Axis Bank SSY (Sukanya Samriddhi Yojana)

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.

Features of Axis Bank SSY

Let’s take a look at some of the salient features of Axis Bank SSY.

Opening of Account

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.

Term Period

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.

Deposit Amount

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.

Partial withdrawal

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

Benefits Offered by Axis bank SSY

Here are some of the benefits offered by the  Axis Bank SSY.

• Axis Bank SSY offers a high-interest rate of 7.6% compounded annually.
• Tax exemptions can be availed as EEE (exempt, exempt, exempt) format U/S 80C of the IT Act.
• If the account holder relocates to another city, then they can transfer the account to any other post-office or bank.
• Axis Bank SSY can be opened by any individuals who are the resident of India.

Documents Required to Open Axis Bank SSY

Here are the important documents that should be kept handy while opening Sukanya Samriddhi Yojana Account.

• SSY account opening form
• Girl child birth certificate.
• Photograph of legal guardian/parents of the girl child.
• KYC documents (Address proof/identity proof) of the girl child.

Eligibility Criteria of Axis Bank SSY

The following are the eligibility criteria of the scheme.

• The Sukanya Samriddhi Yojana account can be opened by the legal guardian/parent of the girl child before she attains the age of 10 years.
• The contribution period for SSY is 15 years.
• The account holder has to be a citizen of India
• A maximum of two accounts can be opened in the name of each girl child. The third account can only be opened in case of the triplet.

Process of Opening Axis Bank Sukanya Samriddhi Yojana Account

To open the Axis Bank  Sukanya Samriddhi Yojana, the individual will need to follow these steps.

• Get the account opening form from the branch office and enter all the required details.
• Submit all the required documents along with the photos.
• Deposit the minimum amount of Rs 250
• Once the account is active, the subscriber can deposit the amount by cash, cheque or demand draft.