Sukanya Samriddhi Yojana: Account opening process in SBI, benefits, withdrawal rules explained

SBI Sukanya Samriddhi Yojana Account: Individuals looking for securing the future of their girl child can open Sukanya Samriddhi Account at the State Bank of India (SBI). This facility is available at all branches of the largest lender. As per the official SBI website, the Sukanya Samriddhi Account has was introduced vide Government of India Notification No. G.S.R.863(E) dated December 02, 2014 and circulated to Banks by Reserve Bank of India vide their letter No.RBI/2014-15/494/IDMD(DGBA).CDD/No.4052/15.02.006/2014-15 dated 11th March 2015. The scheme aims to promote the welfare of the girl child. The facility to open Sukanya Samriddhi Yojana Account is now available at all SBI branches.

Here are important rules you need to know before opening Sukanya Samriddhi Scheme account at SBI:

SBI Sukanya Samriddhi Yojana: Maximum number of accounts

One can open SSY account in the name of up to two girl children or three in case of twin girls as second birth or the first birth itself results in three girl children

SBI Sukanya Samriddhi Yojana Account Minimum and Maximum Amount of Deposit

One can make Rs 1000 initial deposit with multiple of one hundred rupees thereafter with annual ceiling of Rs 1,50 000 in a financial year, says the SBI website. 

SBI Sukanya Samriddhi Yojana Account tenure of deposit

The tenure of SSY deposit is 21 years from the date of opening of the account.

SBI Sukanya Samriddhi Yojana Account: Maximum period up to which deposits can be made

15 years from the date of opening of the account.

SBI Sukanya Samriddhi Yojana Account: Interest on Deposit

The current rate of interest on SSY account deposit is 8.5%.

SBI Sukanya Samriddhi Yojana Account: Tax Rebate

Under Section 80C of the Income Tax Act, 1961, the scheme has been extended Triple exempt benefits -  there is no tax on the amount invested, amount earned as interest and amount withdrawn.

SBI Sukanya Samriddhi Yojana Account: Premature Closure

Premature closure is allowed in the event of death of the depositor or in cases of extreme compassionate grounds such as medical support in life threatening diseases to be authorized by an order by the Central Government

SBI Sukanya Samriddhi Yojana Account: Irregular Payment/Revival of account: 

There is penalty of Rs 50 per year along with the minimum specified amount per year

SBI Sukanya Samriddhi Yojana Account: Mode of Deposit

Deposits can be made through Cash/Cheque/ Demand Draft/Transfer/ online transfers through internet Banking .

SBI Sukanya Samriddhi Yojana Account Standing Instructions

SBI website says standing instructions can be given either at the Branch or set through Internet Banking for automatic credit to Sukanya Samriddhi Account.

Watch This Zee Business Video

SBI Sukanya Samriddhi Yojana Account: Withdrawal rule 

SBI website says that fifty per cent of the balance lying in the account as at the end of previous financial year for the purpose of higher education, marriage after attaining the age of 18 years.

National Savings Institute says, "One withdrawal shall be allowed on attaining the age of 18 years of account holder to meet education expenses upto 50 % of the balance at the credit of preceding financial year."