Union Bank of India Sukanya Samriddhi Yojana

Features of Union Bank of India Sukanya Samriddhi Account

Take a look below to understand the features of the Union Bank of India Sukanya Samriddhi Account:

1. Account Opening

   The Sukanya Samriddhi Yojana Union Bank of India account can be easily opened by the guardian or parent on behalf of the girl child. Moreover, the SSY account can be opened for two girl children or three in the case of twins.

2. Deposits

   The Sukanya Samriddhi Yojana Union Bank of India account requires a minimum deposit of Rs.250 every year; however, the maximum deposit amount is Rs.1.5 lakh. The deposit can be increased in multiples of Rs.50. Further, the deposits are to be made for a term of 15 years from the account opening date.

3. Account Operation

   Until the girl child is 10 years old, the parents or guardian will operate the account. Moreover, the depositor of the account will be the operator of the account for this term. Once the girl reaches 10 years of age the account can be operated by her; however, the parent or the guardian remains the depositor.

4. Tenure of the Account

   The Sukanya Samriddhi Yojana Union Bank of India account has a term of 21 years from the account opening date.

5. Withdrawal

   50% of the balance in the SSY account can be withdrawn towards the end of the last financial year for fulfilling objectives such as marriage or higher education only after the girl is 18 years of age.

6. Premature Closure

   It is permitted in case the depositor is no more or suffering from a life-threatening disease. Besides, when the girl who is 18 years of age and above is planning to get married, the account can be closed provided you submit evidence of marriage and an affidavit.

7. Account Revival

   The Sukanya Samriddhi Yojana Union Bank of India account can be easily revived by paying a penalty of Rs 50 along with the specified minimum amount.

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Benefits of Sukanya Samriddhi Yojana with Union Bank of India

The following are the benefits of the Sukanya Samriddhi Yojana Union Bank of India account:

1. Interest Rate

   As notified by the government of India, the interest rate is compounded yearly with an option for monthly interest pay-outs. The rate of interest for the Union Bank Sukanya Samriddhi Yojana Account is 7.6%.

2. Transferable

   In case the account holder needs to move to another place, the SSY account can be easily transferred to any other authorized bank or even the post office.

3. Tax Rebate

   As the depositor, the fund deposited into the account does not incur tax as per Section 80C of the IT Act. The maturity proceeds and the interest amount also remain tax-free.

   Note: The tax benefits are subject to changes in the tax laws.

Documents Required for Opening a Sukanya Samriddhi Yojana Account with Union Bank of India

Listed below are the important documents required to open the Sukanya Samriddhi Yojana Union Bank of India account:

• Photograph of the girl child

• Photograph of the guardian/parent

• Birth certificate of the girl for whom the SSY account is being opened

• Identity evidence of the guardian or parent of the girl child

• Address evidence of the guardian or parent of the girl child

When opening the Union Bank of India Sukanya Samriddhi Yojana Account, the bank furnishes a passbook that keeps the deposits and withdrawal entries made under the scheme.

How to Open the Sukanya Samriddhi Yojana with Union Bank of India?

Anyone who wishes to open the Sukanya Samriddhi Yojana Union Bank of India account needs to visit the nearby branch and fill in the fields of the Sukanya Samriddhi Yojana form.

The applicant should carry all the important documents to open the Union Bank of India's Sukanya Samriddhi Yojana Account. Make the initial deposit. Post the verification process from the banks’ end the Sukanya Samriddhi Yojana Union Bank of India account will be opened.

Who Can Open an SSY Account with Union Bank of India?

The Sukanya Samriddhi Yojana Union Bank of India account can be easily opened by the parent/ guardian of the girl child. The Sukanya Samriddhi Yojana Account needs to open in the name of the girl child, and the nominee has to be an Indian citizen.

The Sukanya Samriddhi Yojana Union Bank of India account can be opened for any girl child till she is 10 years of age.

Step by Step Withdrawal Process with Union Bank of India

The Sukanya Samriddhi Yojana Union Bank of India allows partial withdrawal wherein the account holder can withdraw up to 50% of the total savings to accomplish different objectives like marriage, higher education, and so forth.

The Union Bank of India Sukanya Samriddhi Yojana Account authorizes partial withdrawal after the girl turns 18 years old. This could be done when the girl is planning to pursue higher education or if the girl is getting married.

The period of the Sukanya Samriddhi Yojana account is 21 years, after which the account matures.

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