Sukanya Samriddhi Yojana is a Government of India backed scheme designed exclusively for the girl child in a family. The Sukanya Samriddhi Yojana PNB scheme is designed to provide a bright future for your girl child. It offers a high-interest rate of 7.6% and tax benefits under Sec 80C of income tax.

As per the scheme, a parent or legal guardian of a girl child can open an account in the name of their girl child until she reaches ten years of age. This scheme is a part of “Beti Bachao – Beti Padhao” programme for the benefits of a girl child.

Punjab National Bank is one of the oldest Banking and Financial service banks owned by the Government of India. The bank is headquartered in New Delhi and has over 6,300 branches and over 7,900 ATMs across 764 cities. It is among the leading Four Banks In India and is the third-largest bank in India as per its assets. The bank provides a wide range of financial products and services including FD, RD accounts, loans, savings schemes such as PNB Sukanya Samriddhi Yojana and much more. Also, PNB was the first bank to roll out Sukanya Samriddhi Yojana after it was launched in January 2015.

Read Detailed: What is SSY Scheme?

Key Features of PNB Sukanya Samriddhi Account

Account Opening: Only Indian resident parents or legal guardians can open up to two accounts for two girl children. Third girl child can be considered in case of a triplet in first birth or twin girls in second birth after first girl child.

Tenure: The tenure for an SSY account is of 21 years or until the girl child gets married after the age of 18. The account can be kept active for a maximum period of 21 years from the account opening date. Once this period is over, the PNB Sukanya Samriddhi account doesn’t earn any interest on it.

Age criteria – The account can be opened until the girl child attains the age of 10 years.

Deposit Criteria – A Sukanya Samriddhi Yojana in PNB can be opened with an initial deposit starting from as low as Rs. 250 per year and the maximum deposit goes up to Rs.1.5 lakh in a year. PNB SSY deposits can be made either through cash and/or cheque. Deposits may be made in the account till the completion of a period of 15 years from the account opening date.

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Eligibility Criteria: This scheme is only valid for residents of India. Female children with non-resident Indian status will not be allowed to open an SSY account. However, if after opening the account, the account holder acquires non-resident Indian status, her parents/legal guardian must give an intimation to the respective PNB branch about this change within 1 month, based on which, the account will be closed.

Partial Withdrawal – Withdrawal of 50% of the funds is allowed from the PNB Sukanya Samriddhi account once the girl child has reached 18 years of age. This fund can be utilized for higher education/marriage of the girl child.

Account Reactivation: A minimum deposit of Rs. 250 is required per year for at least 15 years to ensure the continuity of the account. The account gets deactivated if the minimum amount of Rs.250 is not deposited in a year. However, it can be revived by paying a penalty fee of Rs.50 for the years in default and the minimum annual deposit of Rs.250 per year for the years in default plus Rs.250 for the current year in which it is being activated.

Calculate your maturity amount here: Sukanya Samriddhi Yojana Calculator

How to Open a Sukanya Samriddhi Yojana account in PNB?

PNB provides a seamless way of opening an SSY account. Individuals that don’t have an account with PNB can also open an SSY account by submitting the following documents:

Documents required to open an SSY account in PNB

  • Girl child’s birth certificate
  • Photo ID of parents or legal guardian
  • Photograph of the child and parent (applicant)

Stepwise Process to open an SSY account with PNB 

  1. Get the account opening form from the branch and fill all the required fields
  2. Submit the documents along with photos
  3. Deposit the amount (Min. Rs. 250)
  4. Once the account is active, one can make deposits by cash, cheques or demand draft

Benefits of Sukanya Samriddhi Account with PNB

The following benefits make the PNB SSY Account highly attractive and the most sought-after by investors

  • The best thing about this account is the high PNB Sukanya Samriddhi Yojana interest rate. As of 2020-21, an interest rate of 7.6% per annum is provided by PNB on an SSY account.
  • The amount keeps earning compound interest at the rates mentioned in the scheme If not withdrawn post the maturity period of 21 years.
  • The deposit amount is minimal which makes sure that every family can afford it without facing any difficulties.
  • In case the account holder has to move to another place, the account can be transferred to any other authorized bank or a post office in the new location and further actions pertaining to the account can be done locally.
  • The funds deposited into PNB SSY account do not incur tax as per Section 80C of the Income Tax Act.

PNB Sukanya Samriddhi Account – Frequently Asked Questions

Ques. How many SSY accounts can a beneficiary open?

Ans. A beneficiary can open a single account either in the post office or in a bank.

Ques. What happens if someone deposits the excess amount in their PNB SSY account?

Ans. Even if the deposit in excess of 1.5 lakhs in any financial year is accepted due to any accounting error, it will not be eligible for any interest further. Such amount, which is deposited in excess of an annual ceiling of 1.5 lakhs, may be withdrawn anytime by the depositor.

Ques. Can I avail loan facility under SSY?

Ans. No, loan facility is not provided under Sukanya Samriddhi Yojana.

Ques: Does Sukanya Samriddhi Yojana Account allow premature closure?

Ans: Yes, Sukanya Samridhhi Yojana account in PNB permits the premature closure of SSY accounts. The reasons can include any chronic illness or untimely demise of the primary account holder, etc.

Ques. What happens in the case the girl child who is the beneficiary meets with an untimely death?

Ans. In case of death of girl child, Sukanya Samriddhi Account is discontinued and closed and the proceeds are transferred to the guardian or parent of the girl child.

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