The Indian Overseas Bank is a public sector bank based out of Chennai, Tamil Nadu. The bank has been operational since 1937 and is among the major nationalized banks in India. The bank offers the whole spectrum of banking services to customers through its 3000+ branches spread across the length and breadth of the country.
Indian Overseas Bank is among the 28 banks chosen to accept Sukanya Samriddhi Account opening by the RBI. This new scheme was introduced as recently as 2014 and is aimed at empowering the girl child toward educational or marriage needs. Anyone fulfilling the account opening criteria can apply for the same at any of the branches of Indian Overseas Bank.
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 IOB Sukanya Samriddhi Account
This account has several features including:
- Account opening: Indian Overseas Bank Sukanya Samriddhi Account can be opened by a parent or legal guardian of the girl child. The account can be opened with a minimum deposit amount of Rs.250. One account is applicable per girl child up to 2 girl child, with families having twins allowed to operate a maximum of 3 accounts.
- Age: Children up to the age of 10 years can have a Sukanya Samriddhi Account. 1 year grace period is being provided for girl child who is born between 2nd December 2003 and 1st December 2004.
- Deposit amount: Minimum Rs.250 has to be deposited to activate the account, and in multiples of Rs.100 thereafter. Up to Rs.1.5 lakhs can be deposited per year in a single Sukanya Samriddhi Account. Rs.250 has to be deposited at least every year for 14 years, failing which the account gets discontinued until a payment of Rs.50 penalty for every year the account has not been operational. You can use the Sukanya Samriddhi Yojana calculator for calculating how much monthly amount you want to put in your Sukanya Samriddhi Account.
- Account closing: The account matures after 21 years of operation, after which it may be continued to accrue further interests. The account will be discontinued when the girl child is married. Premature closure is allowed after 18 years of operation if the girl is married by then. Account may be closed in case of death of the depositor or serious medical illness.
Benefits of IOB Sukanya Samriddhi Account
There are a wide range of benefits available with IOB Sukanya Samriddhi Account:
- High interest rate: Interest rates will be revised every year. The interest rate for the year 2018-2019 is 8.1%.
- Partial withdrawal: Premature withdrawal is allowed when the girl child turns 18. This amount is limited to 50% of account balance as per previous year’s account statement.
- Account transfer: The account can be transferred to any other authorized bank or post office branches to ensure operability from anywhere across the country.
- Tax exemption: Depositors can claim up to Rs.1.5 lakhs exemption per year under Section 80C of the Income Tax Act, 1961. The interests accrued at maturity are also tax free.
- Accountability: The proceeds of this account will only be made to the pertinent girl ensuring that the amount cannot be misused by anyone else.
- Flexible deposit amount: Amounts as low as Rs.250 can be deposit every year to enjoy the full benefits of the account. This amount can be increased to Rs.1.5 lakhs p.a. in multiples of Rs.100.
Documents Required for IOB Sukanya Samriddhi Account
There are minimal document requirements while opening a Sukanya Samriddhi Account with IOB. These include:
- Birth certificate of the girl child
- Identity proof of parent or legal guardian
- Address proof of parent or legal guardian
All account holders will be given a passbook containing information such as account number, balance, name and address details to ensure greater transparency in dealings made in the account.
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