Sukanya Samriddhi Yojana HDFC

Features of HDFC Bank Sukanya Samriddhi Account

The Sukanya Samriddhi Yojana has been designed such that it provides a bright and secured future to the girl child. The following are the key features of the HDFC Sukanya Samriddhi Yojana:

• The yearly interest rate that one can easily benefit from the Sukanya Samriddhi Yojana account is 7.6 per cent. The interest rate might be notified by the Indian government from time to time.

• With effect from 2018, July 05, now the government has likewise reduced the minimum investment sum to Rs 250. Thereafter any sum in multiples of Rs 100 can easily be deposited. In a financial year, the minimum sum of Rs 250 needs to be deposited.

• In every Sukanya Samriddhi Yojana account, the maximum deposit sum permitted is Rs 1.5 lakh in a year.

• In a specific month or a year, one can easily make any number of deposits.

• Depending on the extent of deposits made in the Sukanya Samriddhi Account HDFC, tax benefits can be claimed and a deduction of Rs 1.5 lakh from the total income within Section 80C of the IT Act.

• Beginning from the date of commencing the SSY account, the deposits are permitted until 15 years are completed.

• The SSY account will mature post the completion of the period that is 1 year. The balance in the account inclusive of the taxes is then paid to the girl child wherein evidence of identity, citizenship, residence and an application needs to be submitted.

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Benefits of Sukanya Samriddhi Account with HDFC Bank

The following are the key advantages of the HDFC Sukanya Samriddhi Yojana:

• Flexibility

  When it comes to joining this scheme there is a lot of flexibility. One can easily open the HDFC Sukanya Samriddhi Yojana account and thereafter start making the regular deposits.

• Lock-in Period

  One of the key highlights of the Sukanya Samriddhi Yojana account is the default lock-in period until the girl turns 21 years of age. The only time wherein the account will no longer be held is when the girl is married after attaining the legal age. The account permits for premature withdrawal, which is limited to 50 per cent of the complete amount when the girl child attains 18 years of age to complete further education and is limited.

• Maturity Proceeds

  The prime objective of this scheme is to enable girls to fulfil life objectives such as education and marriage. It simply cannot be withdrawn by the parents for personal use. The maturity benefits and the sum in the account can be accessed only by the child.

• Interest Rate

  The SSY offers one of the highest interest rates when compared to any other saving schemes in India. The rate of interest is compounded yearly and provides healthy returns over time.

• Continuation of Interest

  In case the amount is not withdrawn from the account even after the maturity, one can still earn interest.

Documents Required for Opening Sukanya Samriddhi Account with HDFC Bank

To open the HDFC Sukanya Samriddhi Yojana account, the following documents will be required:

• The filled HDFC Sukanya Samriddhi Yojana account opening form.

• Evidence of identity of the parent/ guardian of the account beneficiary.

• Valid address proof like the ration card, electricity bill, etc. of the parent or the guardian of the account beneficiary.

• Account beneficiary certificate of birth.

How to Open Sukanya Samriddhi Yojana Account with HDFC Bank?

To open the HDFC Sukanya Samriddhi Yojana account, follow the steps mentioned below:

• Fill the opening form of the Sukanya Samriddhi Yojana account.

• Provide all the required documents to the bank.

• One needs to pay the initial deposit sum for opening the Sukanya Samriddhi Yojana HDFC account.

• Choose the standing instruction to deduct the sum timely or opt for automatic credit from the option of net banking.

As of now, neither any bank nor the post offices permit to open the Sukanya Samriddhi Yojana account online. However, once the account is opened after the submission of the documents, the standard instructions can be set online.

In case the deposits are not made each year, the account will likely fall within ‘Account under Default’. This account will only be reactivated by paying Rs 50 as a fine each year. The reactivation might happen until 15 years from the opening account.

Who Can Open an SSY Account with HDFC Bank?

Anyone can open the Sukanya Samriddhi Yojana Account with HDFC Bank.

This account can easily be opened by a natural or even the legal guardian of the girl child who attains the age of ten years. The girl child needs to be an Indian citizen. The birth certificate of the girl child in whose name the account is being opened also needs to be submitted. The depositor can only open and operate one account in the girl child's name within the scheme rules.

The natural or legal guardian of the girl child is permitted to open the account for only two girl children.

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Step by Step Withdrawal Process With HDFC Bank

The account will mature with the completion of 21 years. Upon maturity, the HDFC bank will provide the deposits and the proceeds once the following documents have been provided to the bank:

• Proof of age

• Proof of identity

• Proof of citizenship and residency

• Withdrawal application for the HDFC Sukanya Samriddhi Account