With a banking history of over one century, Indian Bank can be considered a pioneer in the Indian Banking industry. With over 2,500 branches across the country, Indian Bank has brought financial products and services to the common man. The bank offers core banking solutions across various platforms ranging from microfinance to technical assistance and insurance services.
Indian Bank is one of the few banks in India which has been authorised by the Reserve Bank of India to open Sukanya Samriddhi Accounts. This Scheme, launched by Prime Minister Narendra Modi aims to inculcate the habit of savings in families, with a focus on the growth and development of the girl child.
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 8.1%.
Features of Indian Bank Sukanya Samriddhi Account
Some of the features of Indian Bank Sukanya Samriddhi Account are mentioned below.
- Account Opening – A Sukanya Samriddhi Account can be opened by a legal guardian/parent on behalf of a girl child.
- Age – This account can be opened for girls up to the age of 10 years. A 1 year grace period is provided for girls born between December 2nd 2003 and December 1st 2004.
- Tenure – This account has an overall tenure of 21 years (starting from the date of its inception).
- Number of accounts – Only one account can be opened per girl. In the event of a family having two or three girls on account of twins or triplets, a maximum of 2 or 3 accounts can be opened respectively.
- Deposit amount – This account can be opened with a minimum deposit of Rs 250. Accountholders can choose to increase this amount in multiples of Rs 100, subject to a maximum limit 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 14 years from the date of opening an account.
- Interest – This account earns an interest of 8.1% which is compounded and credited every year.
- Deposit mode – Deposits can be made either through cash, demand drafts or cheques.
- Premature closure – Premature closure of this account is allowed only under extreme conditions like death of depositor or serious medical illness.
- Account revival – Individuals can revive this account by paying a penalty of Rs 50 plus the minimum deposit amount for a particular term.
- Account operation – This account can be managed by the parent/legal guardian till the girl reaches the age of 10 years. On attaining this age, the girl child can operate the account on her own.
- Withdrawal – On attaining the age of 18, the girl child maintaining this account can withdraw 50% of the amount for the purpose of marriage or higher education.
Benefits of Indian Bank Sukanya Samriddhi Account
Opening a Sukanya Samriddhi Yojana Account with Indian Bank can be extremely beneficial to individuals. Some of the benefits offered are mentioned below.
- High interest – The interest rate for Sukanya Samriddhi Account is decided by the government and currently stands at 8.1% per annum. This interest is compounded and credited every year.
- Tax exemption – Investments towards this scheme are eligible for tax exemptions under Section 80C of the Income Tax, offering additional incentives to open this account. The amount on maturity is also exempt from tax.
- Payment only to girl child – Under this scheme, the amount on maturity will only be paid to the girl child under whose name this account is, ensuring that the amount is used for her benefit.
- Low deposit amount – This account can be opened with a low initial deposit of only Rs 250, with an option to increase this amount in multiples of Rs 100.
- Transfer – This account can be transferred to any other authorised bank/post office anywhere in India.
- Additional interest – This account will continue to earn interest even after maturity, until it is officially closed.
Documents Required for Indian Bank Sukanya Samriddhi Yojana Account
Individuals who wish to open a Sukanya Samriddhi account with Indian Bank are required to submit the following documents.
- Birth certificate of girl child under whose name the account is being made.
- Identity proof of parent/legal guardian.
- Address proof of parent/legal guardian.
The bank will allot a passbook for every accountholder. This passbook will contain details about the girl child including account number, name and address. It will also provide details about deposits made into the account and has to be presented during each deposit and 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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