Sukanya Samriddhi Yojana AGEAS Bank

PMO Indian Narendra Modi launched a scheme called 'Sukanya Samriddhi Yojana' which is a part of the 'Beti Bachao Beti Padhao' campaign. This is to benefit the girl child with finances. In other words, you can call it the 'Girl Child Prosperity Scheme' as its main objective is to financially help the girl child.

Investing in your child's future:A wise decision & a loving choice

Benefits of Investing In Child Plan

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Future Premiums are paid by the insurer upon death of policyholder

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Your premiums help your child achieve their dreams through lump sum or regular payouts

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You get tax benefits under Section 80(C) and no tax on returns under Section 10 (10D)

Investment Flexibility

It offers the flexibility to invest at regular intervals or as a one-time contribution

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Nothing Is More Important Than Securing Your Child's Future

Invest ₹10k/month your child will get ₹1 Cr^# Tax-Free* on Maturity

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Disclaimer: #The investment risk in the portfolio is borne by the policyholder. Life insurance is available in this product. The maturity amount of Rs 1 Cr. is for a 30 year old healthy individual investing Rs 10,000/- per month for 30 years, with assumed rates of returns @ 8% p.a. that is not guaranteed and is not the upper or lower limits as the value of your policy depends on a number of factors including future investment performance. In Unit Linked Insurance Plans, the investment risk in the investment portfolio is borne by the policyholder and the returns are not guaranteed. Maturity Value: ₹1,05,02,174 @ CAGR 8%; ₹50,45,591 @ CAGR 4%. *Tax benefits and savings are subject to changes in tax laws. All plans listed here are of insurance companies’ funds.

Sukanya Samriddhi Yojana Calculator

Latest SSY Interest Rate = 8.2%

Yearly Investment

You can invest maximum upto ₹1,50,000

₹

Girl's Age

Maximum age should be 10 years

Yrs

Start Year

Investment term is 21 years

Total Investment

Total Interest

Total Investment

Total Interest

Maturity Year

Maturity Value

Amount you will get

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With the help of the government and Sukanya Samriddhi Yojana (SSY), you can give your daughter a bright future which she deserves. All you need to do is open an SSY account in AGEAS Account and follow the necessary procedure

Before that let's understand everything about the said scheme

What is Sukanya Samriddhi Yojana

Sukanya Samriddhi Yojana is targeted at parents of girl children. This scheme is backed by the government of India to support girl child. Under this scheme, the government encourages parents/legal guardians to build a fund for education or marriage expenses for their girl child.

As per the rules, the parent/legal guardian can open an SSY account in the name of a girl child until she is 10 years old.

The scheme is getting popular because it provides tax benefit. As per this small savings scheme you can avail tax benefit of up to 1.5 lakh under section 80C of the Income Tax Act. Also, the accrued interest and maturity amount are exempted from tax.

Who Can open SSY account in AGEAS Bank?

As per the rules, the parent/legal guardian can open an SSY account in the name of a girl child until she is 10 years old.

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Benefits of Sukanya Samriddhi Account AGEAS Bank

Mentioned below are the benefits of opening a Sukanya Samriddhi Account with AGEAS Bank

The initial deposit amount to open the account is as low as ₹ 250.
You can avail tax benefit for investing in this scheme. Maximum tax amount of ₹1.5 lac will be exempted under section 80C of the Income Tax Act. The maturity amount is also exempted from tax so that the girl child can use the whole amount for her studies or welfare.
You can enjoy the highest interest rate at AGEAS bank. Under the SSY, the interest rate at AGEAS Bank is 7.6% per annum. In case, the account is not closed at maturity, the interest will continue to credit until it's closed officially.
The maturity amount will be paid to the girl child's active account of that time. It would happen so to make sure the whole amount is used by the girl child for her studies or welfare.

People also read: Sukanya Samriddhi Yojana Calculator

Features of Sukanya Samriddhi Account AGEAS Bank

These are the vital features of the SSY account in AGEAS Bank

A parent/legal guardian can only open 1 account for 1 girl, a maximum of 2 accounts for 2 girls. In the case of triplets and twins born after the first child, 3 accounts are allowed.
The age of the daughter(s) should not be more than 10 years at the time of opening an SSY account in AGEAS Bank. Girl children born between December 2nd, 2003 and December 1st, 2004 are provided with 1 year grace period.
Only a parent or legal guardian can open an SSY account in AGEAS Bank on behalf of the girl child.
As per this small savings scheme, the initial deposit amount is as low as ₹250 and can be increased in multiples of ₹100. The maximum investment limit per annum is ₹1.5 lacs.
The tenure of the SSY account is 21 years.
A parent/legal guardian can manage the account of a girl child until she turns 10 years. After that, the girl child can manage the account by herself.
As per the scheme, one can make deposits for a maximum of 14 years from the date of opening the account.
If by any means, the SSY account goes on hold, one can revive by paying the minimum amount along with the penalty of ₹50.
A parent/legal guardian can make deposits via Cash, cheque or demand draft.
In cases of extreme emergencies or unexpected demise of the depositor, the scheme allows premature closure of the account.
When the girl turns 18, she can withdraw 50% of the amount for higher education or marriage.

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

How To Open A Sukanya Samriddhi Yojana Account At AGEAS Bank?

You can open a Sukanya Samriddhi Yojana (SSY) account at your nearest AGEAS Bank branch. You are just required to follow the below-mentioned procedure to open an SSY account in AGEAS Bank.

Visit the nearest bank branch where you would like to open the account.
Fill up the application form with the necessary details and submit all the supporting documents.
You are required to make the first deposit in the form of cash, cheque, or demand draft. The amount can vary from ₹250 to ₹1.5 lacs.
After the verification and processing by the bank, your SSY account will be opened. AGEAS Bank will provide you with the passbook once your account will be opened.

Documents required for opening SSY account in AGEAS Bank

Birth certificate of the girl child with her full name on it.
Passport size photograph of the parent/legal guardian of the girl child.
Identity and address proof of parent/legal guardian.

Note

As this is a Govt. of India scheme, customers are advised to visit www.nsiindia.gov.in for latest instructions/ modification in the scheme.
The interest rate is determined by the government and is subject to change. The interest rate mentioned here is for the year 2019-20.

†Policybazaar does not endorse, rate or recommend any particular insurer or insurance product offered by any insurer. This list of plans listed here comprise of insurance products offered by all the insurance partners of Policybazaar. The sorting is based on past 10 years’ fund performance (Fund Data Source: Value Research). For a complete list of insurers in India refer to the Insurance Regulatory and Development Authority of India website, www.irdai.gov.in
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^The tax benefits under Section 80C allow a deduction of up to ₹1.5 lakhs from the taxable income per year and 10(10D) tax benefits are for investments made up to ₹2.5 Lakhs/ year for policies bought after 1 Feb 2021. Tax benefits and savings are subject to changes in tax laws.
#The investment risk in the portfolio is borne by the policyholder. Life insurance is available in this product. The maturity amount of Rs 1 Cr. is for a 30 year old healthy individual investing Rs 10,000/- per month for 30 years, with assumed rates of returns @ 8% p.a. that is not guaranteed and is not the upper or lower limits as the value of your policy depends on a number of factors including future investment performance. In Unit Linked Insurance Plans, the investment risk in the investment portfolio is borne by the policyholder and the returns are not guaranteed. Maturity Value: ₹1,05,02,174 @ CARG 8%; ₹50,45,591 @ CAGR 4%
+Returns Since Inception of LIC Growth Fund
¶Long-term capital gains (LTCG) tax (12.5%) is exempted on annual premiums up to 2.5 lacs.
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