SBI, HDFC, PNB, ICICI, Axis Bank, Post Office Sukanya Samriddhi Yojana account details, benefits for the girl child

SBI, HDFC, Axis Bank, ICICI Bank, Post Office Sukanya Samriddhi Yojana Details: Even as the world celebrates the International Women's Day today, the financial strength of a majority of women in India continues to remain dismal. While women in India have started becoming champions in several fields, financially they are still largely under-protected. A survey by Max Life Insurance shows that only 70 per cent of women  life insurance as compared to 83 per cent males. In cities, ownership of term insurance plans among women is just 19% as compared to 22 per cent men. Not just insurance, most of the women in the country have little cash in their hands. If you want your girl child to be financially empowered, there is one good scheme offered by the government. Named Sukanya Samirddhi Yojana, the scheme can help you girl child become financially empowered by over Rs 70 lakh. 

At the current rate of 8.5% interest, one can get up to Rs 70 lakh upon maturity by investing Rs 1.5 lakh per annum (total = Rs 21 lakh) over a period of 14 years. 

Deposits in the Sukanya Samriddhi Yojana (SSY) account needs to be made till the completion of 14 years from the date of opening the account while the deposits mature in 21 years. One can open the SSY account with leading banks, including SBI HDFC Bank, Punjab National Bank (PNB), ICICI Bank, Axis Bank and Post Office. Here's a look at what they offer:

SBI Sukanya Samriddhi Yojana Account

The SSY account can be opened with all State Bank of India (SBI) branches across the country. 

The SBI official website says the SSY account can be opened by a natural/legal guardian on behalf of a girl child. A natural/legal guardian can open the SSY account in the name of two girl children or three in case of twin girls as second birth or the first birth itself results in three girl children. The minimum amount to be deposited in SSY account is Rs 250/year while the maximum limit per year is Rs 1.5 lakh. The tenure of the deposit is 21 years. SBI website says the SSY interest rate is compounded annually and notified by the Government of India. The interest is "compounded annually with  for monthly interest pay-outs to be calculated on balance in completed thousands." The current rate of interest is 8.5%. 

SSY deposits qualify for tax rebate under Section 80C of the Income Tax Act, 1961. The scheme has been extended Triple exempt benefits i.e. there is no tax on the amount invested, amount earned as interest and the amount withdrawn.

Premature closure is allowed in the event of the 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, says the SBI website. It added that there is a penalty of Rs 50 per year along with the minimum specified amount per year for irregular payment, or revival of the account. 

SSY deposits can be made through Cash/Cheque/Demand Draft/Transfer/online transfers through internet banking. One can also give Standing Instructions at the Branch or set it through Internet Banking for automatic credit to Sukanya Samriddhi Account.

HDFC Sukanya Samriddhi Yojana Account 

Basic details remain the same as SBI Sukanya Samriddhi account. 

Sukanya Samriddhi Account with HDFC Bank offers benefits such as Transfer funds online from linked Savings Account;
Standing Instruction facility can be set online; View account statement online. For opening the SSY account with HDFC, one can contact the nearest HDFC branch. 

On withdrawal rules, the HDFC website says to "meet the financial requirements of the account holder for the purpose of higher education and marriage, the account holder can avail partial withdrawal facility after attaining 18 years of age. If the beneficiary is married before maturity of account,  has to be closed."

Documents required to open SSY account with HDFC Bank include a birth certificate of the girl child, identity and residence proof of the guardian (PAN card, driver’s licence, Aadhaar card or passport). The medical certificate needs to be submitted for twin children.

ICICI Sukanya Samriddhi Yojana Account 

ICICI Bank has been authorised by the Ministry of Finance for offering Sukanya Samriddhi Yojana (SSY) Accounts. The official website of the bank says, "Customers can open the account by submitting account opening documents at any ICICI Bank branch. The account will be opened in one of the 42 designated branches."

The basic details of the SSY account remain the same for all banks offering the scheme. 

PNB Sukanya Samriddhi Yojana Account

One can open SSY account in the name of the girl child at Punjab National Bank branches. 

Axis Bank Sukanya Samriddhi Yojana Account

The Axis Bank official website says, "Axis Bank’s Sukanya Samriddhi Yojana encourages savings for girl child’s education and marriage. The account can be opened anytime between the birth of a girl child and the time she attains 10 years age by the parent/guardian. A minimum of ₹250 must be deposited in the account initially. Thereafter, any amount in multiples of Rs 100 can be deposited. However, the maximum deposit limit is ₹150,000. Before you apply for the account here are the features and benefits of Sukanya Samriddhi Yojana Account."

Axis Bank has been authorized by the Ministry of Finance for offering SSY Accounts. A legal/natural guardian can open the account by submitting account opening documents at any Axis Bank branch. Basic details of SSY Axis Bank is the same as other banks.

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Post Office Sukanya Samriddhi Yojana Account

SSY account can be opened at a Post Office branch also. Some of the details of SSY account offered by the Post Official website are: 

- A legal Guardian/Natural Guardian can open the SSY account in the name of Girl Child. A guardian can open only one SSY account in the name of one girl child and two accounts in the name of two different Girl children.
- SSY Account can be opened up to the age of 10 years only from the date of birth. For initial operations of Scheme, one year grace has been given. 
- SSY Partial withdrawal, maximum up to 50% of standing at the end of the preceding financial year can be taken after Account holder’s attaining age of 18 years.
- SSY Account can be closed after the completion of 21 years.
- SSY account: Normal Premature closure is allowed after completion of 18 years /provided that girl is married.