The Syndicate Bank is among the oldest banks in the country, established in the year 1925. The bank has its headquarters in Manipal, Karnataka and is represented by more than 3,500 branches spread across the country. The bank offers a wide range of products and services throughout the banking spectrum and is among the major public sector banks in India.
Syndicate Bank is among the 28 banks chosen by the RBI to accept and operate Sukanya Samriddhi Accounts. Sukanya Samriddhi Account in Syndicate Bank is offered to all customers having a girl child below 10 years of age. The account has been created by the government to ensure a financially secure future for the girl child.
Features of Sukanya Samriddhi Account in Syndicate Bank
The features of Syndicate Bank’s Sukanya Samriddhi Account are:
- Opening the account: The account can be opened with a minimum deposit of Rs.1,000 by the legal guardian/parent of a girl child. One child is allowed a single account while a family can have 2 accounts at most. For families with twins, they can have up to 3 accounts in all.
- Age: The age of the girl child should be less than 10 years when applying for a Sukanya Samriddhi Account. This limit is relaxed by 1 year for children born between 2nd December 2003 and 1st December 2004.
- Deposit amount: The account requires a minimum deposit of Rs.1,000 and the same amount per year. The amount can be increased in multiples of Rs.100 up to a maximum of Rs.1.5 lakhs per account. Deposits have to be made every year without fail, else the account will get discontinued until a penalty payment of Rs.50 for each year the account has been inactive. You can use the Sukanya Samriddhi Yojana calculator for calculating how much monthly amount you want to put in your Sukanya Samriddhi Account.
- Account closing: The account may be closed after the lock-in period of 21 years expires. There is the option to continue the account beyond this point if the girl hasn’t been married. Premature withdrawal will be allowed after 18 years provided the account holder gets married by then. There is also the provision for closing the account in case of the depositor’s demise or serious illness.
Benefits of Sukanya Samriddi Account in Syndicate Bank
There are several benefits associated with Syndicate Bank Sukanya Samriddhi Account as follows:
- High interest rates: The interest rate in the first year of the account inception was 9.1% p.a., which has been increased to 9.2% for the current fiscal 2015-16, comfortably beating popular deposit instruments such as fixed deposits. The Sukanya Samriddhi Interest rates will be revised on a yearly basis.
- Partial withdrawal: Partial withdrawal of up to 50% of amount in the account can be withdrawn when the account holder turns 18. This is to help her with her education.
- Transferability: The account can be transferred to any branch of one of the 28 chosen banks by the RBI. This is to ensure continuation of account irrespective of the location of the depositor throughout the tenure.
- Flexibility: The account gives you the flexibility of making deposits from as low as Rs.1,000 p.a. up to Rs.1.5 lakhs p.a. The amounts are in multiples of Rs.100.
- Tax exemption: The amount invested in a Sukanya Samriddhi Account is eligible for tax exemption up to Rs.1.5 lakhs p.a. as per Section 80C of the Income Tax Act, 1961. Accrued interests till maturity are also exempt from income taxes.
- Transparency: The account balance can only be withdrawn by the account holder allowing her to ensure that her needs are met in the future without worrying about misuse of funds.
Documents Required for Syndicate Bank Sukanya Samriddhi Account
Documents required are quite low for opening this account:
- Birth certificate of girl child
- Identity proof of parent/legal guardian
- Address proof of parent/legal guardian
Account holders are also provided with a passbook listing details such as name, address, account number, deposits and balance, among others.
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