The Oriental Bank of Commerce, popularly known as OBC, is a public sector bank based out of Gurgaon, Haryana. The bank is among the foremost government-owned bank in India and offers a wide range of products and services across the banking spectrum. Established in 1943, the OBC operates more than 1000 branches across the country.
The OBC Sukanya Samriddhi Account is a special scheme launched in 2014 by Prime Minister Narendra Modi for the benefit of the girl child. OBC is among the 28 banks chosen to accept Sukanya Samriddhi Account applications from customers.
Features of OBC Sukanya Samriddhi Account
The account has several features such as:
- Account opening: The account can be opened by a parent/legal guardian on behalf of the girl child. One account can be opened per girl child and each family can have a maximum of 2 Sukanya Samriddhi Accounts. In case of twins, families are allowed to have a maximum of 3 accounts. Accounts can be opened with a minimum deposit of Rs.1,000.
- Age: Any girl child up to the age of 10 years can have this account opened on their behalf. Children born between 2nd December 2003 and 1st December 2004 are being offered a grace period of 1 year.
- Amount: The account can be opened with a minimum deposit of Rs.1,000 and in multiples of Rs.100 thereafter. The maximum limit of deposits is Rs.1.5 lakhs p.a. Deposits have to be made for 14 years continuously, failing which the account will get suspended until payment of Rs.50 penalty for every year the account has been disabled. You can use the Sukanya Samriddhi Yojana calculator for calculating how much monthly amount you want to put in your Sukanya Samriddhi Account.
- Closing: The account can be closed after the lock-in period of 21 years expires or the girl child gets married, whichever is earlier. The account can be continued after the lock-in period has expired to enjoy earning interests. Premature closure is allowed after 18 years provided the account holder is married.
Benefits of OBC Sukanya Samriddhi Account
A host of benefits are available with Oriental Bank of Commerce Sukanya Samriddhi Account:
- High rate of interest: The interest rate at the inception of this account was 9.1% p.a. compounded annually. This has increased to 9.2% p.a. for the current fiscal 2015-16. Interest rates are going to be revised on a yearly basis.
- Account transfer: The account can be transferred to any of the banks accepting Sukanya Samriddhi Accounts throughout the country to enhance accessibility in the event that the depositor has to move base.
- Partial withdrawal: The account allows partial withdrawal of up to 50% of account balance as per the previous year’s closing balance. This withdrawal is allowed only when the girl child turns 18 years old for the purpose of her higher education.
- Tax exemption: Tax exemption of up to Rs.1.5 lakhs per year can be claimed on deposits made into the Sukanya Samriddhi Account. This exemption will fall under Section 80C of the Income Tax Act, 1961.
- Deposit amount flexibility: Deposits are accepted from a low of Rs.1,000 p.a. up to Rs.1.5 lakhs per year in multiples of Rs.100 making the account accessible to all classes of society.
- Exclusivity: The proceeds from the account can only be disbursed to the girl who is the account holder, ensuring the funds aren’t misused by anyone else.
Documents Required for OBC Sukanya Samriddhi Account
Opening the Sukanya Samriddhi Account with Oriental bank of commerce requires very few documents as follows:
- Birth certificate of girl child
- Identity proof of parent/legal guardian
- Address proof of parent/legal guardian
Account holders are provided with a passbook containing details regarding the account number, deposits made, account balance as well as personal details such as name and address of the account holder.
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