In the Indian banking domain, the Indian Bank is one of the oldest banks. The Indian Bank offers diverse services to customers. One of the most sought after options provided by the bank is to secure the bright future of the girl child by simply opening the Sukanya Samriddhi Yojana Indian Bank account.
Read moreNothing Is More Important Than Securing Your Child's Future
Invest ₹10k/month your child will get ₹1 Cr# Tax-Free* on Maturity
Yearly Investment
You can invest maximum upto ₹1,50,000Girl's Age
Maximum age should be 10 yearsStart Year
Investment term is 21 yearsThe Indian Bank is among those prominent banks in India that has been authorized to open the Sukanya Samriddhi Yojana accounts by the RBI. The Sukanya Samriddhi Yojana account has been introduced by the Indian government to inculcate the savings habit in the families where there is a girl child born to provide financial security.
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C ApplyThe following are the key features of opening the Sukanya Samriddhi Yojana Indian Bank account:
The Indian Bank Sukanya Samriddhi Yojana Account can be easily opened by the parent or guardian of the girl child.
The Sukanya Samriddhi Yojana Account can be opened for the girl child until ten years of age.
The tenure for the Indian Bank Sukanya Samriddhi Yojana Account is 21 years.
The Sukanya Samriddhi Yojana Indian Bank account can be opened with a minimum sum of Rs 250. Besides, the depositor has the option to increase the deposit amount in the multiples of Rs 100 and can go maximum up to Rs 1.5 lakh each year.
One account for every girl child can be opened; however, a maximum of two is permitted within a family. In case the family has two or even three girls on the grounds of twins or triplets thereafter the maximum of two or three accounts respectively can be opened.
The deposits can be made for 14 years from the opening date of the Sukanya Samriddhi Yojana Indian Bank account.
The Indian Bank Sukanya Samriddhi Yojana account can be operated by the guardian or the parent of the girl child until 10 years of age. Once the girl child is 10 years of age, then only can operate the account herself.
In case the depositor is unable to pay the annual amount, then the individual can revive the account by paying the penalty sum of Rs 50 and the minimum deposit sum for the specified and the current year.
The premature closure of the Sukanya Samriddhi Yojana account is permitted; however, subject to conditions such as the demise of the depositor or any critical illness.
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
The following are the benefits of opening the Sukanya Samriddhi Yojana Indian Bank account:
The interest rate within the SSY account is lucrative. The interest rate is decided by the Indian government and is compounded and credited each year.
The SSY account can be easily opened with the minimum deposit of Rs 250 and the amount can be increased in the multiples of Rs 100.
The SSY Indian Bank account can easily continue to earn interest even after maturity till the time the account is closed officially.
One of the key benefits in opening the Sukanya Samriddhi Yojana Indian Bank account is that the investment made within this is entitled to tax exemption under Section 80C of the IT Act. The maturity amount also remains tax exempted.
Note: The tax benefits remain subject to change as per the prevailing tax laws.
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C ApplyListed below are the documents to open the Sukanya Samriddhi Yojana Indian Bank account:
When opening the Indian Bank Sukanya Samriddhi Yojana Account, a passbook will be furnished by the bank respectively that would keep the withdrawal as well as the deposit entries.
Anyone can open the Indian Bank Sukanya Samriddhi Yojana Account in a hassle-free way. The individuals who do not hold the Indian Bank account can also open the account. Follow the steps below to open the Sukanya Samriddhi Yojana Indian Bank account:
An individual can calculate the maturity on the SSY account by using the Sukanya Samriddhi Yojana calculator online.
*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply
The Indian Bank Sukanya Samriddhi Yojana Account can be opened by the guardian/ parent in the name of the girl child until she obtains 10 years of age. The Sukanya Samriddhi Yojana Indian Bank account needs to open in the name of the girl and the nominee has to be an Indian citizen.
The Indian Bank Sukanya Samriddhi Yojana Account can be opened for a maximum of two girl child in each family by the parent or guardian.
To meet the financial needs of the account holder and to fulfil objectives such as higher education or marriage and so forth withdrawals up to 50% of the balance at credit towards the financial year preceding end is permissible.
The Sukanya Samriddhi Yojana Indian Bank account withdrawal is permitted only when the girl child who is the account holder turns 18 years old.
†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. The sorting is based on past 10 years’ fund performance (Fund Data Source: Value Research). For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
*All savings are provided by the insurer as per the IRDAI approved insurance
plan.
^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 investment risk in the portfolio is borne by the policyholder. Life insurance is available in this product. The maturity amount of Rs 1 Cr. is for a 30 year old healthy individual investing Rs 10,000/- per month for 30 years, with assumed rates of returns @ 8% p.a. that is not guaranteed and is not the upper or lower limits as the value of your policy depends on a number of factors including future investment performance. In Unit Linked Insurance Plans, the investment risk in the investment portfolio is borne by the policyholder and the returns are not guaranteed. Maturity Value: ₹1,05,02,174 @ CARG 8%; ₹50,45,591 @ CAGR 4%
+Returns Since Inception of LIC Growth Fund
¶Long-term capital gains (LTCG) tax (12.5%) is exempted on annual premiums up to 2.5 lacs.
~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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