Bank of Baroda Sukanya Samriddhi Yojana

The Bank of Baroda Sukanya Samriddhi Yojana account ensures a better future for the daughter. The scheme helps parents to invest the money in the account with the interest rate that will build sizable savings and help to achieve the needs of the daughter. The process to open the Bank of Baroda Sukanya Samriddhi Yojana is simple and the returns are attractive as the maturity benefits are of a sizeable amount. The BOB Sukanya Samriddhi Yojana is an ideal way for parents to be rest assured that they will be able to fund the needs of the daughter.

Features of Bank of Baroda Sukanya Samriddhi Account

The following are key features of the Bank of Baroda Sukanya Samriddhi Account:

• Account Opening

  The BOB Sukanya Samriddhi Yojana account will be opened for the girl child who is of 10 years of age or below. Two accounts can only be opened in case someone has twin daughters.

• Deposit

  One can simply open the Bank of Baroda Sukanya Samriddhi Yojana Account with a  minimum sum of Rs 250 and the maximum can go up to Rs 1.5 lakh. The subsequent deposits will be in multiples of the fifty rupees, however to a condition wherein the minimum of Rs 250 will be made as to the deposit in the FY in one account. The deposits can easily be made in a lump sum or even in multiple instalments in one financial year.

• Deposit Paying Term

  The deposits need to be made for the initial fifteen years right from the opening date of the account. Meanwhile, one can also use the Sukanya Samriddhi Yojana calculator to have an estimate of how much sum needs to be put in the SSY account.

• Partial Withdrawal

  The partial withdrawal from the BOB Sukanya Samriddhi Yojana is allowed when the girl has turned 18 years of age or has passed class 10, whichever is earlier. Only 50 per cent of the account balance is permitted to be withdrawn to meet the expenses and likewise supporting documents are required to be provided.

Benefits of Sukanya Samriddhi Yojana with Bank of Baroda

The following are the benefits of BOB Sukanya Samriddhi Yojana:

1. Cost-effective Deposit Sum

   The initial and minimum deposit sum is cost-effective and does not create a burden on anyone’s shoulder to give a secured financial future to the daughter. The process to deposit the amount is hassle-free.

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2. Interest Rate

   The account holder of the Bank of Baroda Sukanya Samriddhi Yojana can easily earn 7.6 per cent interest on the deposits. The annual interest is credited in the account towards the financial year-end. No interest shall be payable after completing 21 years from the opening date.

3. Tax Benefit

   The Sukanya Samriddhi Yojana offers tax benefits wherein the deposits that are up to Rs 1.5 lakh is entitled to tax deduction under Section 80C. The earned interest on the deposits also remains tax-free and is annually compounded. The sum received on maturity too remains tax-free.

   Note: The tax benefits are subject to change as per the existing laws.

Documents Required for Opening a Sukanya Samriddhi Yojana Account with Bank of Baroda

Listed below are the documents required to open the Bank of Baroda Sukanya Samriddhi Yojana Account:

• The stamp-sized photographs of the parent/guardian and the girl child.

• Certificate of birth of the girl child.

• The duly completed form of BOB Sukanya Samriddhi Yojana Account.

• The identity and address proof of the parents or the guardian.

How to Open the Sukanya Samriddhi Yojana with Bank of Baroda?

Anyone who wishes to open the BOB Sukanya Samriddhi Yojana Account can do so by simply visiting the nearby branch and fill the SSY form. In case an individual does not hold an account with the Bank of Baroda can easily open a Sukanya Samriddhi Yojana Account by submitting the documents mentioned- above.

Deposit the minimum sum, post the verification is done from the end of the bank the BOB Sukanya Samriddhi Yojana Account will be active.

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Who Can Open an SSY Account with Bank of Baroda?

The BOB Sukanya Samriddhi Yojana Account can be easily opened by the guardian or the parents of a girl child. The beneficiary needs to be an Indian citizen. Make sure that the Sukanya Samriddhi Yojana Account is opened in the name of the daughter. The Sukanya Samriddhi Yojana Bank of Baroda can be opened until the girl turns 10.

Two accounts can be opened for two girl children and in exceptional case 3 accounts wherein the daughters are born in the first/ second birth order or both upon the affidavit submission by the parent/guardian and the certificate of birth for the twins or triplets, whichever the case may be.

Step by Step Withdrawal Process with Bank of Baroda

As discussed earlier, when the daughter turns 18 years of age or has passed her tenth grade only then  50 per cent of the balance in the account can be withdrawn. The supporting documents need to be provided for the same.

Besides, premature withdrawal is permitted upon the demise of the account holder. In case the girl child is planning to get married after attaining 18 years of age, the BOB Sukanya Samriddhi Yojana Account can be prematurely closed, however, the relevant documents need to be submitted that highlights that substantiate that on marriage date the girl was not less than 18 years of age.

In case the account holder becomes an NRI within the currency of the account, even then the account will be continued until maturity. The account will be deemed to close or closed when the account holder is no longer an Indian citizen. Moreover, if the account has been maintained for five-years right from the opening of the account then under compassionate grounds such as any life-threatening ailment, etc. of the account holder or on the demise of the guardian, premature closure is allowed.

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