Union Bank of India Sukanya Samriddhi Yojana

The Union Bank of India is the foremost operating financial institution in the country. With the Sukanya Samriddhi Yojana Union Bank of India account, it is easily possible to secure the future of the girl child. The Sukanya Samriddhi Yojana was launched in the year 2015 by the Indian government. The key objective behind opening the Sukanya Samriddhi Yojana Union Bank of India account is to give the girl child a secure financial future and empower the country’s female population. The Sukanya Samriddhi Yojana account will help the girl child achieve the milestones of her life such as higher education, marriage, etc.

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Union 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 Union Bank of India Sukanya Samriddhi Account

Take a look below to understand the features of the Union Bank of India Sukanya Samriddhi Account:

  1. Account Opening

    The Sukanya Samriddhi Yojana Union Bank of India account can be easily opened by the guardian or parent on behalf of the girl child. Moreover, the SSY account can be opened for two girl children or three in the case of twins.

  2. Deposits

    The Sukanya Samriddhi Yojana Union Bank of India account requires a minimum deposit of Rs.250 every year; however, the maximum deposit amount is Rs.1.5 lakh. The deposit can be increased in multiples of Rs.50. Further, the deposits are to be made for a term of 15 years from the account opening date.

  3. Account Operation

    Until the girl child is 10 years old, the parents or guardian will operate the account. Moreover, the depositor of the account will be the operator of the account for this term. Once the girl reaches 10 years of age the account can be operated by her; however, the parent or the guardian remains the depositor.

  4. Tenure of the Account

    The Sukanya Samriddhi Yojana Union Bank of India account has a term of 21 years from the account opening date.

  5. Withdrawal

    50% of the balance in the SSY account can be withdrawn towards the end of the last financial year for fulfilling objectives such as marriage or higher education only after the girl is 18 years of age.

  6. Premature Closure

    It is permitted in case the depositor is no more or suffering from a life-threatening disease. Besides, when the girl who is 18 years of age and above is planning to get married, the account can be closed provided you submit evidence of marriage and an affidavit.

  7. Account Revival

    The Sukanya Samriddhi Yojana Union Bank of India account can be easily revived by paying a penalty of Rs 50 along with the specified minimum amount.

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Benefits of Sukanya Samriddhi Yojana with Union Bank of India

The following are the benefits of the Sukanya Samriddhi Yojana Union Bank of India account:

  1. Interest Rate

    As notified by the government of India, the interest rate is compounded yearly with an option for monthly interest pay-outs. The rate of interest for the Union Bank Sukanya Samriddhi Yojana Account is 7.6%.

  2. Transferable

    In case the account holder needs to move to another place, the SSY account can be easily transferred to any other authorized bank or even the post office.

  3. Tax Rebate

    As the depositor, the fund deposited into the account does not incur tax as per Section 80C of the IT Act. The maturity proceeds and the interest amount also remain tax-free.

    Note: The tax benefits are subject to changes in the tax laws.

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Documents Required for Opening a Sukanya Samriddhi Yojana Account with Union Bank of India

Listed below are the important documents required to open the Sukanya Samriddhi Yojana Union Bank of India account:

  • Photograph of the girl child

  • Photograph of the guardian/parent

  • Birth certificate of the girl for whom the SSY account is being opened

  • Identity evidence of the guardian or parent of the girl child

  • Address evidence of the guardian or parent of the girl child

When opening the Union Bank of India Sukanya Samriddhi Yojana Account, the bank furnishes a passbook that keeps the deposits and withdrawal entries made under the scheme.

How to Open the Sukanya Samriddhi Yojana with Union Bank of India?

Anyone who wishes to open the Sukanya Samriddhi Yojana Union Bank of India account needs to visit the nearby branch and fill in the fields of the Sukanya Samriddhi Yojana form.

The applicant should carry all the important documents to open the Union Bank of India's Sukanya Samriddhi Yojana Account. Make the initial deposit. Post the verification process from the banks’ end the Sukanya Samriddhi Yojana Union Bank of India account will be opened.

Who Can Open an SSY Account with Union Bank of India?

The Sukanya Samriddhi Yojana Union Bank of India account can be easily opened by the parent/ guardian of the girl child. The Sukanya Samriddhi Yojana Account needs to open in the name of the girl child, and the nominee has to be an Indian citizen.

The Sukanya Samriddhi Yojana Union Bank of India account can be opened for any girl child till she is 10 years of age.

Step by Step Withdrawal Process with Union Bank of India

The Sukanya Samriddhi Yojana Union Bank of India allows partial withdrawal wherein the account holder can withdraw up to 50% of the total savings to accomplish different objectives like marriage, higher education, and so forth.

The Union Bank of India Sukanya Samriddhi Yojana Account authorizes partial withdrawal after the girl turns 18 years old. This could be done when the girl is planning to pursue higher education or if the girl is getting married.

The period of the Sukanya Samriddhi Yojana account is 21 years, after which the account matures.

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Union Bank of India SSY- Frequently Asked Questions

  • Can the loan facility be availed under the Union Bank of India Sukanya Samriddhi Yojana Account?

    No, the loan facility is not provided under the Union Bank of India Sukanya Samriddhi Yojana Account.
  • Does Union Bank of India Sukanya Samriddhi Yojana Account permit premature closure?

    Yes, the SSY Account in Union Bank of India allows the premature closure of the account subject to conditions such as any critical ailment or unfortunate death of the primary account holder.
  • What is the mode of deposit to the Union Bank of India Sukanya Samriddhi Yojana Account?

    The individual can deposit to Sukanya Samriddhi Yojana Union Bank of India account via cheque, demand draft, etc.
  • What will happen in case the girl meets with an untimely demise?

    If a girl passes away untimely, the SSY account under her name will be discontinued and closed. The proceeds will be transferred to the parent or the guardian of the girl child.

*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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