Sukanya Samriddhi Yojana Central Bank of India is a government-backed scheme, which is specifically designed for the girl child. The Sukanya Samriddhi Yojana Scheme was launched by the government of India under the campaign ‘Beti Bachao Beti Padao’. Under this scheme, the parent or legal guardian of the girl child can open an account in the name of their daughter until she reaches the age of 10 years.
The Sukanya Samriddhi Yojana Central Bank of India is one of the most remunerative investment options available in the market that secures the financial future of the girl child and also provides the advantage of tax savings. Let’s read further to know in detail about Sukanya Samriddhi Yojana Central Bank of India.
Here are some of the salient features of the scheme.
The sukanya samirddhi yojana account can be opened by the parent/legal guardian of the girl child before she reaches the age of 10 years. The subscriber will need to make a minimum deposition of Rs.1,000 to open the account. A maximum of two accounts can be opened for each girl child in a single family. Exceptions are made in the case of triplets.
The tenure of Sukanya Samriddhi Yojana account is 21 years or until the marriage of the girl child after the age of 18 years. The account can be kept active for a maximum tenure of 21 years from the date of opening the account.
The parents of the girl child can open an SSY account in the name of the girl child until she attains the age of 10 years. Thus the girl child should be at least 10 years or at a minimum while opening the account.
The Sukanya Samriddhi Yojana Central Bank of India account can be opened with a minimum deposition of Rs.250 and an individual can contribute up to a maximum of Rs.1.5 lakh in a financial year. Deposits can be made through cash or cheque.
The scheme is only valid for the girl child who is a resident Indian. In case the girl child acquires the status of NRI post opening the Sukanya Samriddhi Yojana Central Bank of India, then the legal guardian/parent of the girl child will need to inform the Central bank of India about the changes within the tenure of the month and based on which the account will be closed.
Once the girl child attains the age of 18 years, she can withdraw 50% of the accumulated fund from Sukanya Samriddhi Yojana Central bank of India for higher education.
To ensure the continuity of the account, the individual should make a minimum contribution of Rs.250 for at least 14 years. In case the subscriber fails to contribute to the account SSY Central Bank of India will be deactivated. However, it can be revived by paying fees of Rs.50 along with the minimum contribution.
The Central Bank of India provides a hassle-free and easy process to open an SSY account. Here are the important documents that should be kept handy while opening the SSY account.
At the time of the deposition of money, the bank will furnish the passbook. The passbook will contain all the details about the account holder as well as abiout the withdrawals and deposits made from the account.
Here are some of the benefits of having an SSY account with the Central Bank of India.
As compared to any other investment options available in the market, Sukanya Samriddhi Yojana offers a high-interest rate of 7.6%.
If the accumulated sum in the account is not withdrawn after the completion of 21 years, then it will still earn compound interest at the rates mentioned in the scheme.
This is another major benefit offered by Sykanya Samirddhio Yojana Account, the individual can avail of tax benefit under EEE format i.e. exempt, exempt, exempt. This means that the contribution made towards the scheme, the interest earned on the contributed amount and the maturity proceeds are all tax exempted U/S 80C of the IT Act.
A minimum deposit of Rs 250 is required to open an account.
In case an individual decides to relocate, then he/she can transfer the account to any authorized bank or post office in the new location by contacting the bank in a simple and hassle-free way.