Canara Bank Sukanya Samriddhi Yojana

The Sukanya Samriddhi Yojana is an initiative taken by the Indian government that empowers and promotes the welfare of the girl child in the nation. At a cost-effective, the parents of a girl child can secure the future of the girl child for a bright tomorrow. The Canara Bank Sukanya Samriddhi Yojana scheme is easily available to all the customers and the parents can ensure the financial safety of the daughters.

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6.7 Crore
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Canara Bank Sukanya Samriddhi Yojana Calculator

Latest SSY Interest Rate = 8%

Yearly Investment

You can invest maximum upto ₹1,50,000

Girl's Age

Maximum age should be 10 years
Yrs

Start Year

Investment term is 21 years
Total Investment
Total Interest
Total Investment

Total Interest

Maturity Year

Maturity Value

Amount you will get
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Features of Canara Bank Sukanya Samriddhi Account

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

  1. Opening the Account

    The SSY Canara Bank account can be easily opened on behalf of the girl child by the parents or guardian. This account can be accessed under the name of the girl child who is either equal to or below ten years of age.

  2. Deposit Amount

    The Canara Bank Sukanya Samriddhi Account can be opened with the deposit amount as low as Rs 250 and thereafter in Rs 100 multiples. The maximum allowed deposit for the SSY account is Rs 1.5 lakh in one financial year. One can also use the Sukanya Samriddhi Yojana calculator to know the monthly sum that needs to be put in the account. The deposit could be made via demand draft, cheque, etc.

  3. Tenure

    The Canara Bank Sukanya Samriddhi Account tenure is 21 years right from the deposit inception date. The maximum deposit term of 14 years is permitted.

  4. Interest

    A high rate of interest is applicable on the deposits made in the Canara Bank Sukanya Samriddhi Account

  5. Premature Closure

    Premature closure is permitted under any emergency circumstances such as a critical illness or untimely death.

    People also read: Best Child Plan

  6. The Revival of the Account

    The revival of such a deposit account is only possible upon the penalty payment of Rs 50 and the required deposit sum for that term.

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Benefits of Sukanya Samriddhi Yojana with Canara Bank

The following are the key benefits of opening the Canara Bank Sukanya Samriddhi Yojana Account:

  1. Flexible Deposit Amount

    The deposit amount begins at Rs 250 and likewise be increased in the multiples of Rs 100. This SSY scheme is not only flexible but cost-effective as well. 

  2. High-Interest Rate

    The Sukanya Samriddhi Yojana scheme offers a high rate of interest when compared to any other similar deposits offerings. In case the deposit has attained maturity even then the sum continues to earn interest until the deposit is closed.

  3. Transfer of the Account

    The Sukanya Samriddhi Yojana scheme applies to all the citizens throughout the nation. The deposit account when required can be easily transferred from one location to any other.

  4. Tax Benefits

    Tax exemption can be easily claimed on the deposits made towards the SSY scheme. This is applicable within Section 80C of the IT Act. The highest sum, which can be claimed for the exemption is Rs 1.5 lakh.

Documents Required for Opening a Sukanya Samriddhi Yojana Account with Canara Bank

The following are the important documents required to open the Sukanya Samriddhi Yojana Canara Bank account:

  • Photograph of the girl child and the guardian/parent.

  • The certificate of birth of the girl child on whose name the SSY account has been opened.

  • Proof of identity of the guardian/parent of the girl child.

  • Proof of address of the guardian/parent of the girl child.

At the time of opening the Canara Bank Sukanya Samriddhi Yojana account, the bank will furnish a passbook. This passbook will keep the deposits and withdrawal entries made to the Canara Bank Sukanya Samriddhi Yojana scheme.

How to Open the Sukanya Samriddhi Yojana with Canara Bank?

An individual who is looking forward to opening the Sukanya Samriddhi Yojana Canara Bank Account should visit the nearest branch and fill the Sukanya Samriddhi Yojana form.

The individual should carry along the important documents that would be required to open the Canara Bank Sukanya Samriddhi Yojana account. Once the minimum amount is deposited and the bank is done with the verification process the Sukanya Samriddhi Yojana Canara Bank Account will be opened.

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Who Can Open an SSY Account with Canara Bank?

The Sukanya Samriddhi Yojana Canara Bank Account can be opened by the guardian/ parent of the girl child. The SSY account needs to open in the name of the girl and the beneficiary has to be a citizen of India.

The Sukanya Samriddhi Yojana Canara Bank Account can be opened for the girl child until she is 10 years old. A maximum of two girl children in each family and more than two in case of the birth of triplets or twin are also eligible to open the Canara Bank Sukanya Samriddhi Yojana Account.

Step by Step Withdrawal Process with Canara Bank

The Sukanya Samriddhi Yojana Canara Bank Account permits partial withdrawal. The SSY account holder lets an individual withdraw up to 50 per cent of the complete savings to accomplish various aims such as marriage, higher education, and so forth.

The Canara Bank Sukanya Samriddhi Yojana Account permits the partial withdrawal when the girl is 18 years of age. It is only then that the girl is eligible for marrying legally or pursuing higher education.

The tenure of the SSY account is 21 years and it matures after the tenure is completed. In case the SSY account is not closed, then the account holder will receive the interest on the balance/ savings as specified in the Sukanya Samriddhi Yojana scheme.

Canara Bank SSY- Frequently Asked Questions

  • Can a loan facility be accessed on the Canara Bank Sukanya Samriddhi Yojana Account?

    No, the loan facility is not provided under the Sukanya Samriddhi Yojana.
  • Does Canara Bank Sukanya Samriddhi Yojana allow premature closure?

    Yes, the Canara Bank Sukanya Samriddhi Yojana Account allows the closure of the account subject to the conditions. The reasons could be any critical illness or even the untimely death of the primary account holder and so forth.
  • How to make the Payments to the Canara Bank Sukanya Samriddhi Yojana Account?

    An individual can easily make the payment to Sukanya Samriddhi Yojana Canara Bank account online via demand draft, cheque, etc.
  • For a single beneficiary, how many Sukanya Samriddhi Yojana Accounts can be opened?

    The beneficiary can open a single SSY account in the authorized bank or the nearest post office.
  • In case an extra amount is deposited to the Sukanya Samriddhi Yojana Canara Bank account then what would happen?

    In case the deposit amount is more than Rs 1.5 lakh in one financial year it will not be entitled to any further interest. The extra sum excluding Rs 1.5 lakh can easily be withdrawn at any point in time by the depositor.

*All savings are provided by the insurer as per the IRDAI approved insurance plan.
*Tax benefit is subject to changes in tax laws. Standard T&C Apply
^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
#The lumpsum benefit is calculated if policyholder invested ₹10000 monthly for 10 years in the fund with a policy term of 20 years. This Point To Point past performance data of last 10 years has been used to illustrate a scenario for the customers benefit. It is assumed that the past 10 years returns would have also been delivered in last 20 years. This is not guaranteed and not in anyway indicative of what the customer may actually get 20 years from now. The investment is subject to market risk and the risk is borne by the policyholder.
+Returns Since Inception of LIC Growth Fund
~Source - Google Review Rating available on:- http://bit.ly/3J20bXZ
^^The information relating to mutual funds presented in this article is for educational purpose only and is not meant for sale. Investment is subject to market risks and the risk is borne by the investor. Please consult your financial advisor before planning your investments.

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