Indian Bank Sukanya Samriddhi Yojana

The Indian Bank is among those prominent banks in India that has been authorized to open the Sukanya Samriddhi Yojana accounts by the RBI. The Sukanya Samriddhi Yojana account has been introduced by the Indian government to inculcate the savings habit in the families where there is a girl child born to provide financial security.

Features of Indian Bank Sukanya Samriddhi Account

The following are the key features of opening the Sukanya Samriddhi Yojana Indian Bank account:

1. Opening of the SSY Account

   The Indian Bank Sukanya Samriddhi Yojana Account can be easily opened by the parent or guardian of the girl child.

2. Age

   The Sukanya Samriddhi Yojana Account can be opened for the girl child until ten years of age.

3. Tenure

   The tenure for the Indian Bank Sukanya Samriddhi Yojana Account is 21 years.

4. Deposit Amount

   The Sukanya Samriddhi Yojana Indian Bank account can be opened with a minimum sum of Rs 250. Besides, the depositor has the option to increase the deposit amount in the multiples of Rs 100 and can go maximum up to Rs 1.5 lakh each year.

5. The Number of SSY Accounts

   One account for every girl child can be opened; however, a maximum of two is permitted within a family. In case the family has two or even three girls on the grounds of twins or triplets thereafter the maximum of two or three accounts respectively can be opened.

6. Deposit Term

   The deposits can be made for 14 years from the opening date of the Sukanya Samriddhi Yojana Indian Bank account.

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7. Operating the Account

   The Indian Bank Sukanya Samriddhi Yojana account can be operated by the guardian or the parent of the girl child until 10 years of age. Once the girl child is 10 years of age, then only can operate the account herself.

8. Reactivation of the Account

   In case the depositor is unable to pay the annual amount, then the individual can revive the account by paying the penalty sum of Rs 50 and the minimum deposit sum for the specified and the current year.

9. Premature Closure

   The premature closure of the Sukanya Samriddhi Yojana account is permitted; however, subject to conditions such as the demise of the depositor or any critical illness.

Benefits of Sukanya Samriddhi Yojana with Indian Bank

The following are the benefits of opening the Sukanya Samriddhi Yojana Indian Bank account:

1. Interest Rate

   The interest rate within the SSY account is lucrative. The interest rate is decided by the Indian government and is compounded and credited each year.

2. Cost-effective Deposit Amount

   The SSY account can be easily opened with the minimum deposit of Rs 250 and the amount can be increased in the multiples of Rs 100.

3. Interest After Maturity

   The SSY Indian Bank account can easily continue to earn interest even after maturity till the time the account is closed officially.

4. Tax Benefits

   One of the key benefits in opening the Sukanya Samriddhi Yojana Indian Bank account is that the investment made within this is entitled to tax exemption under Section 80C of the IT Act. The maturity amount also remains tax exempted.

   Note: The tax benefits remain subject to change as per the prevailing tax laws.

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

Listed below are the documents to open the Sukanya Samriddhi Yojana Indian Bank account:

• Passport size photograph of the girl child and the parent or the guardian.

• Birth certificate of the girl child under whose name the SSY Indian Bank account has to be opened.

• Identity and address proof of the girl childs’ guardian/parent.

When opening the Indian Bank Sukanya Samriddhi Yojana Account, a passbook will be furnished by the bank respectively that would keep the withdrawal as well as the deposit entries.

How to Open the Sukanya Samriddhi Yojana with the Indian Bank?

Anyone can open the Indian Bank Sukanya Samriddhi Yojana Account in a hassle-free way. The individuals who do not hold the Indian Bank account can also open the account. Follow the steps below to open the Sukanya Samriddhi Yojana Indian Bank account:

• Visit the nearest branch of the Indian Bank, collect the account opening form and fill in the required fields.

• Submit all the documents as mentioned above.

• Next, deposit the minimum sum of Rs 250.

• Once the account is opened and activated, the deposit can also be made by cheque and cash.

An individual can calculate the maturity on the SSY account by using the Sukanya Samriddhi Yojana calculator online.

Who Can Open an SSY Account with the Indian Bank?

The Indian Bank Sukanya Samriddhi Yojana Account can be opened by the guardian/ parent in the name of the girl child until she obtains 10 years of age. The Sukanya Samriddhi Yojana Indian Bank account needs to open in the name of the girl and the nominee has to be an Indian citizen.

The Indian Bank Sukanya Samriddhi Yojana Account can be opened for a maximum of two girl child in each family by the parent or guardian.

Step by Step Withdrawal Process with Indian Bank

To meet the financial needs of the account holder and to fulfil objectives such as higher education or marriage and so forth withdrawals up to 50% of the balance at credit towards the financial year preceding end is permissible.

The Sukanya Samriddhi Yojana Indian Bank account withdrawal is permitted only when the girl child who is the account holder turns 18 years old.