Punjab & Sind Bank is one of the trusted public sector banks owned by the Government of India and is headquartered in New Delhi. With more than 1526 branches and 25 zonal offices spread across India, this bank also provides the facility to open a Sukanya Samriddhi Yojana account with it.
Sukanya Samriddhi Scheme is a unique deposit scheme initiated by the government for the benefit of girl child in the country. Opening a Punjab and Sind Sukanya Samriddhi Yojana account ensures that your girl child’s feature is secure and after the age of 18 years, she can utilize this funds for higher educations and other expenses.
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Key Features of Sukanya Samriddhi Yojana in Punjab and Sind Bank
A Sukanya Samriddhi Yojana in Punjab and Sind Bank has a plethora of benefits that could be utilized in favour of your girl child future. Some key features of the Sukanya Samriddhi scheme for Punjab and Sind Bank are as follows:
Account opening: Punjab and Sind Sukanya Yojana account can be opened only for a girl child who is 10 years old or less. In case, the daughters are twins or triplets, one can also open more than two accounts.
Deposit Amount: The Punjab and Sind SSY account’s minimum and maximum deposits are Rs. 250 to Rs. 1.5 lakhs per year. This means the account holder has to pay at least Rs. 250 in a year to maintain the account.
Tenure of SSY: The tenure for an SSY account is 21 years or until the girl child gets married after she completes 18 years. The account can be kept in an active state for a maximum of 21 years period from the date of account opening. Once this period is over, the Punjab and Sind Sukanya Samriddhi account won’t earn any interest on it. The minimum SSY investment amount needs to be deposited every year for up to 15 years from the date of account opening. Thereafter, the account will continue to earn interest till maturity.
Interest rate: The interest rate offered by the government currently on Punjab and Sind SSY is 7.6% per annum.
Withdrawal: Partial withdrawal of up to 50% of the account balance can be made once the girl child attains turns 18 years old. These funds can then be utilized for the expenses of education or marriage.
Premature closure: The Sukanya Yojana Punjab and Sind account cannot be closed prematurely except some special conditions such as:
- The untimely demise of the account holder
- The account holder cannot continue with the payments and can justify the same to the central government with proof
- Once the account has been in an active state for a continuous 5 year period from the opening of an account, premature closure is allowed in cases of extreme compassionate grounds such as medical support in life-threatening diseases of the account holder or death of the guardian, supported by complete documentation.
Transfer options: The account can also be transferred from one bank to another or even to a post office.
How to open an SSY account with Punjab and Sind Bank?
Opening a Punjab and Sind Sukanya Samriddhi Yojana Account is simple and easy. The biological parents or legal guardians of a girl child can easily open the Sukanya Samriddhi Account for their girl child by following the below-given steps:
You can open an SSY account with Punjab and Sind through an offline method. Under this scheme, parents or legal guardian will have to submit the form and documents along with minimum account opening deposit to the nearest Punjab and Sind Bank branch. Parents or legal guardian can download the Sukanya Samriddhi Account opening form from Punjab and Sind official website. Along with the duly filled application form, the parents or legal guardian need to submit certain mandatory documents.
Punjab and Sind Sukanya Samriddhi Account – Documents Required
Certain documents are required for opening of Sukanya Samriddhi account in Punjab and Sind, as listed below:
- Birth certificate of the girl child
- Photographs of Girl Child and Parents or legal Guardian
- Address proof and id proof of parents or legal guardian
- Minimum account opening amount (Rs. 250)
- A passbook will be furnished by the bank at the time of account opening. This will keep a track of all deposits and withdrawals.
Upon receipt and successful verification of such request, the Punjab and Sind bank will activate the Sukanya Samriddhi Account provided all the documents submitted satisfy Punjab and Sind Banks terms and conditions.
Stepwise Process to open an SSY account
- Get the Punjab and Sind SSY account opening form from your nearest Punjab and Sind branch and fill it
- Submit the required documents along with photographs
- Deposit at least the minimum token amount (Rs. 250)
- Once the account is active, deposits can be made by cash, cheque or demand draft
Punjab and Sind SSY Account – Frequently Asked Questions
Ques. Does SSY account allow premature closure?
Ans. No, Sukanya Samriddhi Yojana Account cannot be closed before maturity. However, premature closure can be allowed like under some certain circumstances which include: the untimely death of the depositor (the girl) or on grounds of medical emergencies etc.
Ques. Can two accounts be opened for a single child?
Ans. No, one cannot open two separate accounts for a girl child. A depositor can open and operate only one account in the name of the girl child.
Ques. Does Punjab and Sind SSY account provides loan facility?
Ans. No, the loan facility is not provided against Sukanya Samriddhi Yojana Account.
Ques. How to make SSY payments?
Ans. One can make payment to their Punjab and Sind Sukanya Samriddhi Account through cash or cheque.