State Bank of Hyderabad is a nationalised bank having its headquarters at Hyderabad, Telangana. It is one of the scheduled banks in India offering a wide range of products to its customers. The bank offers banking access through latest technologies. It has more than 1800 branches across India.
Reserve Bank of India has authorised State Bank of Hyderabad to open Sukanya Samriddhi Account (SSA). This small saving scheme was launched by Prime Minister Narendra Modi and is designed to encourage saving to meet the financial needs like education and marriage of a girl child.
Benefits of SBH Sukanya Samriddhi Account
The benefits of having a SBH Sukanya Samriddhi account are as follows:
- Higher rate of interest is offered when compared to the other small savings schemes. The interest rate offered for the current year, 2014-2015 is 9.2 percent. The government will declare the applicable rate of interest every year. This interest is compounded and credited each year.
- Contributions made to the Sukanya Samriddhi account are exempt from tax under Section 80C of the Income Tax Act, 1961. This exemption is allowed to the extent of the interest earned on the investment at the time of withdrawal.
- The account matures in 21 years from the date of opening the account or on the date of the girl child’s marriage. The account will stop operating after the marriage.
- Only one pre mature withdrawal is allowed, that is when the girl child turns 18. This withdrawal is allowed if the child wishes to pursue further education.
- Premature withdrawal is allowed for up to 50 percent of the balance in the account at the end of the preceding financial year.
- The deposits in the account can be made till the completion of 14 years from the date of opening the account.
- On maturity, the accrued interest will be paid to the account holder, i.e. the girl child.
- You will earn interest on the amount available in the account even after its maturity till the date the account is closed.
- The account can be opened with Rs.1,000 as initial deposit and it is subject to a maximum limit of Rs.1.5 lakhs 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.
- To keep the account active, you need to deposit at least Rs.1,000 every year.
- The girl child can operate the account after she turns 10.
- The account can be easily transferred anywhere in India.
Features of State Bank of HyderabadSukanya Samriddhi Account
The features of State Bank of Hyderabad SSA are as follows:
- Legal guardian can open the account on behalf of a girl child.
- Only two accounts can be opened and in case of twins, 3 accounts can be opened.
- The minimum deposit is Rs.1,000 and the maximum deposit in a year is Rs.1.5 lakhs.
- The deposit tenure is 21 years from the date of opening the account.
- Deposits can be made for a period of 14 years from the date of opening the account.
- The interest rate offered is 9.2 percent.
- You are eligible for tax rebate under Section 80C of the Income Tax Act, 1961.
- Premature closure is allowed in the event the depositor dies or under any other extreme compassionate grounds.
- The account can be revived by paying a fine of Rs.50 towards the end of the year along with a specified minimum amount.
- Deposits can be made through cash, cheque or demand draft.
- When the girl child turns 18, up to 50 percent of the balance can be withdrawn to meet expenses related to higher education or marriage.
Documents Required for SBH Sukanya Samriddhi Account
To open a Sukanya Samriddhi account in State Bank of Hyderabad, you must have-
- The girl child’s birth certificate.
- Parent’s or legal guardian’s address proof.
- Parent’s or legal guardian’s photo ID proof.
- You need to open a fresh account in the name of the girl child even if you have a savings account with SBH.
- The initial deposit is Rs.1,000 after which you can deposit in multiples of Rs.100.
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