The State Bank of Patiala (SBP), part of the largest banking group in the country - the State Bank group, offers services catered to all kinds of customers from corporates and traders to small and medium enterprises and salaried employees. The SBP offers a wide range of products such as personal loans, mutual funds and life insurance among others. The SMP has around 1300 branches and over 52000 ATMs across the country. The SBP is one of the authorised banks in the country which can offer the Sukanya Samriddhi 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 Sukanya Samriddhi Account offered by the State Bank of Patiala
The salient features of the SBP Sukanya Samriddhi Account scheme are as follows:
- Age: SBP Sukanya Samriddhi Account can be opened in the name of a girl child starting from her birth till she turns ten.
- Account opening: Biological parents or guardian of a girl child can open a 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). Sukanya Samriddhi accounts can be opened in any authorized bank branch or post office. 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.
- Deposits: 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.
- 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.
- 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.
- Premature withdrawal: Upon attainment of 18 years by the girl child, 50% of the fund amount can be withdrawn for her higher education or wedding expenses.
- 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.
Benefits of Sukanya Samriddhi Account
The benefits of Sukanya Samriddhi accounts are as follows:
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.
Attractive interest rates
The Sukanya Samriddhi Yojana interest rate was 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.
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.
100% tax free
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.
Documentation Required for Sukanya Samriddhi Account
The documents required to open a SBP 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)
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