Indian Overseas Bank Sukanya Samriddhi Yojana

What is the Indian Overseas Bank Sukanya Samriddhi Yojana?

The Indian Overseas Bank Sukanya Samriddhi Yojana is a government-mandated savings scheme, accessible through Indian Overseas Bank (IOB), that encourages you to save for your daughter's future. It is a critical part of the 'Beti Bachao, Beti Padhao' initiative, offering attractive interest rates and significant tax benefits to ensure a financially independent future for your girl children.

Features of Indian Overseas Bank Sukanya Samriddhi Yojana

Sukanya Samriddhi Yojana is beneficial for securing a girl child’s future financially. The features of Indian Overseas Bank Sukanya Samriddhi Yojana are: 

• Flexible Deposits: You can initiate an account with a minimum deposit of just ₹250, and deposit up to a maximum of ₹1.5 Lakh in a financial year.

• Structured Contribution Period: Contributions to the account are required for 15 years from the date of opening, with interest continuing to accrue until its 21-year maturity.

• Attractive Interest Rate: The scheme offers a competitive interest rate, currently 8.2% per annum as of July 2025.

• Tax Benefits: It provides exceptional tax benefits, with contributions deductible under Section 80C, and both interest earned and maturity amounts being entirely tax-free (EEE status).

• Educational Withdrawals: For higher education needs, partial withdrawals of up to 50% of the account balance (from the end of the preceding financial year) are permitted once the girl child turns 18 or has passed the 10th standard.

• Long-Term Maturity & Early Closure: The account matures 21 years from the date of its opening, providing a substantial corpus, with early closure also allowed for the girl child's marriage after she turns 18.

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Eligibility for Indian Overseas Bank Sukanya Samriddhi Yojana

To exercise the benefits of this child plan, the following eligibility criteria must be fulfilled: 

• The account must be opened for a girl child who is under 10 years of age at the time of opening.

• Only one SSY account is allowed per girl child.

• A maximum of two accounts are permitted per family, with specific exceptions for twins or triplets.

• The girl child must be an Indian resident.

• A natural or legal guardian operates the account until the girl child turns 18 years of age. 

How to Open Indian Overseas Bank Sukanya Samriddhi Yojana?

To open the Sukanya Samriddhi account at the Indian Overseas Bank, the following steps are to be followed: 

Step 1: Visit your nearest Indian Overseas Bank branch to obtain the Sukanya Samriddhi Yojana application form.

Step 2: Fill out the application form with accurate details of the girl child and the guardian.

Step 3: Attach all necessary documents, including the girl child's birth certificate, and identity and address proofs of the guardian.

Step 4: Make the initial deposit, which can be as low as ₹250, but within the maximum limit of ₹1.5 Lakh.

Step 5: Upon successful processing, the bank will provide a passbook for the Indian Overseas Bank Sukanya Samriddhi Yojana account, serving as a record of all transactions.

Indian Overseas Bank Sukanya Samriddhi Yojana Benefits

The advantages offered by Sukanya Samriddhi Yojana at the Indian Overseas are: 

• Empowers Girl Child: It directly contributes to the financial independence and overall well-being of girl children, empowering them for a brighter future.

• Assured Financial Security: As a government-backed scheme, it offers you complete peace of mind with guaranteed returns, making it one of the safest investment avenues for your daughter's future.

• Dedicated Fund for Key Milestones: It provides you with a focused and ring-fenced fund specifically designed to cover significant expenses like your daughter's higher education and marriage without impacting other family finances.

• Empowers Her Future Independence: By building a substantial personal corpus, the scheme directly contributes to your daughter's financial autonomy, giving her choices and opportunities as she grows.

• Easy Account Accessibility: You can easily manage and access the account through any Indian Overseas Bank branch or even transfer it to other authorized banks/post offices, providing flexibility regardless of your location.

Conclusion

The Indian Overseas Bank Sukanya Samriddhi Yojana is a beneficial investment option for parents looking to secure their daughter's financial future. Indian Overseas Bank provides a straightforward process to open and manage these accounts, making it a convenient choice for securing a girl child's tomorrow.