Indian Bank is one of the oldest banks in the Indian Banking domain, and provides multiple services to its customers. One of the options provided by this bank is helpful in securing your daughter’s future is Indian Bank’s Sukanya Samriddhi Yojana.
Indian Bank is among the few banks in India which has been authorized by the RBI to open Sukanya Samriddhi Accounts. Launched by Prime Minister Narendra Modi, this scheme aims to inculcate the habit of savings in families, with for the development of their girl child
In this article
- Key Features of Indian Bank Sukanya Samriddhi Account
- How to open a Sukanya Samriddhi Yojana account in Indian Bank?
Key Features of Indian Bank Sukanya Samriddhi Account
Some of the features of Indian Bank Sukanya Samriddhi Account are mentioned below.
Account Opening – An Indian Bank Sukanya Samriddhi Account can be opened by a legal guardian/parent on behalf of their girl child.
Age – This account can be opened for girls till they attain the age of 10 years.
Tenure – The overall tenure of this account is of 21 years (from the starting date).
Number of accounts – Only one account per girl child can be opened and a maximum of two is permissible in a family. In case a family has two or three girls on account of twins or triplets, a maximum of 2 or 3 accounts can be opened respectively.
Deposit amount – The Sukanya Samriddhi Yojana in Indian Bank can be opened with a minimum deposit of Rs 250 (Rs. 100 before 23rd July, 2018). Depositors can choose to increase this amount in multiples of Rs 100, subject to a maximum investment limit of Rs 1,50,000 per year.
Deposit period – Deposits can be made for 14 years from the account opening date.
Indian Bank SSY Interest – The SSY account earns an interest of 7.6% which is compounded and credited every year.
Deposit mode – Deposits can be made either through cash, demand drafts or cheques.
Premature closure – Premature closure of this account is allowed but are subject to extreme conditions like death of depositor or serious medical illness.
Account reactivation – If in case, a depositor is not able to pay the yearly amount, individuals can revive this account by paying a penalty of Rs 50 plus the minimum deposit amount for a particular and the present year.
Account operation – This account can be managed by the parent/legal guardian till the girl child attains the age of 10 years. On attaining this age, the girl child can operate the account on her own.
Withdrawal – On attaining the age of 18, the girl-child whose name is this account can withdraw 50% of the amount for the purpose of marriage or higher education.
How to open a Sukanya Samriddhi Yojana account in Indian Bank?
One can open an SSY account in Indian Bank in a hassle-free manner. Individuals that don’t have an account in Indian Bank can also open an SSY account by submitting the following documents:
Documents Required to Open an SSY Account in Indian Bank
- The Girl child’s birth certificate
- Photo ID of parents or legal guardian who is opening the account on behalf of the girl child
- Photograph of the girl child and parent (applicant)
Procedure to Open an SSY account
- Collect the account opening form from your nearest bran and fill in all the required fields
- Submit all the required documents along with the photos as mentioned
- Deposit the amount (Minimum is Rs. 250)
- Once the account is open and active, one can make deposits by cash, cheque or demand draft
Calculate your maturity on sukanya samriddhi investment by using sukanya samridhi online calculator
Benefits of Indian Bank Sukanya Samriddhi Account
Opening a Sukanya Samriddhi Yojana Account with Indian Bank can prove to be an extremely beneficial decision for parents with girl children. Some of the major benefits offered are mentioned below.
Interest Rate– The interest rate provided under Sukanya Samriddhi Account is quite high. It is decided by the government and currently at 7.6% per annum. This interest is compounded and credited every year.
Tax exemption – One of the biggest advantages of investing in the SSY scheme is investments made towards this scheme are eligible for tax exemptions under Section 80C of the Income Tax Act, offering even more reasons to open this account. The amount on maturity is also exempt from tax.
Payment – Under SSY, the amount on maturity is only to be paid to the girl child under whose name the account is opened which makes sure that the amount is utilized for her benefit only.
Affordable deposit amount – This account can be opened with an initial deposit starting from as low as only Rs 250. This amount can be later increased in the multiples of Rs 100.
Easily Transferable – The SSY account can be transferred to any other authorized bank/post office anywhere in India and all the other operations can take place locally.
Additional interest after maturity – This account continues to earn interest even after maturity, until it is officially closed.
Indian Bank Sukanya Samriddhi Account – Frequently Asked Questions
Ques. Is the loan facility provided against the SSY account?
Ans. No, loan facility is not available under Sukanya Samriddhi Yojana.
Ques. How many accounts of SSY can be opened under for a single beneficiary name?
Ans. One beneficiary can only open a single account either in post office or in a bank.
Ques. What are the details present in the SSY passbook?
Ans. When the account is active, the depositor is issued an SSY passbook which entails details such as date of birth of the girl child, account opening date, account number, name and address of the account holder and the amount deposited.
Ques. Can one avail premature closure benefits under SSY scheme?
Ans. No, Sukanya Samriddhi Yojana scheme does not allow premature closure of the account. However, it can be requested under some certain circumstances such as death of the depositor i.e. the girl child or on grounds of medical emergencies etc.