Bank of India Sukanya Samridhi Yojana

Features of Bank of India Sukanya Samriddhi Yojana

Investing in the Sukanya Samriddhi Yojana through Bank of India comes with a host of beneficial features:

• Flexible Deposits: Investment can be started with a minimum deposit of ₹250, and you can deposit up to ₹1.5 Lakh in a financial year.

• Mandatory Deposit Term: Deposits need to be made for 15 years from the date of opening the account. After this period, the account continues to earn interest until maturity.

• Attractive Interest Rate: The scheme currently offers a competitive interest rate of 8.2% per annum, compounded annually.

• Tax Benefits: Contributions qualify for deductions under Section 80C (up to ₹1.5 lakh/year), and both interest and maturity amounts are tax-free under Section 10.

• Partial Withdrawals: To support higher education, partial withdrawals of up to 50% of the balance at the end of the preceding financial year are allowed. This facility can be availed once the girl child turns 18 years old or has passed the 10th standard, whichever is earlier.

• Maturity at 21 Years (or Marriage): The account matures upon completion of 21 years from the date of opening. Early closure is also permitted in case of the girl child's marriage after she attains 18 years of age.

• Account Transferability: The account can be easily transferred anywhere in India from one Bank of India branch to another, or even from a Post Office to a Bank of India branch.

• Low Penalty for Default: If the minimum annual deposit of ₹250 is not made, a small penalty of ₹50 per year is levied, and the account can be regularized easily.

Eligibility to Open Bank of India Sukanya Samriddhi Yojana

Child Plans offer a secure financial future for your child. To open a Sukanya Samriddhi Yojana account with Bank of India, the following criteria must be met:

• The account can be opened only for a girl child who is less than 10 years old.

• The girl child and the guardian must be residents of India.

• The account must be opened by a parent or legal guardian.

• Only one account per girl child is allowed

• A maximum of two accounts is permitted per family. However, this limit is relaxed in cases of twin or triplet girl children born in the first or second order of birth, provided an affidavit is submitted.

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₹10,000/Month

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How to Open Bank of India Sukanya Samriddhi Yojana

To open a Sukanya Samriddhi Yojana account at a Bank of India branch, the given steps are to be followed:

Step 1: Visit the nearest Bank of India branch.

Step 2: Fill the SSY application form (Form-1).

Step 3: Submit Required Documents:

• Birth Certificate of the girl child.

• Proof of identity of the parent/guardian (e.g., Aadhaar Card, PAN Card, Passport, Driving License).

• Proof of address of the parent/guardian (e.g., Aadhaar Card, Utility Bills).

• Recent passport-sized photographs of the girl child and the guardian.

• In case of twins/triplets, an affidavit confirming their birth order.

Step 4: Make the minimum initial deposit of ₹250 to activate the account.

Step 5: Once the documents are verified and the deposit is made, your Sukanya Samriddhi Yojana account will be opened. You will receive a passbook for the account.

Benefits of Bank of India Sukanya Samriddhi Yojana

Choosing Bank of India for your Sukanya Samriddhi Yojana offers several benefits, including: 

• Financial Security for Daughters: It provides a dedicated and disciplined way to save for your daughter's crucial life stages, such as higher education or marriage, ensuring financial independence.

• Safe and Secure: Being a government-backed scheme, it offers guaranteed returns with no market risks, making it a safe and secure investment.

• Convenience and Accessibility: With Bank of India's extensive branch network, opening and managing the account becomes easy and convenient. Many branches also offer auto-debit facilities for deposits, simplifying regular contributions.

• Promotes Girl Child Empowerment: By investing in this scheme, parents actively contribute to the larger national goal of promoting the welfare and education of girl children

Conclusion

The Bank of India Sukanya Samriddhi Yojana helps parents build a bright and secure future for their daughters. Its attractive interest rate, tax benefits, and flexible features make it an ideal choice for long-term financial planning. By taking this important step with a trusted institution like Bank of India, you are investing in your daughter's dreams and empowering her to achieve them.