Samriddhi Yojana Account.
The following are the eligibility criteria of the scheme.
To open the Axis Bank Sukanya Samriddhi Yojana, the individual will need to follow these steps.