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 secured financial future and empower the female population of the country. The Sukanya Samriddhi Yojana Account will help the girl child to achieve the milestones of her life such as higher education, marriage, etc.

Sukanya Samriddhi Yojana Calculator
Latest SSY Interest Rate = 7.6%

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
Explore Tax Saving Funds

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 opening:

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 twin girls as the first or second birth itself resulting in three girl children.

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 made either in cheque or cash in multiples of Rs 50. The deposits are to be made for a term of 15 years from the account opening date.

Account Operation

Until the girl child is 10 years old, the account will be operated by the parents or guardian. 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 of the account.

Tenure of the Account

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

Withdrawal

Fifty per cent of the balance lying in the SSY account 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.

Premature Closure

It is permitted in case the depositor is no more or under exceptional situation such as some 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 evidence of marriage and affidavit needs to be produced.

Account Revival

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

Benefits of Sukanya Samriddhi Yojana with Union Bank of India

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

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

Interest Rate

As notified by the government of India, the interest rate is compounded yearly with an option for monthly interest pay-outs that is to be calculated on the balance in completed thousands. The rate of interest for the Union Bank Sukanya Samriddhi Yojana Account is 7.6.

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.

Additional Interest

In this case, even after the maturity of the SSY account, the amount is not withdrawn then it will keep earning interest subject to the terms and conditions.

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 also remain tax-free.

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

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

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 to be 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 Sukanya Samriddhi Yojana Account. Make the initial deposit, post the verification process is completed from the banks’ end the Sukanya Samriddhi Yojana Union Bank of India account will be opened.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

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 will be an Indian citizen.

The Sukanya Samriddhi Yojana Union Bank of India account can be opened for the 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 lets an individual withdraw up to 50 per cent 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 until 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 and after the period is completed the account matures. In case the Sukanya Samriddhi Yojana Union Bank of India account remains unclosed, the account holder will still receive the interest on the balance/ savings as mentioned in the Sukanya Samriddhi Yojana scheme.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

Union Bank of India SSY- Frequently Asked Questions

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