A look into its details, the interest rate, and the benefits of the Sukanya Samriddhi Yojana SBI scheme.
The whole idea behind the initiation of this scheme by the SBI or State Bank of India was to encourage the parent(s) of a girl child towards incorporating the habit of savings in everyday life. Savings help build a corpus of wealth for the daughter(s) helping them to secure their future financially, whether for good higher education, study abroad, or marriage.
The whole idea behind the initiation of this scheme by the SBI or State Bank of India was to encourage the parent(s) of a girl child towards incorporating the habit of savings in everyday life. Savings help build a corpus of wealth for the daughter(s) helping them to secure their future financially, whether for good higher education, study abroad, or marriage.
Below are some SSY features to give you good idea about the plan:
Eligibility for the plan : Scheme open only for girl child who is an Indian resident; NRI girls not covered under SSY
Opening of SSY account : Account for the girl child can be opened at a post office/bank either by her biological parents or a legal guardian; minimum deposit of Rs. 1,000 required for account opening
Partial withdrawal facility : 50% of the deposited funds are allowed for withdrawal from the account for her higher studies/marriage once the girl is 18 years old
Deposit of funds :Starting deposit of Rs. 250 p.a. can be made and maximum deposit of Rs. 1.5 lakh p.a. permissible; fund deposits via cash/cheque
Deposit of funds :Starting deposit of Rs. 250 p.a. can be made and maximum deposit of Rs. 1.5 lakh p.a. permissible; fund deposits via cash/cheque
There are several benefits of the SSY scheme. Some of them are listed below:
1. The amount to be deposited every month into the scheme is fairly reasonable and can be easily afforded by all sections of the society.
2. The interest rate offered by SBI for the SSY scheme is relatively higher than other banks. Every year, 7.6% per annum is compounded and credited into the SSY account. This has been in effect since 2020.
1. Discounts and exemptions on tax are permissible under the scheme as per Section 80C of the ITA, 1961.
4. Add-on interest is also offered under the scheme in case the account holder does not wish to withdraw the amount after the maturity of the term at 21 years.
5. The account is transferable to another authorized bank branch or post office if the depositor or account holder relocates to a new location. The entire transfer process is extremely smooth and hassle-free.
Here are the simple steps to open a Sukanya Samriddhi Yojana SBI online:
1. Visit the nearest post office/authorized bank branch. Ask for a form to open the account and duly fill it out with all the required details for account opening.
2. Submit the required documents along with the filled form and latest photographs. You would need to provide a valid photo ID and proof of residence (Aadhar card, ration card, passport, PAN card) of the biological parents/legal guardian of the child.
3. Make a minimum cash deposit of Rs. 1,000 for opening the account.
4. Your account is now opened and you can make subsequent deposits via cash/cheque/DD/online.