Today we will learn about “How To Open Sukanya Samriddhi Account Online In SBI“. If you are searching for good and valuable answers to this query then you are at the right place. Here we will discuss all the key features, benefits, objectives of “Sukanya Samriddhi Yojana” and How To Open a Sukanya Samriddhi Account Online In SBI bank. So let’s start.
Sukanya Samriddhi Yojana of SBI ( SSY ), was launched by the Indian Government and it is just made to empower a girl child in your family. It is launched with the reason to encourage parents to promote and mobilize their savings, especially for their girl child. It was introduced under the “Beti Bachao Beti Padhao” project which aims to deliver financial help for higher education and the wedding of the girl child.
How To Open Sukanya Samriddhi Account Online In SBI?
The SBI Sukanya Samriddhi Yojana offers tax concessions on income and the income tax deduction is available u/s 80C for a deposited amount up to or of Rs 1,50,000 lakhs. The rate of interest is high underneath this scheme in comparison to other small savings plans.
SBI Sukanya Samriddhi Yojana | Features
SBI Sukanya Samriddhi Yojana ( SSY ) is a savings and investment scheme that helps in providing help to fulfill all the financial requirements of a girl child in the family. The Scheme offers special features. Here’s a brief laydown:
Opening an account
- SBI Sukanya Samriddhi account may be opened by the lawful parents on the behalf of a girl if the child has not reached 10 years of age as on the opening date of the account.
- Only a single account is authorized by each account holder under this plan.
- Fill in Form 1 ( available on the Official website ) [Download Form From Here] for opening an account along with the girl child’s birth certificate ( whose name of the account is to be opened ) and other related papers or documents of parents or guardians.
- Note: This account can only be opened for a max of two girl kids in one family.
- There are some issues such as in the case of twins or triplets where exemptions are applied if the account holder can submit a medical certificate from a certified medical organization.
- This project is only suitable for female children who are citizens of India. It means that the SBI Sukanya Samriddhi Yojana is not available for a girl child who has a status of ( NRI ) Non-Resident Indian. This feature stands valid irrespective of the fact that the parents or legal guardians of the girl child are citizens of India.
- In case a girl child acquires the NRI status after opening a Sukanya Samriddhi Yojana account, her parents should update the SBI branch regarding the Non-Resident Indian status within a month. Based on these details, SBI will close the account.
- A Sukanya Samriddhi Yojana account can only be opened in the name of the girl child and not in the name of her parents or legal guardians.
- The SBI Sukanya Samriddhi Yojana can be availed of at a minimum ( least ) deposit charge of Rs.250 per account, and consequent deposits will be done in multiples of Rs.50 that is subjected to a condition that a minimum ( lowest ) of Rs.250 shall be deposited in one account in a month or financial year.
- The highest amount limit to be deposited is up to Rs.1.50 lakhs per account in a month or financial year. Also, there is no limit is set for the number of amounts deposits an account holder wants to make in a month or a financial year.
- Account in which the lowest amount is not deposited as said in the above section will be assumed as a default account. There might be a fine of Rs.50 imposed in case of failure of fulfilling the minimum deposit requirements.
The payment towards the Sukanya Yojana can be made via either in Demand Draft ( DD ) or Cheque. The DD or cheque should be created in the name of the concerned manager of SBI Bank. The parent or guardians to write down the girl child’s name and the concerned account number on the back of the Cheque or Demand Draft ( DD ) while making the payment.
Rate of Interest
- The present interest rate under Sukanya Samriddhi Yojana is 8.6% for financial 2019-20. The deposition of the amount is created in the account from 12th December 2019 – 31st March 2020. The interest that is earned on the Sukanya Samriddhi Yojana ( SSY ) account is compounded annually.
- The amount deposited on or after the 1st April 2020, the interest gained on the balances is 7.6% per annum.
- The maximum period for which a parent or guardian is required to make payments to the Sukanya Samriddhi Yojana is of 15 years from the date of account opening. Once the account holder has completed payments for 15 years’ duration, she or he doesn’t require to deposit any more money to the account. The account will keep on earning interest until it is matured or completed.
- The Sukanya Yojana in SBI can be kept working for a maximum period of 21 years from the date of account started. After this time of 21 years, the Sukanya Yojana account does not accrue interest on it anymore.
- The Sukanya Samriddhi Yojana from SBI can be closed once it has reached maturity after completing 21 years of tenure. The money in the Sukanya Samriddhi Yojana account along with the earned interest is paid to the girl child once she is 18 years old.
- To obtain this amount, the applicants must present an account closure application together with identity proof & address proof. They are also required to submit their proof of residence and citizenship.
- The maturity amount, as well as the interest earned on an SBI SSY account, is valid for tax exemption u/s 80C of the Income Tax Act, 1961 as additional benefits of SBI Sukanya Samriddhi Yojana. SSY account obeys the EEE tax regime. EEE is also known as the ( Exempt-Exempt-Exempt tax regime ).
Sukanya Samriddhi Yojana Account | Benefits
- High Rate of Interest:- Interest rate of 7.6% per year is credited into account every year.
- Portability:- If the account holder wants to relocate, then Sukanya Samriddhi Yojana offers you a choice to transfer your account to another authorized post office or bank.
- Tax Benefits:- Get the tax advantages u/s 80C of the Income Tax Act, 1961.
How To Open Sukanya Samriddhi Account Online In SBI?
- Fill in the proper details in the account form.
- Submit the form to the concerned office along with other needed documents.
- After submitting all the papers or documents, submit the minimum deposit amount of Rs.1000 in cash.
- Once the account is opened, the applicants can continue their deposits either through a cheque or Demand Draft (DD) form or cash.
Sukanya Samriddhi In SBI | Required Documents
Some documents are compulsory to submit while opening an account underneath SSY. Given are the needed documents:
- Birth Certificate the girl child.
- Identity proof & address proof of the parents or legal guardians such as Aadhaar Card, PAN Card, Ration Card, driving licenses, passports, etc.
- The girl child’s Photograph and her parent Photograph (the applicant).
- If there are twins or triplets then the applicant needs to present a medical certificate to prove the birth order of the child.
- Filled Form 1 application form. ( Download from Official website )
- The applicant also needs to submit a certificate that describes the nature of her or his connection with the girl child. For the cases, where the biological parents of the girl child are opening the account, the birth certificate will be acceptable to serve this need. However, in adopted girl child cases, it becomes required to submit this certificate.
Sukanya Samriddhi Yojana | Details
Who is eligible to open an account
The legal guardian or parent of the child (girl)
The maximum number of accounts allowed
2 girl children and 3 are allowed in 3 in case of twins or triplets.
Deposit Amount (Minimum & Maximum)
The minimum limit of the deposit amount is Rs.1,000 and the maximum limit is Rs 1.5 lakhs in a financial year.
21 years from the account’s inception date
Cash/DD/Cheque/Online payment i.e., internet banking
The Rate of Interest
u/s 80C of the Income Tax Act, 1961
NOTE:- As this is a Govt. of India project, customers are recommended to visit www.nsiindia.gov.in for the latest instructions or modifications in the scheme.
Also Read: ऑफिस सुकन्या समृद्धि योजना डिटेल्स In Hindi
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