Bank of Baroda Sukanya Samriddhi Account

Sukanya Samriddhi Yojana is essentially an initiative of the Indian Government wherein parents can secure their girl child's future by investing a small amount of money into the scheme. Bank of Baroda offers simple steps to open an account!

According to the directive from the government of India, Bank of Baroda is offering the Sukanya Samriddhi Yojana to its customers as a possible investment.

This scheme aims are helping parents invest money in an account where they get a good rate of interest and build a sizable amount of savings that can then be used to fund the needs of their daughters.

The tenure of this deposit is linked to the child’s age and requires investments to be made only for the first 14 years. It also provides facilities for partial withdrawals at specific times in the life of the child and can also be opened if the parents are blessed with twins.

The process of opening the account is also very simple and the returns, attractive since the maturity benefits can be a sizable amount. It is also a great way for parents to be assured that they will be able for fund their daughters when they most need it.

Bank of Baroda Sukanya Samriddhi Yojana Details

Current Interest Rate

8.2 % Per Annum

Minimum Deposit

INR 250 Per Annum

Maximum Deposit Amount

INR 1,50,000 Per Annum

Max Eligibility Age

10 Years

Maturity

After the age of 18

Features of Sukanya Samriddhi scheme for Bank of Baroda

  1. Account opening: Bank of Baroda Sukanya Samriddhi Yojana account can be opened only for a daughter who is 10 years old or younger.
  2. Multiple accounts can be opened in case the daughters are twins.
  3. Deposits: The minimum and maximum deposits for this account are placed at Rs. 250 to Rs. 1.5 lakhs per year.
  4. A minimum deposit of Rs. 250 has to be made every year.
  1. Deposits paying term: Deposits need to be made only for the first 14 years from the date on which the account is opened. You can use the Sukanya Samriddhi Yojana calculator for calculating how much monthly amount you want to put in your Sukanya Samriddhi Account.
  1. Documents required: The supporting documents that need to be submitted will have to include the birth certificate of the child.
  2. In case the daughters are twins, a certificate affirming the same will also be required.
  3. Interest rate: The current interest rate offered by the government is 8.2% per annum.
  4. Withdrawal: Once the girl is 18 years old a partial withdrawal of up to 50% of the account balance can be withdrawn for expenses of education or marriage.
  5. Bank of Baroda Sukanya Samriddhi Yojana account will mature once the girl attains the age of 21 years.
  6. Premature closure: The account cannot be closed prematurely except under two circumstances:
    1. If the account holder passes away and
    2. If the account holder can prove to the central government that continued contributions to the account would not be affordable.
  7. The account can also be transferred from one bank to another or even to a post office.

Bank of Baroda Sukanya Samriddhi Yojana Tax Benefits

The tax benefits provided by this scheme are done so under section 80C of the Income Tax Act. Since this is an investment offered under 80C, the maximum benefit that can be claimed is Rs. 1.5 lakhs every year.

The Sukanya Samriddhi Scheme is a good investments to make since it will help parents put aside finances that would be essential for the family when their daughter grows up and is ready to go ahead with higher education or even get married.

FAQs on Bank of Baroda Sukanya Samriddhi Account

  • Should I visit a Bank of Baroda branch to open a Sukanya Samriddi Account?

    Yes, you must visit a Bank of Baroda branch to open a Sukanya Samriddi Account. 

  • What documents must be submitted to open a Sukanya Samriddi Account at Bank of Baroda?

    Proof of identity of the parents or guardian and the girl’s birth certificate must be submitted to open a Sukanya Samriddi Account at Bank of Baroda. 

  • What is the minimum deposit that must be made for the Bank of Baroda Sukanya Samriddi Account?

    The minimum deposit that must be made for the Bank of Baroda Sukanya Samriddi Account is Rs.250. 

  • What is the maximum deposit that can be made for the Bank of Baroda Sukanya Samriddi Account?

    The maximum deposit that can be made for the Bank of Baroda Sukanya Samriddi Account is Rs.1.5 lakh. 

  • How often are the interest rates of the Sukanya Samriddi Account changed?

    The interest rates of the Sukanya Samriddi Account are changed every quarter? 

  • Who changes the interest rates of the Sukanya Samriddi Account?

    The government changes the interest rates of the Sukanya Samriddi Account. 

  • Can I avail tax benefits for any deposits made under the Sukanya Samriddhi Account offered by Bank of Baroda?

    Yes, you can avail tax benefits under Section 80C for any deposits made under the Sukanya Samriddhi Account offered by Bank of Baroda. 

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