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7 Benefits of Sukanya Samriddhi Account in india

Sukanya Samriddhi Yojana has been 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. Facility to open accounts under the scheme is available at all SBI branches.
Objective: To promote the welfare of Girl Child
Who can open the account: A natural/ legal guardian on behalf of a girl child
Maximum number of accounts: Upto two girl children or three in case of twin girls as second birth or the first birth itself results in three girl children
Minimum and Maximum Amount of Deposit: Min.1000 of initial deposit with multiple of one hundred rupees thereafter with annual ceiling of Rs.150000 in a financial year
Tenure of the Deposit: 21 years from the date of opening of the account
Maximum period upto which deposits can be made: 14 years from the date of opening of the account
Interest on Deposit: As notified by the GOI, compounded annually with option for m
onthly interest pay-outs to be calculated on balance in completed thousands.( Current rate 9.20%)
Tax Rebate: As applicable under section 80C of the IT Act, 1961.
Premature Closure: 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
Irregular Payment/ Revival of account: By payment of penalty of Rs.50 per year alongwith the minimum specified amount per year
Mode of Deposit: Cash/Cheque/ Demand Draft
Withdrawal : 50% 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.
NOTE: As this is a Govt. of India scheme, customers are advised to visit www.nsiindia.gov.in for latest instructions/ modification in the scheme.

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