Sukanya Samriddhi Yojana is a scheme by the Indian Government to empower the girl child. Every bank registered with the Central Government offers this scheme including Canara Bank. Sukanya Samriddhi Yojana was started as a part of BETI BACHAO YOJNA on 22nd January, 2015 under the leadership of Narendra Modi. The main aim of this initiative is to secure the future of a girl child.
Features of Sukanya Samriddhi Yojana from Canara Bank
Objective: The main objective of this Sukanya Samriddhi Yojana is to promote the welfare of girl children and empower them from a young age. It initiates parents to secure the future of their child with minimum investment.
Eligibility: Account can be opened for any girl below or equal to 10 years of age.
Account opening: Any legal guardian of a girl child is eligible to open this account
Number of accounts: Only 2 accounts from one family can be opened. Each girl will have only one account (in case of special cases like triplets, 3 accounts can be opened)
Deposit amount: On 23 July,2018 the minimum amount to be deposited was revised to ₹250. The maximum amount that can be deposited is ₹1,50,000.
Rate of Interest: Canara Bank offers 7.6% rate of interest per annum as of 2021.
Time period: The Account can be active till 21 years from the date of its opening. Maximum deposit tenure of 15 years is allowed.
Withdraw: The withdrawal is allowed only after the girl attains 21 years of age. In case of higher education and marriage, 50% of the deposit amount can be withdrawn.
Mode of payment: The deposit can be made through cash, cheque, bank drafts, or through online mode via net banking.
Closure: The Account can be closed only in unforseen or unfortunate conditions like death or severe illness.
Benefits of Sukanya Samriddhi Yojana from Canara Bank
Welfare of Girl child: The scheme preferably aims at the empowerment of girl child. In a country like India, where the mortality rate of girl children is considerably higher, this initiative by the government was much needed to promote the welfare of girls.
High interest rate: The interest rates offered for this account is fortunately higher which motivates more people to invest in this scheme. Higher incentives generate more participation. As of 2021, the interest rate is 7.6%.
Tax exemption: Since this account is a welfare account, the deposit and the interest received is exempted from tax payment and the nominee acquires the entire amount of money after the tenure.
Affordable: The opening of this account is affordable and reliable. Only 250 is required to open an account and the deposits can be done without any restrictions. This makes it easier for people from all starts to enjoy the benefits of this account.
Transferable Account : The account can be easily transferred from one city to another city or even from one locality to another locality without much formalities. The Canara Bank makes sure to help the users as per their convenience.
Documents required for opening SSY Account
Any Account needs some verification and validation to be opened. Similarly Canara Bank requires some documents to verify the Account holder and the beneficiary. The documents required are :
1. Birth certificate of the child whose Account is being opened.
2. Passport size photo of the girl child.
3. ID of the guardian or parent who is responsible for opening the account on the girl’s behalf.
4. Address proof of the legal guardian.
How can one open a SSY Account with Canara Bank
1. Visit your nearest Canara Bank branch and enquire about the account. The bank staff will guide you through it.
2. Submit the required documents to open the account
3. Make a minimum deposit of ₹250 to open the account
4. Your account is opened , make regular deposits to keep the account active.
Should You Opt for Sukanya Samriddhi Yojana from Canara Bank?
Sukanya Samriddhi Yojana from Canara Bank is an outstanding initiative by the Indian government and the government aims to make it a successful scheme. You can make SSY account in Canara Bank for free. Let us know what you think about SSY.