Canara Bank Sukanya Samriddhi Account

Sukanya Samriddhi Yojana is basically an initiative of the Indian Government to empower the girl children and daughters of the country. For a very small amount, the parents or legal guardian of the child can secure her future and life.

Canara Bank was founded in the year 1906 at Mangalore. The bank went through a lot of changes and challenges and is now one of the most popular banks in the country. The bank was the first financial entity to launch the Inter-city ATM network and exclusive subsidiary for IT consultancy. The bank has a huge presence in the country with over 5708 bank branches in various rural and urban areas. The bank is a foremost player in terms of facilitating and providing various government launched financial schemes in the country.

Sukanya Samriddhi Account is being offered to customers in India via various public and private sector banks that have registered with the government for the same.

On 23 July 2018, the criteria for minimum annual deposit for the Sukanya Samriddhi Yojana account has been revised to Rs.250 from the earlier amount of Rs.1,000. Also the interest rate for the July-September quarter is 7.6%.

Features of Canara Bank Sukanya Samriddhi Account

Listed below are some of the most prominent features of Canara Bank Sukanya Samriddhi Scheme.

  • Account Opening Information – Sukanya Samriddhi Account can be availed on behalf of girl child by either her parents or legal guardian.
  • Eligible Age of girl child – The account can be availed under the name of any girl child who is equal to or below 10 years of age. Special relaxation in age is given to girls born between 2nd December 2003 and 1st December 2004.
  • Number of accounts – One girl child can avail a maximum of one Sukanya Samriddhi Scheme on her name.
  • Deposit amount – The scheme can be opened with a minimum deposit amount of Rs.250 and thereafter in multiples of Rs.100. The maximum permissible deposit amount is Rs.1,50,000 in a financial year. You can use the Sukanya Samriddhi Yojana calculator for calculating how much monthly amount you want to put in your Sukanya Samriddhi Account.
  • Premature closure – Premature closure of deposit account is allowed only in urgent and unfortunate events like death and critical illness
  • Tenure – The deposit tenure for Canara Bank sukanya samriddhi scheme is 21 years from the date of inception of deposit.
  • Account revival – Revival of this deposit account is possible on payment of penalty fee of Rs.50 and the required deposit amount for that term.
  • Deposit Withdrawal – Withdrawal can be made for up to 50% of deposit by girl child for purposes of marriage or higher education.
  • Deposit period – Maximum deposit tenure of 14 years is allowed.
  • Interest – A high rate of interest of 7.6% per annum is applicable on deposits made under this scheme.
  • Deposit mode – Deposit for this account can be deposited through cheques, demand drafts or plain cash.

Benefits of Canara Bank Sukanya Samriddhi Account

There are certain benefits of Canara Bank Sukanya Samriddhi Yojana that makes this account more lucrative than any other similar deposit schemes in the market, currently.

  • Special benefit for girl child – The scheme aims to ensure welfare of girl child and as such allows withdrawals etc. only to suit her benefit.
  • Affordable and flexible deposit amount – Deposit amount starts at Rs.250 and can be increased in multiples of Rs.100. This adds affordability and flexibility to the deposit scheme.
  • High interest – 7.6% per annum is a higher rate of interest as compared to interest rate offered by banks on similar deposit offerings.
  • Tax exemption – Tax exemption can be claimed on deposits made towards Sukanya Samriddhi Scheme. This is applicable under section 80C of the Income Tax Act. Maximum amount that can be claimed for exemption is Rs.1,50,000.
  • Transfer of deposit account – Since this scheme is applicable to citizens throughout the country, the deposit account for this can be transferred from one location to another as well as from one registered bank to another.
  • Additional interest – Even after the deposit has attained maturity, the amount continues to earn interest unless the deposit is closed.

Documents Required for Canara Bank Sukanya Samriddhi Account

Following are some of the documents that customers needs to submit in order to avail the Sukanya Samriddhi Deposit Scheme.

  • Birth certificate of girl child under whose name the account is being opened.
  • Identity Proof of parent/legal guardian who is opening the account on girl child’s behalf
  • Address Proof of parent/legal guardian who is opening the account on girl child’s behalf

Banks are supposed to furnish a passbook at the time of account opening. This passbook will keep entries of deposits and withdrawals made to the Sukanya Samriddhi Scheme.

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