Union Bank of India Sukanya Samriddhi Account

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.

SBI Sukanya Samriddhi Yojana Details

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

Features of Union Bank Sukanya Samriddhi Account

The following can be mentioned as the salient features of this specialised small savings scheme 

  • Account Opening – Account can be opened by biological parents or legal guardians on behalf of the girl child through an initial deposit of INR 250. Only one account per girl child is allowed and a maximum of three accounts can be allowed in a family, subject to the condition that the family has had twin girls. Accounts can be opened at post offices and authorised bank branches and are transferable across India
  • Deposits – Account requires a low deposit of INR 250 per year and a maximum deposit of INR 150,000 a year is allowed. Deposits can be made through cash and/or cheques in multiples of INR 100, subject to the aforementioned limits. Deposits can be made for a period of 14 years
  • Account Operator and Depositor – Until the girl child reaches the age of 10, the account can be operated by a legal guardian or parent on her behalf. The operator of the account will also be the depositor for this period. Once the girl child achieves the age of 10 years, she can choose to operate the account herself. The guardian or parent can still remain the depositor till the end of the deposit period of 14 years
  • Account Tenure – The account or deposit has a tenure of 21 years at the end of which the deposit achieves maturity and is released from the lock-in period. The amount in the account can be paid out or can be kept as is, allowing further accrual of interest till the date the account is actually closed
  • Partial Withdrawal – After the girl child has reached the age of 18 years, 50% of the funds in the account can be withdrawn for the purpose of higher education or marriage
  • Account Revival – As mentioned earlier, a minimum deposit of INR 250 is required per year for 14 years in order to ensure the continuity of the account. In case this requirement is not met during any particular year, the account will be discontinued. It can be revived by paying a fee of INR 50 and the minimum deposit amount

Benefits of Union Bank Sukanya Samriddhi Account

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 

  • High Interest Rate – Starting off with an interest rate as high as 8.1% per annum during, the rate has been decreased by 0.5% per annum. As of 2024-25, interest at 8.2% per annum will be compounded and credited into the account every year
  • Additional Interest – If, post the maturity period of 21 years, the amount in the account is not withdrawn, it will keep earning compound interest at the rates mentioned in the scheme
  • Low Deposit Amounts – Made for every family, nominal deposits of INR 250 per year allow a depositor to keep adding to the account without much of a struggle
  • Transferability – In case the depositor and/or account holder changes his/her location, the account can be transferred to any authorised bank or a post office there and further actions pertaining to the account can be done locally
  • Tax Exemption – As a depositor, the funds deposited into this account do not incur tax as per Section 80C, while as an account holder, the maturity proceeds are also tax free. It offers a win-win situation for both the guardian and the girl child

Documents Required for Opening a Sukanya Samriddhi Account with Union Bank

The following items need to present at the time of applying for a Sukanya Samriddhi Account 

  • Birth Certificate of girl child
  • Government-approved proof of address for parent/guardian of girl child
  • Government-approved proof of identity for parent/guardian of girl child

FAQs on Union Bank of India Sukanya Samriddhi Account

  • What is the mode of deposit in Sukanya Samriddhi Yojana Bank?

    The mode of deposit towards the SSY account are cheque, cash, or demand draft. 

  • Can I avail myself of a loan facility under SSY?

    No, you cannot avail yourself of a loan facility under the Sukanya Samriddhi Yojana scheme. 

  • What happens if the beneficiary, the girl child meets with an untimely death?

    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. 

  • Is premature closure allowed under Sukanya Samriddhi Yojana scheme?

    Yes, UBI permits the premature closure of SSY account for any chronic illness or untimely demise of the primary account holder. 

  • Who Can Open an SSY Account with Union Bank of India?

    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.

  • How to check Sukanya Samriddhi account balance in Union Bank of India?

    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. 

  • Can Sukanya Samriddhi account be opened twice?

    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. 

  • Is it compulsory to deposit in SSY every month?

    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. 

  • When to close Sukanya Samriddhi Account?

    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. 

  • Which date is best to deposit in Sukanya Samriddhi Yojana?

    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. 

Disclaimer
Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.