Sukanya Samriddhi Yojna

About Scheme:

Parents are special to their daughters. You can make your daughter feel special. Sukanya Samriddhi Yojana, a savings scheme started by the Government of India, encourages parents to save money for their child. These savings can be used for education or marriage. Under the Beti Bachao Beti Padhao campaign, the scheme was launched on January 22, 2015. You can open a savings account in your nearest bank or post office to help your girl child. The account can be opened by parents or guardians from the moment the girl is born until the child turns 10.

The salient features of Sukanya Samriddhi Yojana

Sukanya Samriddhi Yojana was introduced to our Bank on December 02, 2014.

All branches of Bank of Maharashtra can open the account.

Goal: Promote the welfare of girl child.

Who can open an account? From the time a girl is born, up to the age of ten, a natural/legal guardian may open an account for her.

Maximum number accounts: Two girl children, or three in the case of twins as the second or first birth results in three girls.

Minimum and Maximum Deposits: Min. Rs. 250 of the initial deposit, plus multiples of one hundred rupees each year thereafter. Annual ceiling of Rs.150000.

Deposit Tenure: 21 Years from the date of account opening.

 Deposits are allowed for a maximum period of 15 years starting at the date of account opening.

Interest on Deposit: The Government of India declares the interest rate on a quarterly basis.

Tax Rebate - As per section 80C, IT Act 1961.

Premature Closure Allowable in the case of death or extreme compassionate grounds, such as medical support for life-threatening diseases. This authorization must be granted by an order of the Central Government.

Irregular payment/ Revival account: With payment of Rs.50 per annum along with the minimum amount per annum.

Deposit Method: Cash/Cheque/Demand Draft

Withdrawal: 50% from the account balance at the end previous financial year to be used for higher education or marriage after reaching the age of 18.

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KYC Required to Invest in Investment schemes

Know Your Customer, commonly referred to as KYC, enables banks and financial institutions to verify the identity of their customers. You only need to do this once as a first-time investor. A KYC form will include identity, address, financial status, occupation, and demographic information.

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NOTE: As this is a Govt. of India scheme, customers are advised to visit National Savings Institute website www.nsiindia.gov.in for latest instructions/ modification in the scheme.