Axis Bank Girl Child Plan

Axis Bank Savings Account For Girl Child

Axis Bank girl child savings schemes can be opened by a parent or a guardian in the name of their daughters. The girl child receives a lump sum payout comprising of the deposits made over the years and the interest earned on the same. This amount can benefit your daughters in the future when they are exploring their educational options and while managing finances for studies abroad or even their marriage. Axis Bank offers the following girl child savings avenues.

Axis Bank Sukanya Samriddhi Yojana

This scheme can be opened at any branch of Axis Bank in the name of a girl child below the age of 10 years. Once the girl child reaches the age of 10, she can operate her own account. A key benefit of this Axis Bank girl child plan is that partial withdrawal from the account is only possible once the girl reaches 18 years of age and only for purposes of education and marriage. This limitation ensures that the money remains invested for a long time for decent returns. 

1. Important Features 

   • Interest - The account earns interest at the rate of 7.6% per quarter and is compounded annually. 

   • Tenure - The Sukanya Samriddhi Yojana account remains in tenure for a maximum of 21 years. Post this, interest stops accruing if the maturity amount is not withdrawn. 

   • Deposits - Amount can be deposited only for a period of 14 years from the date of opening the account. 

   • Tax Exemption - The interest earned, maturity sum, and deposits are all exempt from tax deductions. 

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2. Key Takeaways 

   This savings plan by Axis Bank offers benefits to both the child and the parent. Here’s how the plan can help you and your daughter.

   For The Girl Child	For The Parent
   Lock-in period till the child turns 18 High interest rate of 7.6% Guaranteed returns Long-term investment with a tenure of 21 years from the date of opening the account Premature withdrawal is only allowed for educational purposes	Zero risk - Government-backed scheme The minimum annual deposit is low at Rs. 250 Tax benefit on the deposits up to Rs. 1.5 Lakhs under Section 80 C Maturity proceeds and the interest earned are also exempt from taxes

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3. Eligibility Criteria

   • The child has to be below the age of 10. 

   • Only one account can be opened per child. 

   • A family with twins or 2 daughters can have two separate accounts for each child. 

   • Minimum annual deposit - Rs. 250

   • Maximum annual deposit - Rs. 1.5 Lakhs.

   • The girl child has to be a resident of India. 

4. Documents Required To Open An Axis Bank SSY Account

   • SSY Account Opening form

   • Birth Certificate of the girl child

   • Photograph of the parent/ legal guardian 

   • KYC Documents of the parent

   • Valid ID Proof - Passport, Aadhar, Driving License, PAN, Voters ID Card, Job Card by NREGA

   • Valid Address Proof - Passport, Driving License, Voters ID Card, Job Card by NREGA

Other Axis Bank Schemes For Girl Child

While the Sukanya Samriddhi Yojana is specifically designed for girls, there are other government-backed schemes offered by Axis Bank that parents of girl children should explore. These Axis Bank girl child plans include - 

• PPF or Public Provident Fund - The Public Provident Fund (PPF) is a minor savings tool offered by the Indian Government. Young daughters' parents should start a PPF account for them as soon as they are born to save for their futures. The full money, plus interest, will be offered to the girl child when the account matures. Parents can start a 15-year PPF account in the name of their girl child, which earns interest at a rate of 7.1%. Deposits can be made in the range of Rs. 500 and Rs. 1.5 lakhs annually.

• Kisan Vikas Patra - Kisan Vikas Patra is a small savings scheme that can double your contributions in 124 months. If the investment exceeds Rs. 50,000, the account asks the parents of the girl child to present a PAN card. Even for investments over Rs. 10 lakhs, income source confirmation is necessary. A girl child who is 10 or older can open an account in her own name and operate it herself. The lower limit on the deposit is Rs. 1000. There is no cap on the maximum amount that a parent can deposit. The interest rate for Kisan Vikas Patra Axis Bank girl child plan is currently 6.9%.