Union Bank of India is currently the largest operating financial institution located in the country. Moreover, with its features & benefits of the Sukanya Samriddhi Yojana, it has now become possible for you to secure your girl child's future in a jiffy.
This is a special small savings account that has been launched by the Government of India in 2015. The objective of this account is to provide a better future for girl children and thus empower the female ratio of the population.
As per its name, sukanya samriddhi account is meant exclusively for girls and offers financial support aimed towards achieving higher education and/or fulfilling marriage needs.
Current Interest Rate | 8.2 % Per Annum |
Minimum Deposit | INR 250 Per Annum |
Maximum Deposit Amount | INR 1,50,000 Per Annum |
Max Eligibility Age | 10 Years |
Maturity | After the age of 18 |
The following can be mentioned as the salient features of this specialised small savings scheme
This specialised account was launched for the secure future of the girl child and it offers many benefits to the parents/guardians as well as the girl child.
These benefits are the most compelling reasons for people to consider opening a Sukanya Samriddhi Account with Union Bank
The following items need to present at the time of applying for a Sukanya Samriddhi Account
The mode of deposit towards the SSY account are cheque, cash, or demand draft.
No, you cannot avail yourself of a loan facility under the Sukanya Samriddhi Yojana scheme.
In case of an untimely death of the girl child, the beneficiary, the Sukanya Samriddhi Account under her name is discontinued and closed. The proceeds are transferred to the guardian or parent of the girl child.
Yes, UBI permits the premature closure of SSY account for any chronic illness or untimely demise of the primary account holder.
Parent or guardian of the girl child can open the Sukanya Samriddhi Yojana Union Bank of India account. The account can be opened in the name of the girl child till she is 10 years of age, and the nominee has to be an Indian citizen.
To check the SSY account in Union Bank of India, open the internet banking portal of the bank which is approved for opening SSY account. Enter your login credentials and view the SSY account details on the dashboard.
No, SSY accounts can be opened only once per girl child and parent, or legal guardian can open a maximum of two SSY accounts for two girl children. But twins are born during the first or second girl child, so three accounts can be opened.
No, it is not compulsory to deposit in SSY account every month, it can be once per financial year or can be done in small regular instalments. To keep the account active, the minimum deposit amount is Rs.250 per month for a minimum period of 15 years.
The SSY account remains active for either 21 years from the account opening date or till the girl child turns 18 years of age. Partial withdrawal is allowable up to 50% of the remaining balance after the girl attains 18 years of age, to cover her educational expenses.
monthly payments to SSY accounts should be made on or before fifth of every month to ensure no loss of monthly interest and any deposit made after fifth will not be considered for calculating interest for that specific month.
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