Sukanya Samriddhi Yojana Scheme details and latest interest rate

Latest interest in Sukanya Samridhi Yojana Account is 7.60%

A) Salient Features of Sukanya Samridhi Yojana Account

1. Account can be opened in the name of a girl child till she attains the age of 10 years.
2. Only one account can be opened in the name of a girl child.
3. Account can be opened in Post Offices and notified branches of Commercial Banks.
4. Birth certificate of a girl child in whose name the account is opened shall be submitted.
5. Account can be opened with a minimum of Rs.1000/- and thereafter any amount in multiple of
Rs.100/- can be deposited.
6. A minimum of Rs.1000/- must be deposited in a financial year.
7. Maximum of Rs.1,50,000/- can be deposited in a Financial Year.
8. Interest on balance [at rate notified by the government from time to time] will be calculated on
yearly compounded basis and credited to the account.
9. One withdrawal shall be allowed on attaining the age of 18 years of account holder to meet
education/marriage expenses {to the tune of 50% of the balance at the credit of preceding
financial year}.
10. The account can be transferred anywhere in India from one post office/Bank to another.
11. The account shall mature after 21 years from the date of opening or on marriage of girl child
under whose name the account is opened whichever is earlier.
12. Documents required for opening Sukanya Samriddhi account are:-
 Birth certificate of girl child
 Address proof
 Identity proof

B) Benefits of Sukanya Samridhi Account Scheme
1. Higher Interest Rate
2. Tax Benefit under Section 80C
3. Payment on maturity to girl child.
4. Interest Payment even after Maturity if account is not closed.
5. Flexibility in Deposits- any number of times amount can be deposited in multiples of Rs.100
subject to maximum limit of Rs.1.50 Lakh per year.
6. Transferable Anywhere in India.
7. Even girl child can operate the account after she attains the Age of 10 Year.
8. Deposits can be made till completion of fourteen years from the date of opening of the
account..
C) Extension of Scheme
As per directions of the Finance Ministry, as a PSU, and on the strength of thrust cast upon the Bank, our Bank has to extend the facility of opening account under Sukanya Samriddhi Yojana in our Bank. First, this scheme was offered in Branches which were authorized to offer PPF. In our Bank., PPF was offered in 7 branches viz. M.G. Road, Secunderabad (44), Ernakulam–Main (77), Poonja Arcade, Mangalore (129), Gandhinagar, Gujarat (417), Gandhidham (467) , Bangalore – IFB (438) and Coimbatore-IFB (562). At present, these seven Branches and other designated branches as per our H.O. Circular 792/2016 dated 14.12.2016 are permitted to open these accounts.

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