Corporation Bank Sukanya Samriddhi Account

When it comes to the multiple technological advances that the financial sector has undertaken so far, Corporation Banks is the most reputable. If you are planning to secure your daughter’s future, consider Sukanya Samriddhi Account with Corporation Bank!

Effective 1 April 2020, Corporation Bank Sukanya Samriddhi Account has merged with Union Bank Sukanya Samriddhi Account.

Corporation Bank has been one of the pioneers to roll out the best technological advances made in the financial industry. The bank was nationalised in the year 1980 and has since then made a huge mark in the field of financial products and services. Corporation bank has a lot of firsts to its name. The list includes cash management services, gold banking, m-commerce etc. The bank is also one of the most prominent government facilitators for spread and enrollment of government schemes. Sukanya Samriddhi Yojana Scheme is also a government led venture in which Corporation Bank is playing a major role due to its deep reach in rural and urban areas of the country.

As the name itself signifies, Sukanya Samriddhi Scheme is aimed at improving the status of girl child in the country. The scheme is also eligible for tax rebate under section 80C of the Income Tax Act. Other features and benefits of this scheme are listed below.

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 Corporation Bank Sukanya Samriddhi Account

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

  • 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 – The account can be availed by girls up to the age of 10 years. Grace period of 1 year is offered to girls who were born between 2nd December 2003 and 1st December 2004.
  • Tenure – The overall tenure of the Sukanya Samriddhi Scheme is 21 years from the date of inception
  • Number of accounts – One account per girl child can be opened.
  • Deposit amount – The minimum deposit amount required is Rs.250, thereafter in multiples of Rs.100. The maximum permissible amount 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.
  • Deposit period – Deposit period is a maximum of 14 years.
  • Interest – The rate of interest paid on the deposit is 7.6% per annum which is compounded and credited annually.
  • Deposit mode – Cash can be deposited in the deposit account via cheques, cash or demand drafts.
  • Premature closure – This deposit account can be closed prematurely only in the event of serious illness or death.
  • Account revival – Any discontinued account under the Sukanya Samridhhi Scheme can be revived by paying a penalty fee of RS.50 plus the deposit required for that term.
  • Deposit Withdrawal – When the girl child reaches the age of 18 years, she is eligible to withdraw 50% of the deposit amount for purpose of higher studies or marriage.

Benefits of Corporation Bank Sukanya Samriddhi Account

Listed below are some of the benefits of Corporation Bank Sukanya Samriddhi Scheme that make this deposit scheme more lucrative than other contemporary deposit schemes offered by banks.

  • High interest – 7.6% per annum is a great rate of interest which is more than the rate offered by any bank on their deposit products, currently.
  • Tax exemption – Deposits made under the Sukanya Samriddhi Yojana are eligible for tax exemption under section 80C of the Income Tax Act.
  • Special benefit for girl child – Money deposited under this scheme can only be withdrawn by the girl child and as such the money is used only towards her benefit.
  • Affordable and flexible deposit amount – An amount as low as Rs.250 can be used to open this account which makes this scheme flexible and affordable.
  • Transfer of deposit account – Corporation Bank Sukanya Samriddhi deposit account can be transferred to and from any of the authorized banks that offer this scheme in the country.
  • Additional interest – The account is eligible to earn interest even after the maturity of the deposit period until the account is officially closed.

Documents Required for Corporation Bank Sukanya Samriddhi Account

Following are the documents that need to be submitted to bank in order to obtain the 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.

At the time of account opening, bank will furnish a passbook which will have details pertaining to the account holder as well as those about deposits and withdrawals made.

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