Central Bank of India Sukanya Samriddhi Account

Holding the legacy of being the first-ever commercial bank to ever have been established in India, Central Bank of India, in today’s date, has its unmoving presence all across the urban as well as the rural areas of the country!

Central Bank of India has a rich legacy of being the first commercial bank solely owned by Indians in the pre-independence era. The bank has a huge presence in the country and has deep penetration in rural as well as urban areas. The bank has seen its share of ups and downs and is a prominent banking partner for government related schemes. The bank has been a torchbearer for a number of financial products and services like safe deposit locker facility, recurring deposit scheme, exclusive service counters for female customers etc.

Sukanya Samridhhi scheme is another government led scheme for which the government is using various public and private banks to act as facilitators. Central Bank of India due to its high penetration in the Indian market is an obvious choice 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 Central Bank of India Sukanya Samriddhi Account

Some of the most prominent features of Central Bank of India Sukanya Samriddhi Account are listed below.

  • Number of accounts – One deposit account per girl child can be availed by the parents or guardian
  • Deposit amount – The minimum deposit amount applicable is Rs.250, thereafter in multiples of Rs.100. The maximum deposit amount allowed is Rs.1,50,000.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 extreme events like death and critical illness
  • Account Opening Information – Sukanya Samriddhi Account can be opened by the parent or legal guardian of a girl child in any of the registered bank, public or private.
  • Eligible Age of girl child – This account can be availed for a girl child less than or equal to 10 years of age. Age relaxation has been given to girl child born between 2nd December 2003 and 1st December 2004.
  • Tenure – The deposit tenure for this scheme is 21 years from the date of account opening.
  • Account revival – Discontinued accounts can be revived by paying Rs.50 and the amount for that term.
  • Deposit Withdrawal – When the girl child reaches the age of 18 years, she is eligible to withdraw half the deposit amount for higher studies or marriage.
  • Deposit period – Deposit period allowed is a maximum of 14 years.
  • Interest – The interest rate payable on the deposit is 7.6% per annum which is compounded and credited annually.
  • Deposit mode – Deposits can be made in the account via cheques, cash or demand drafts.

Benefits of Central Bank of India Sukanya Samriddhi Account

Listed below are some of the benefits of the Central Bank of India Sukanya Samriddhi Scheme that make this deposit scheme more rewarding as compared to other similar deposit schemes available in the market.

  • High interest – Rate of interest is higher than any deposits offered by banks. The rate currently is pegged at 7.6% per annum.
  • Tax exemption – Tax rebate can be claimed for deposits made under the Sukanya Samriddhi Scheme. This is under section 80C of the Income Tax Act.
  • Special benefit for girl child – Money deposited under this scheme can be withdrawn only by the girl child for her special benefits like marriage and education.
  • Affordable and flexible deposit amount – Deposit amount starts at Rs.250 and thereafter in multiples of Rs.100. This amount is affordable as well as flexible for customers to avail.
  • Transfer of deposit account – Sukanya Samriddhi Account can be transferred from one bank to another within the country. This applies to all banks registered under the scheme.
  • Additional interest – Even after the deposit account has attained maturity, it continues to earn interest which makes this scheme exceptionally rewarding for customers.

Documents Required for Central Bank of India Sukanya Samriddhi Account

Following are the documents that are required to avail the Central Bank of India Sukanya Samriddhi Deposit Scheme.

  • Birth certificate of girl child under whose name the account is being opened.
  • Proof of Identity of parent/legal guardian.
  • Proof of Address of parent/legal guardian.

Bank will furnish a passbook, at the time of deposit opening. This passbook will have details pertaining to the account holder as well as those about deposits and withdrawals made to/from account.

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