Sukanya Samriddhi Yojana

Sukanya Samriddhi Yojana (SSY) is a government backed savings scheme, launched exclusively for the benefit of the girl child. With guaranteed interest income and tax exemptions available, this scheme is the ideal choice for the parent or legal guardian of a girl child, to provide for her higher education and/or marriage and secure her financial future. The account can be opened in the name of a girl child under the age of 10 years, by her parent/ legal guardian. This account can be opened at any Axis Bank branch

Minimum deposit of Rs 250/- per year

Tax exemptions available for parent/ guardian

Competitive interest rates decided by Govt of India

Features and Benefits

Product Features

Deposit Amount

Initial Deposit amount: Rs 250/-

Minimum contribution amount is Rs 250/- and maximum amount is Rs 150,000/- in a financial year

Deposit can be made any number of times , in multiples of Rs 50/- only

Passbook/Statement facility available

Deposit into the account has to be made at least once every year, till completion of 15 years from date of account opening

Mode of Deposit

Cash

Cheques/ Demand drafts

Internet banking*

*Transfer is permitted to Sukanya Samriddhi account, only from Axis Bank Internet Banking

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Tax benefit

Income tax rebate under Section 80C of the Income tax Act, 1961 shall apply for all deposits made under this scheme

Interest earned and maturity proceeds are also tax free, as per Finance Bill 2015-16

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Interest Rate

Interest at rates notified by the government on quarterly basis and compounded yearly, shall be credited to the account

Interest shall be calculated for a calendar month on the lowest balance in the account on the deposits made between the close of the fifth day and the end of the month

The current rate of interest is 8.0%

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Account Operation

Account has to be operated by natural / legal guardian of girl child, till she reaches the age of 10 years

The girl child herself can operate her account after the age of 10 years

Passbook facility is available for this account.

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Withdrawal from account

No withdrawals are permitted till the account holder reaches the age of 18

After the account holder reaches the age of 18, partial withdrawal upto 50% of the account balance is allowed, to meet education expenses or marriage expenses.

Premature Closure

In the event of death of account holder, the account shall be closed immediately on production of death certificate. The balance alongwith interest will be paid to guardian.

In certain instances, if the Central Government is satisfied that operation or continuation of the account is causing undue hardship to the account holder (such as medical emergencies or death), it may allow pre-mature closure of the account

If the account holder attains NRI/ PIO status any time prior to the maturity of the account, the account will be closed.

Closure on Maturity of account

The account will mature on completion of 21 years after account opening, post which it will be closed.

If the account holder gets married prior to the maturity date of the account, then also the account would be closed. The account holder will have to give an affidavit to the effect that she is not less than 18 years of age as on the date of closure of account.

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Other benefits

The account is transferable anywhere in India

Passbook facility is free

No transaction charges are applicable

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