Union Bank of India Sukanya Samriddhi Yojana

Features and Benefits of Sukanya Samriddhi Yojana - Union Bank of India

Some key features and benefits of the Sukanya Samriddhi Yojana (SSY) are as follows:

• Eligibility criteria:
  • A Union Bank of India Sukanya Samriddhi Yojana account can be opened by parents or legal guardians for a girl child below 10 years of age.
  • A girl child can only open one SSY account in her name.
  • Parents or legal guardians must operate the account till the girl child reaches 18 years of age; thereafter, the girl can operate the account by herself.
  • A family can open accounts for a maximum of two daughters.
• Interest rate:
  • Currently the interest rate provided by the scheme is 8.2% per annum for Q3 (2026-27), which is compounded annually
• Account tenure:
  • The Union Bank of India Sukanya Samriddhi Yojana account matures after 21 years from the date of account opening.
• Deposit rules:
  • The minimum amount that can be deposited in an SSY account is ₹250 per year. The maximum deposit amount is ₹1.5 lakh in a year.
• Partial withdrawal rules:
  • You can withdraw up to 50% of your account balance for higher education or marriage when the girl child turns 18 years old or passes Class 10.
• Tax benefits:
  • Contributions up to ₹1.5 lakh in a financial year qualify for tax deduction benefits under Section 80C of the Income Tax Act, only if you opt for the Old Tax Regime.
  • The interest earned in the SSY account and the maturity amount are also tax-free.

Using the Union Bank of India Sukanya Samriddhi Yojana Calculator

The Union Bank of India Sukanya Samriddhi Yojana calculator is an online tool which estimates the maturity amount and helps you plan your contributions in the SSY scheme. The SSY calculator works based on the following details:

• The amount you want to invest annually in the scheme
• The girl child’s age
• The year you want to start investing in the scheme
• SSY interest rate

Based on the above given details, the calculator estimates figures such as the total maturity amount, total interest earned, total amount invested and the year in which the deposits mature.

Let’s understand the working of the tool with the help of an example:

If you start investing in the scheme with an annual deposit of ₹1 lakh in 2026. Assuming that your contributions stay the same throughout, with no premature withdrawals and the interest rate is 8.2% per annum, the tool will show the following results:

• Total invested amount: ₹15 lakhs
• Total interest earned: ₹32.9 lakhs
• Estimated maturity amount in 2047: ₹47.9 lakhs

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How to Open a Union Bank of India Sukanya Samriddhi Yojana Account?

Here are the steps to open a Sukanya Samriddhi Yojana account in Union Bank of India:

• Step 1: Visit the nearest branch of Union Bank of India and ask for the SSY application form.
• Step 2: Fill in the application form carefully and attach all the required documents
• Step 3: Submit the form with a minimum deposit amount of ₹250 or more
• Step 4: You will receive a passbook to track your transactions after successful opening of the account.

Documents Required to Open a Union Bank of India Sukanya Samriddhi Yojana Account

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

• SSY account opening form
• Birth certificate of the girl child
• Passport-sized photographs
• Identity proof of the legal guardian or parent
• Address proof of the guardian or parent of the girl child

Sukanya Samriddhi Yojana - Union Bank of India Interest Rate

The Sukanya Samriddhi Yojana interest rate over a 10-year period is shown in the table below: