Sukanya Samriddhi Yojana Syndicate Bank

Sukanya Samriddhi Yojana Syndicate Bank offers higher annual percentage rates, tax-saving benefits, and similar other  advantages. The investors get up to a rate of 8.5% on the annual percentage rates. This plan is a packaged deal that comes with assured benefits for the girl child in the future and present times. 

Who can avail of the offer?

The Sukanya Samriddhi Yojana was launched by the Ministry of Finance in India and later adopted by Syndicate bank. This term plan benefits the investors by offering a wide range of payout options accompanied by higher rates of return; it also allows parents to plan the investment of their child's future educational or marital expenses.

Sukanya Samriddhi Yojana, as the name itself suggests, is a plan for the girl child. It has specific criteria to be fulfilled at the time of availing the scheme and opening the account for the concerned girl child. She must not exceed the age limit, i.e. 10 years, under any circumstances in which the current year would also be included.

To avail of this scheme, other concerning criteria need to be fulfilled, such as:

1. Guardian/Parent

   This is the primary criteria of fulfilment for the successful initiation of the scheme. First, those  willing to invest in this term plan for their girl child should be her legal guardian or biological parent. Under no circumstances these criteria will be overlooked.

   Second, this term plan is only for “Kanya," i.e. for a girl child, and will not include benefits for children of any other gender.

   Third, an acting guardian/parent needs to perform all legal formalities to avail of this scheme.

   Last but not least, a family availing of this term plan can have only two accounts opened under this plan. If the family includes twins, then only they can have three accounts.

2. Investment

   This scheme gives an upper hand to the investors with its down payment and funding options as the interested investor can invest a minimum of Rs. 250 to a maximum of Rs. 1.5 lakh annually. There is no hard and fast minimum balance maintenance rule, but if the account holder fails to do so, the account can be reactivated by paying a nominal amount.

People also read: Child Education Plan

Features of the Policy

The primary and most alluring feature of this policy is the minimum deposit for this scheme. It has been reduced from Rs. 1000 to Rs. 250. This term plan offers you an annual percentage rate of 8.1%, which is comparatively the highest in the segment. The policy also helps in tax exemption from certain aspects of the account holder that match the same criteria. 

Sukanya Samriddhi Yojana Syndicate Bank is not just any other savings scheme that will provide investors with assured returns; it offers more than that. It is a combination of Savings plus fixed deposit scheme, where the girl child is the primary account holder.

1. Period of Policy Maturity

   The Sukanya Samriddhi Yojana Syndicate Bank comes with appreciable term maturity benefits. The term's maturity period is 21 years, so, as the child is aged 21 years, the term plan matures. The investor need not pay for the whole 21 years to enjoy the term benefits. Rather, they only have to pay for 14 years to get maximum benefits at the time of maturity.

2. Withdrawal

   The withdrawal facility under this scheme is simple and, as per the account holder's choice, whether to withdraw all the amount at the time of maturity or withdraw half of the amount needed.

   This premature withdrawal scheme is the most fascinating feature of this policy that lets the policyholder withdraw any amount in emergency.

3. Educational/Matrimonial

   Once the girl child is aged 18 years, this Yojana allows the account holder to withdraw half of the amount from the account in the marital case. The remaining amount can be withdrawn when the account is closed at the request or for meeting the child's educational expenses. 

4. Account

   One has to be consistent in paying Rs. 250 annually to maintain the ongoing policy. Otherwise, the account acquires a default status and can only be reactivated if the policyholder pays an additional sum.

5. Premature Account Closure 

   Under any critical medical situation, this term plan allows premature withdrawal for which the policyholder has to submit an application requesting for the same in the Bank.

6. Operation

   When the girl child reaches the age of 18 years, after providing all the necessary legal documents in the Bank, she will be eligible to operate her account. Still, the account will mature only when she reaches the age of 21 years.

Policy Benefits

Financial independence is the need of the hour. It is also key to women empowerment.. 

The plan offers following benefits that help women upliftment in the society:

• This Sukanya Samriddhi Yojana Syndicate Bank allows parents/guardians to provide financial security to their girl child. It also helps them manage their current expenses in case of any emergency or mishap. 

• This plan is based on the “Beti Bachao Beti Padhao '' campaign, so its main focus is on the education of a girl child. This scheme helps the girl child meet educational expense she is, or she might experience in the future. 

• The  Sukanya Samriddhi Yojana is an easily manageable scheme, i.e. no hidden terms and conditions, no extra policy initiation charges. It does offer a high annual percentage annual returns. 

• This scheme has also proven beneficial as it also promotes tax-saving in which the policyholder saves money and enjoys the benefit of tax exemption.

Child Savings Plan vs Sukanya Samriddhi Yojana Scheme and Public Provident Fund

High Rate of Interest

Sukanya Samriddhi Yojana is the best savings cum fixed deposit scheme, which exhibits great deals like higher annual percentage rates, premature withdrawals and account closure, emergency withdrawal, and exemption from tax as well.

How To Buy This Plan?

This plan is designed especially for girl child to provide them with financial stability until they become adults. Nowadays, the online mode has helped the population a lot to save their time and still avail of all the benefits of the Bank. 

The application form for Sukanya Samriddhi Yojana Syndicate Bank can either be downloaded from the official website of the Bank itself or the official website of RBI. Then the applicant needs to go through the form carefully, enter each detail, and finalize by providing legal documents.  

People also read: Sukanya Samriddhi Yojana Calculator

Documents Required

Every legal procedure requires a specific set of documents to be presented to check the eligibility and authenticity of the investor. So, the necessary documents needed by Sukanya Samriddhi Yojana Syndicate Bank are:

1. SSY Form

   The form can be collected from any nearest branch of Union Bank or can be downloaded from the official websites of RBI or Union Bank.

2. DOB Certificate

   This is a legal document to certify the actual age of any individual and is the basic document required for verification purposes; this certificate should include Name and Date of Birth details in a clear form of writing.

3. Photograph:

   Passport-sized photographs of the girl child and parent 

4. KYC

   KYC is generally a set of documents composed of all the detailed information required by the Bank to process the investor's application for any scheme, policy, or term plan.

   These documents include information regarding proof of identity to all sorts of personal information.

   These can be:

   • ID Proof such as a Voter ID card, AADHAAR Card, or passport. 
   • Address Proof such as Passport, Driving License, Voter ID, AADHAAR, etc. 

   Lastly, completion of the process is done by attaching a cheque or DD of the deposit. Further, all the documents will be cross-checked by the Bank Authorities with proper verification conduct.

Other Features

Sukanya Samriddhi Yojana Syndicate Bank is also applicable to the children who are adopted. One just has to present all the legal documentation of adoption. This plan is a bit different from the Savings account. After attaining the maturity age, if the money is not withdrawn, there will be no increase in the annual percentage rate. If there is non-maintenance of minimum balance, the account may deactivate, which can be reactivated by giving a fine of Rs. 50.

Investment

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Terms and Conditions

Before agreeing on any terms and conditions of the Bank for any policy or scheme, the individual should go through all the documents carefully to avoid future confusions.

1. Death

   Suppose under any circumstances, the death of the account holder occurs. In that case, this term plan allows the nominee to have all the amount and interest of the amount deposited after producing a legal death certificate and completing all the legal formalities.

2. Cessation of the account

   The Bank only considers account cessation if the account holder is experiencing any medical emergency. Under this situation, the Bank authorities will review the account holder's application for non-continuance of the account and will approve the request.

The Final Words

Sukanya Samriddhi Yojana Syndicate Bank does not support granting of any sort of Loans under any circumstances. But, the account holder will always have the luxury of transferring the existing account to any other branch within India. This plan is a boon especially for girls born in a lower-middle-class families where they always worry about their daughter's education, marriage, and other lifelong expenses. This plan not only covers all the aspects rather supports the family mentally and emotionally too.