Sukanya Samriddhi Scheme aims to support girl education by opening a special deposit account whose maturity is linked to the age of the girl who owns the account. It can be opened with Bank of India against a minimum annual deposit of Rs.250.
As a move to promote the wellbeing of the girl child in India, under its campaign labeled ‘Beti bachao, beti padhao’, the government of India has launched a scheme called the Sukanya Samriddhi Scheme. The objective of this scheme is that it aims at motivating people to be more dedicated their daughter’s education and future while providing them with the opportunity to do so with a special deposit account.
Bank of India sukanya samriddhi yojana account allows for deposits of up to 1.5 lakhs in a year to be made in them and have a maturity that is linked to the age of the girl child in whose name it has been opened.
Once the money is deposited, it is locked in for the duration and grows at a fixed rate every year. The idea being that when the girl matures, the parents have some money set aside to fund higher education or even her marriage or anything else that she might want to do.
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 |
Before you can start investing in the Sukanya Samriddhi scheme with Bank of India, you will need to know a few thing about it, which are:
To add a little incentive to the investments, the contributions made towards this account are eligible for tax benefits under 80C of the Income Tax Act and are therefore limited to a maximum annual contribution of Rs. 1.5 lakhs.
Assuming that the account is opened early enough and a maximum contribution into this account is made to the tune of Rs. 1.5 lakhs every years, the depositor, at the time of maturity, can easily get up to Rs. 78 lakhs. Such an amount is ideal to help fund your daughter’s studies or indeed any other plans that she may have for her life, which makes this a good investment.
Sukanya Samriddhi Yojana (SSY) is a government-backed savings scheme intended to secure the financial future of girl children. Any girl child below the age of ten can have an account opened in her name by a guardian who is a resident citizen of India.
The Sukanya Samriddhi Yojana offers tax benefits under section 80(C), including an exemption on investments up to Rs. 1.5 lakh, as well as on accrued interest and maturity amount. Additionally, the scheme provides an attractive interest rate of 8.20% compounded annually.
A Sukanya Samriddhi Yojana account can be opened with a minimum deposit of Rs. 250, with subsequent deposits in multiples of Rs. 50. The maximum annual contribution allowed is Rs. 1,50,000, and deposits can be made for a period of 15 years from the date of opening. The account matures after 21 years of opening the Sukanya Samriddhi Yojana account.
Partial withdrawals of up to 50% of the amount in the Sukanya Samriddhi Yojana account at the end of the preceding financial year are permitted for the purpose of the account holder's education after they turn 18 years old or pass the 10th standard, whichever is earlier.
An individual can visit any Bank of India (BOI) branch to open a Sukanya Samriddhi Yojana account. The guardian needs to provide documents such as a recent passport-sized photograph, the girl's child's birth certificate, and proof of address and identification.
Yes, customers can transfer their existing Sukanya Samriddhi Yojana account from any other bank or post office to a Bank of India branch. The process involves submitting a transfer request at the current bank or post office, followed by documentation and account opening formalities at the Bank of India.
The Sukanya Samriddhi Yojana account matures after 21 years from the date of opening. On maturity, the outstanding balance, along with applicable interest, is payable to the account holder.
Yes, Bank of India offers an auto-deposit facility wherein customers can set standing instructions for automatic deposits into their Sukanya Samriddhi Yojana account from their bank account, starting from as low as Rs. 100.
No, NRIs are not eligible to open Sukanya Samriddhi Yojana accounts.
Apart from financial security, Sukanya Samriddhi Yojana provides tax exemptions, attractive interest rates, and the opportunity to secure a girl child's future education and marriage expenses.
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