The United Bank of India aims to be one of the most technologically advanced and financially robust bank with a pan-India presence. The United Bank of India offers a wide range of products and services in the domains of retail banking, corporate banking, foreign exchange operations, international treasury, correspondent banking, MSME and financial inclusion (payment of wages as per NREG scheme and social security pension) among many others. The United Bank of India is one of the authorised banks in the country offering the Sukanya Samriddhi account scheme for the girl child.
Features of Sukanya Samriddhi Account offered by the United Bank of India
The salient features of the United Bank of India Sukanya Samriddhi Account scheme are as follows:
- Age and account opening procedure: The biological parents or guardian of a girl child can open a Sukanya Samriddhi account. Only one account per girl child can be opened. However, a guardian/parent can open two or three accounts in case he or she has twin girls or triplets. Sukanya Samriddhi accounts can be opened in any authorized bank or post office. The girl child can operate her own account when she turns 10. The deposits, however, can be made by the parents or guardian only. SSA can be opened in the name of a girl child starting from her birth till she turns ten.
- Deposit Range: An initial deposit of Rs.1000 is required to open a Sukanya Samriddhi account. The total deposited money should, however, not exceed Rs.1.5 lakh in a financial year.
- Maturity Period: A Sukanya Samriddhi scheme has a maturity period of 21 years, i.e, from the date of opening the account or marriage date, whichever is earlier. It is important to note that the SSA account cannot be operated after the girl is married.
- Deposit Mode: Deposits can be made by way of cash, cheque or demand draft. The cheque has to be drawn in favour of bank manager or postmaster.
- Transfer: If the girl child shifts to another city away from the bank branch where she holds a Sukanya Samriddhi account, the guardian or parents can transfer the account to the new location/bank branch.
- Premature withdrawal: After the girl child attains 18 years, 50% of the fund amount can be withdrawn to pay for her higher education or wedding.
Benefits of United Bank of India Sukanya Samriddhi Account
- Tax benefits
The finance minister in his budget speech for the current financial year 2015-16 announced EEE status for Sukanya Samriddhi Account in that the scheme is now 100% tax free, i.e, withdrawal under section 80C and deposit.
- High interest rates
The Sukanya Samriddhi Yojana interest rate is 9.2% for financial year i.e. FY 2015-16. The account holder can, therefore, benefit from one of the highest interest rates offered by the government for any small savings scheme in the country. The interest (compounded on an yearly basis) is accrued on the lowest amount between the 5th and last day of a month.
- Maturity Proceeds
The balance amount and the accrued interest in a SSA is paid to the girl child upon maturity. It is important to note that even after maturity of a Sukanya Samriddhi account, the interest is paid until account closure.
- Safe small saving optionSukanya Samriddhi Accounts are aimed at ensuring systematic financial planning for the girl child given that it has a lock-in period of 21 years. The parents or guardian of the child cannot withdraw money from the account except for specific purposes such as higher education or marriage of the girl child.
Documentation Required Sukanya Samriddhi Account
The documents required to open a United Bank of India Sukanya Samriddhi Account are listed below:
- Identity proof of the depositor (guardian or parents)
- Address proof of the depositor (guardian or parents)
- Birth certificate of the girl child
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