Sukanya Samriddhi Yojana is a Government initiated savings scheme, which is specifically designed to secure the financial future of the girl child. The scheme was introduced under the ‘Beti Bachao Beti Padao’ campaign. As a remunerative option of investment, the SSY offers a high-interest rate of 7.60%n along with the benefit of low-cost investment and tax savings.
In the SSY scheme, the parent/ legal guardian of the girl child can open the scheme in the name of their daughter, till she reaches the age of 10 years. While introducing Sukanya Samriddhi Yojana, the government gave authority to post-offices and several banks. PNB Bank was the first bank to roll out SSY after it’s launch in the year 2015 January. Let’s read further to know in detail about PNB Sukanya Samriddhi Yojana.
Yearly InvestmentYou can invest maximum upto ₹1,50,000
Girl's AgeMaximum age should be 10 years
Start YearInvestment term is 21 years
The following are the salient features of PNB SSY.
The legal guardian/ parent of the girl child can open Sukanya Samriddhi Account in the name of the girl child. The parent of the girl child can open up to two accounts for two girl child. The third girl child can only be considered in the case of the triplet.
SSY account has a tenure of 21 years or until the marriage of the girl child after the age of 18 years. From the date of opening the account, the account can be kept active for a maximum tenure of 21 years.
The account can be opened until the girl child attains the age of 10 years.
An individual can open an SSY account with a minimum deposit of Rs 250 per annum and can invest up to a maximum of Rs. 1.5 lakh in a year. The contribution can be made in form of a cheque/cash. The subscriber will need to contribute to the PNB SSY scheme till the completion of 15 years from the date of scheme initiation.
Once the girl child attains the age of 18 years, 505 of the fund is allowed for withdrawal from the PNB Sukanya Samirddhi Yojana. The withdrawn amount can be utilized for higher education or marriage of the girl child.
To ensure that the account remains activated, one needs to make a minimum deposit of Rs 250 per annum for a tenure of 15 years. The account gets deactivated if the minimum amount of Rs 250 is not deposited in the account. However, the scheme can be revived by paying a penalty of Rs 50 for the years in default.
Let’s take a look at the benefits of PNB SSY.
To open the PNB Sukanya Samriddhi Yojana, the individual will need to follow these steps.
Partial withdrawals are applicable under the PNB SSY account. Once the girl child attains the age of 18 years, she is allowed to withdraw 50% of the accumulated fund, which can be utilized for higher education or marriage. The SSY account comes with a tenure of 21 years, thus the scheme matures after the completion of 21 years. The subscriber can make a premature withdrawal from the PNB SSY account due to many other reasons as well. However, the interest earned from the contribution will remain the same as the interest rate offered by the bank.