Canara Bank Sukanya Samriddhi Yojana

Features of Canara Bank Sukanya Samriddhi Account

The following are some of the key features of the Canara Bank Sukanya Samriddhi Account:

1. Opening the Account

   The SSY Canara Bank account can be easily opened on behalf of the girl child by the parents or guardian. This account can be accessed under the name of the girl child who is either equal to or below ten years of age.

2. Deposit Amount

   The Canara Bank Sukanya Samriddhi Account can be opened with the deposit amount as low as Rs 250 and thereafter in Rs 100 multiples. The maximum allowed deposit for the SSY account is Rs 1.5 lakh in one financial year. One can also use the Sukanya Samriddhi Yojana calculator to know the monthly sum that needs to be put in the account. The deposit could be made via demand draft, cheque, etc.

3. Tenure

   The Canara Bank Sukanya Samriddhi Account tenure is 21 years right from the deposit inception date. The maximum deposit term of 14 years is permitted.

4. Interest

   A high rate of interest is applicable on the deposits made in the Canara Bank Sukanya Samriddhi Account

5. Premature Closure

   Premature closure is permitted under any emergency circumstances such as a critical illness or untimely death.

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6. The Revival of the Account

   The revival of such a deposit account is only possible upon the penalty payment of Rs 50 and the required deposit sum for that term.

Benefits of Sukanya Samriddhi Yojana with Canara Bank

The following are the key benefits of opening the Canara Bank Sukanya Samriddhi Yojana Account:

1. Flexible Deposit Amount

   The deposit amount begins at Rs 250 and likewise be increased in the multiples of Rs 100. This SSY scheme is not only flexible but cost-effective as well. 

2. High-Interest Rate

   The Sukanya Samriddhi Yojana scheme offers a high rate of interest when compared to any other similar deposits offerings. In case the deposit has attained maturity even then the sum continues to earn interest until the deposit is closed.

3. Transfer of the Account

   The Sukanya Samriddhi Yojana scheme applies to all the citizens throughout the nation. The deposit account when required can be easily transferred from one location to any other.

4. Tax Benefits

   Tax exemption can be easily claimed on the deposits made towards the SSY scheme. This is applicable within Section 80C of the IT Act. The highest sum, which can be claimed for the exemption is Rs 1.5 lakh.

Documents Required for Opening a Sukanya Samriddhi Yojana Account with Canara Bank

The following are the important documents required to open the Sukanya Samriddhi Yojana Canara Bank account:

• Photograph of the girl child and the guardian/parent.

• The certificate of birth of the girl child on whose name the SSY account has been opened.

• Proof of identity of the guardian/parent of the girl child.

• Proof of address of the guardian/parent of the girl child.

At the time of opening the Canara Bank Sukanya Samriddhi Yojana account, the bank will furnish a passbook. This passbook will keep the deposits and withdrawal entries made to the Canara Bank Sukanya Samriddhi Yojana scheme.

How to Open the Sukanya Samriddhi Yojana with Canara Bank?

An individual who is looking forward to opening the Sukanya Samriddhi Yojana Canara Bank Account should visit the nearest branch and fill the Sukanya Samriddhi Yojana form.

The individual should carry along the important documents that would be required to open the Canara Bank Sukanya Samriddhi Yojana account. Once the minimum amount is deposited and the bank is done with the verification process the Sukanya Samriddhi Yojana Canara Bank Account will be opened.

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Who Can Open an SSY Account with Canara Bank?

The Sukanya Samriddhi Yojana Canara Bank Account can be opened by the guardian/ parent of the girl child. The SSY account needs to open in the name of the girl and the beneficiary has to be a citizen of India.

The Sukanya Samriddhi Yojana Canara Bank Account can be opened for the girl child until she is 10 years old. A maximum of two girl children in each family and more than two in case of the birth of triplets or twin are also eligible to open the Canara Bank Sukanya Samriddhi Yojana Account.

Step by Step Withdrawal Process with Canara Bank

The Sukanya Samriddhi Yojana Canara Bank Account permits partial withdrawal. The SSY account holder lets an individual withdraw up to 50 per cent of the complete savings to accomplish various aims such as marriage, higher education, and so forth.

The Canara Bank Sukanya Samriddhi Yojana Account permits the partial withdrawal when the girl is 18 years of age. It is only then that the girl is eligible for marrying legally or pursuing higher education.

The tenure of the SSY account is 21 years and it matures after the tenure is completed. In case the SSY account is not closed, then the account holder will receive the interest on the balance/ savings as specified in the Sukanya Samriddhi Yojana scheme.