State Bank of Travancore is a subsidiary of the State Bank Group and it has private shareholders. The bank offers you a variety of products like investment, insurance and loans to choose from. Banking facilities are offered to micro and small and medium enterprises and farmers. The bank also offers special schemes that are provided by the government.
The Reserve Bank of India authorised State Bank of Travancore to open Sukanya Samriddhi Accounts (SSA). The small saving scheme, launched by Prime Minister Narendra Modi was designed to encourage saving so the girl child’s financial needs such as education and marriage expenses are met.
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%.
Benefits of State Bank of Travancore Sukanya Samriddhi account
The benefits of State Bank of Travancore Sukanya Samriddhi account are as follows:
- You can avail a higher rate of interest compared to other small savings schemes. The interest rate offered for the year 2014-2015 was 9.1% . The applicable rate of interest is declared by the government every year. The interest is compounded and credited each year.
- The contributions made to the Sukanya Samriddhi account are exempt from tax under Section 80C of the Income Tax Act, 1961. This exemption is allowed on the interest earned on the investment and also at the time of withdrawal.
- The account has a maturity period of 21 years from the date of opening the account or on the date of the girl childs’ marriage. The account will not be operational after marriage. Only one pre mature withdrawal is allowed when the girl child turns 18. This is allowed if the child wishes to pursue further education. Premature withdrawal is allowed for up to 50% of the balance in the account at the end of the preceding financial year. You can continue to make deposits in the account 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.
- If the account is not closed after its maturity, you will still earn interest on the amount available in the account till the date the account is closed.
- The account can be opened with Rs.250 as an initial deposit and is subject to a maximum limit of Rs.1.5 lakhs in a financial year. To keep the account active, you need to deposit at least Rs.250 every year. The account can be operated by the girl child after she turns 10. You can use the Sukanya Samriddhi Yojana calculator for calculating how much monthly amount you want to put in your Sukanya Samriddhi Account.
- The account can be easily transferred anywhere in India.
Features of State Bank of Travancore Sukanya Samriddhi Account
The features of State Bank of Travancore Sukanya Samriddhi Account are as follows:
- The account can be opened by a legal guardian on behalf of a girl child.
- Up to 2 girl child accounts can be opened. And in case of twins, 3 accounts can be opened.
- The minimum deposit is Rs.250 and the maximum deposit in a year is Rs.1.5 lakhs.
- The tenure of deposit is 21 years from the date of opening the account.
- The maximum period up to which deposits can be made is 14 years from the date of opening the account.
- The interest rate offered is 8.1%.
- You are eligible for tax rebate under Section 80C of the Income Tax Act, 1961.
- Premature closure is allowed if the depositor dies and on other extreme compassionate grounds.
- Revival of the account is allowed for which you need to pay Rs.50 towards the end of the year along with a specified minimum amount.
- The deposit can be made through cash, cheque or demand draft.
- 50% of the balance available in the preceding financial year can be withdrawn to meet the expenses of higher education or towards marriage on attaining the age of 18 years.
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