The State Bank of Bikaner and Jaipur aims to provide customer-centric banking products and services to ensure high standards of governance. The State Bank of Bikaner and Jaipur offers a wide range of products from personal and corporate banking services. The State Bank of Bikaner and Jaipur is one of many authorised banks across the country to offer the Sukanya Samriddhi Account scheme for the benefit of customers.
(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 Sukanya Samriddhi Account offered by State Bank of Bikaner and Jaipur
The salient features of the SBBJ Sukanya Samriddhi Account scheme are as follows:
- Account opening:Biological parents or guardian of a girl child can open a SBBJ Sukanya Samriddhi account in the latter’s name. Only one account per girl child can be opened under the scheme (up to two accounts). However, a guardian/parent can open two or three accounts in case he or she has twin girls (second birth) or triplets (first birth).
- Age: A Sukanya Samriddhi Account can be opened in the name of a girl child starting from her birth till she turns ten.
- Account opening procedure: Sukanya Samriddhi accounts can be opened in any authorized bank branch or post office.
- Account for the girl child: After attaining ten years, the girl child can operate her account. All the same, the deposits can be made by the parents or guardian only.
- Minimum and maximum deposit: A Sukanya Samriddhi account can be opened with an initial deposit of Rs.250. The subsequent contributions can be made in multiples of Rs.100. The total deposited money should not exceed Rs.1.5 lakh in a financial year. You can use the Sukanya Samriddhi Yojana calculator for calculating how much monthly amount you want to put in your Sukanya Samriddhi Account.
- Maturity: A Sukanya Samriddhi scheme will reach maturity in 21 years from the account opening date or wedding of the girl, whichever is earlier. The account cannot be operated after the girl gets married.
- Interest Rate: The interest rates offered on the Sukanya Samriddhi account are notified by the central government every year.
- Deposit Mode: Deposits can be made by way of cash, cheque or demand draft. The date of cheque encashment is the account credit date. The cheque has to be drawn in favour of bank manager or postmaster.
- Penalty: In case the minimum required amount is not deposited, a Sukanya Samriddhi account can be renewed upon payment of a penalty of Rs.50 per year.
- Transfer: In case the girl child shifts to another city away from the location where she has a Sukanya Samriddhi account, the guardian or parents can transfer the account.
- Premature withdrawal: Upon attainment of 18 years by the girl child, 50% of the fund amount can be withdrawn for her higher education or wedding expenses.
- Premature closure: In case the account holder or the girl child dies, her account will be closed, subject to the production of the death certificate. The balance with interest (till the month prior to premature closure) will be paid to the guardian.
Benefits of Sukanya Samriddhi Account
High interest rates
The Sukanya Samriddhi Account was offering at 9.2% for financial year i.e. FY 2015-16, one of the highest interest rates offered by the government for any small savings scheme. The interest is compounded on an yearly basis. The interest is accrued on the lowest amount between the 5th and last day of a month.
Contributions to Sukanya Samriddhi account are exempt from tax under section 80C of the Income Tax Act, 1961. Budget for financial year 2015-16 also announced EEE status for SSA accounts in that the scheme is now 100% tax free, i.e, withdrawal under section 80C and deposit.
Sukanya Samriddhi Account is aimed at ensuring proper financial planning for the girl child given that it has a lock-in period of 21 years. The parents or guardian of the child cannot withdraw money from the account except for higher education or marriage of the girl child.
Upon maturity, the balance amount and the accrued interest is paid to the girl child. It is important to note that even after maturity of a Sukanya Samriddhi account, the interest is paid until the account is closed.
A Sukanya Samriddhi account offers flexibility to account holders in that it can be opened with a minimum balance of Rs.250 while the maximum amount which can be deposited is Rs.1.5 lakh in a financial year. A SSA account can be transferred anywhere across the country.
Documentation Required for Sukanya Samriddhi Account
The documents required to open a SBBJ Sukanya Samriddhi Account are listed below:
- Birth certificate of the girl child
- Identity proof of the depositor (guardian or parents)
- Address proof of the depositor (guardian or parents)
- Sukanya Samriddhi Yojana Calculator
- SSY Canara Bank
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- Sukanya Samriddhi Yojana Post Office
- Sukanya Samriddhi Yojana Age Limit
- Sukanya Samriddhi Account Online Check
- Online Transfer to SSY
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