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  • Dena Bank Sukanya Samriddhi Account

    With a banking history of close to 8 decades, Dena Bank has been offering banking and financial solutions to customers since the pre-independence era. The Bank is a pioneer in the Indian banking industry, having introduced a host of concepts designed to benefit the common man. Dena Bank is also one of the few banks which have been authorised by the Reserve Bank of India to open Sukanya Samriddhi Accounts in the country. These accounts are primarily aimed to promote the concept of saving among families, with a focus on the girl child.

    Features of Dena Bank Sukanya Samriddhi Account

    Some of the features of Dena Bank Sukanya Samriddhi Account are mentioned below.

    • Account Opening – This account can be opened by the legal guardian/parent of a girl child in her name.
    • Age – An account can be opened for girls up to the age of 10 only. A grace period of one year is provided for girls born between December 2nd 2003 and December 1st 2004.
    • Tenure – A Sukanya Samriddhi account has a tenure of 21 years from the date of its inception.
    • Number of accounts – Parents/legal guardians can open only one account per girl child. A maximum of two or three accounts per family are permitted in case of twins or triplets being born in the same family.
    • Deposit amount – An account can be opened with a minimum initial deposit of Rs 1,000 which can be increased in multiples of Rs 100, subject to a maximum of Rs 1,50,000 per year. 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 – Deposits can be made for a period of 14 years after opening an account.
    • Interest – This account earns an annual interest of 9.2% which is compounded every year.
    • Deposit modes – Individuals can deposit money either through cash, demand drafts or cheques.
    • Account operation – This account can be managed by the parent/legal guardian on behalf of the girl child till she reaches the age of 10 years. The girl child can handle the account on her own after reaching this age.
    • Premature closure – Premature closure of account is permitted only under extreme conditions like death of depositor or serious medical illness.
    • Account revival – Accounts can be revived by paying a penalty of Rs 50 plus the minimum deposit for a particular term.
    • Withdrawal – The girl child under whose name this account is can withdraw 50% of the amount on attaining the age of 18 for the purpose of marriage or higher education.

    Benefits of Dena Bank Sukanya Samriddhi Account

    A few benefits associated with opening a Sukanya Samriddhi Account with Dena Bank are mentioned below.

    • High interest – This account earns an interest of 9.2% per annum, which is compounded every year, helping an investment reach its maximum potential.
    • Tax exemption – Deposits made towards this account are eligible for tax exemptions under Section 80C of the Income Tax. The maturity amount and interest component are also exempted from tax.
    • Low deposit amount – A minimum initial deposit of Rs 1,000 is required to open this account and individuals can choose to increase this amount in multiples of Rs 100.
    • Payment only to girl child – The maturity amount will be paid only to the girl child under whose name an account is created, ensuring the money is used for her benefit.
    • Transfer – An account can be transferred to any other authorised body anywhere in India.
    • Additional interest – An account will continue to earn interest till it is officially closed, even if it passes the maturity period.

    Documents Required for Dena Bank Sukanya Samriddhi Account

    Individuals who intend to open a Sukanya Samriddhi account with Dena Bank for their girl child need to submit the following documents.

    • Birth certificate of girl child for whom account is being created.
    • Identity proof of legal guardian/parent – Driving License or PAN Card, etc.
    • Address proof of legal guardian/parent – Passport or ration card, etc.

    A passbook containing information about the girl child will be allotted after creating this account. Individuals are expected to present this passbook every time they deposit an amount into this account and during withdrawal.

    Note - The interest rate is determined by the government and is subject to change. The interest rate mentioned here is for the year 2015-2016.

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