Punjab and Sind Bank was established in the year 1908 by Bhai Vir Singh, Sir Sunder Singh Majitha and Sardar Tarlochan Singh to benefit the society in the long run. They were much appreciated for their effort to enhance the social and financial standing of the people of Punjab. This bank being over 110 years old is considered a respectable institution in the Northern region. The bank is a public sector bank with a PAN India presence.
The Punjab and Sind Bank Sukanya Samriddhi account can be applied and opened at the bank, and post the account being opened the bank provides the guardian with a passbook just like any other savings bank account.
(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 Punjab and Sind Bank Sukanya Samriddhi Account
Some of the most prominent features of Punjab and Sind Bank Sukanya Samriddhi Account are listed below.
- This type of scheme account can be opened by the guardian or parent of a girl child in one of the designated banks, including Punjab and Sind Bank.
- The account can be opened for girls up to the age of 10 years, although a grace period of a year is offered to girls born between December 2, 2003 and December 2, 2004.
- The maximum tenure for the Sukanya Samriddhi Scheme is 21 years from the date of inception, although withdrawals can be made once the girl is 18 years of age.
- A single account can be opened for a single girl child.
- The minimum deposit amount for the account to function is Rs.250, and it can be increased in multiples of Rs.100.
- The maximum amount permitted for deposit is Rs.1,50,000.
- Deposits for the account can be made for up to 14 years.
- Sukanya Samriddhi Yojana interest rate payable for the deposit is 8.1% per year and is compounded and credited annually.
- Deposits can be made to this account in the form of Cash, cheques or demand drafts.
- The deposit account will be closed prematurely only in the case of serious illness or death.
- A discontinued account under the Sukanya Samriddhi Scheme is revivable through the payment of a penalty of Rs.50 along with the deposit amount required for that term.
- Early withdrawals can be made when the girl turns 18 years to meet purposes of higher studies or marriage.
Benefits of Punjab and Sind Bank Sukanya Samriddhi Account
Listed below are some of the benefits of the Sukanya Samriddhi Scheme that make this deposit scheme more lucrative than other contemporary deposit schemes offered by banks.
- It has an interest rate of 8.1% offered by Punjab and Sind Bank. The money in this account is compounded and credited annually.
- Under section 80C of the Income Tax Act deposits contributed towards this bank account are exempted for tax.
- This account permits only the specified girl child to withdraw the money, hence there are no chances of misuse, making it highly beneficial for the girl.
- A minimum deposit amount of Rs. 250 is reasonable for people from all walks of life and hence the affordability should encourage its investment.
- The account can earn interest even post maturity of the deposit period upto the time that the account is officially closed.
Documents Required for Sukanya Samriddhi Account
You need some simple documents to be submitted along with the application form to open the Sukanya Samriddhi account at Punjab and Sind Bank.
- Birth certificate or Birth proof of girl child/s
- Address proof of the parent/guardian
- Identity proof of parent/guardian/account opener
- 3 Pictures of parents/guardian (if other than parents) along with 3 photos of the child
- Hard copies of PAN card and Aadhar card of the parents/guardian (if other than parents).
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