The Punjab National Bank has started opening Sukanya Samriddhi Scheme accounts, the first bank to do so after the scheme was formally launched in January this year. According to a statement from the bank, the scheme is available at 1,604 PNB branches across India.
Almost seven weeks ago, on 11 March, the RBI had sent a circular to the heads of 28 commercial banks spelling out the operational guidelines of the Sukanya scheme. But except for PNB, no other bank has rolled out the scheme till now.
Meanwhile, the Sukanya scheme has emerged as the hottest selling investment in post offices. More than two
But the Sukanya scheme is only open to girls below 10 years. For this year, the government has allowed a grace period of one year so even girls up to 11 are eligible. The scheme also has a longer tenure and partial withdrawals are allowed only after the child turns 18 or gets married.
A parent or legal guardian can open a Sukanya account in the name of a girl. To open an account, one needs to submit a copy of the birth certificate of the child, address proof and identity proof.
About Sukanya
Samriddhi Accounts
1.
Account can be opened in any Post Office by furnishing birth certificate of
girl child along with KYC documents.
2.
Parent/Guardian can open only one account in the name of one girl child and maximum
two accounts in the names of two different girl children.
3.
Account fetches highest rate of annual interest which is compounded annually,
interest for the financial year 2014 -2015 and Rate of interest is 9.1% Per Annum
(2014-15)
4. Minimum amount required to open the account
is Rs.1000/- and subsequent deposits in multiples of Rs.100/- Minimum deposit
is Rs.1, 000/- and Maximum deposit upto Rs.1, 50,000/- can be made in a financial
year.
5.
Account shall mature on completion of 21 years from the date of opening of the
account. If the account is not closed on Maturity, interest shall be payable on
balance in the account till closure of the account.
6.
A withdrawal of 50% of the balance at credit at the end of proceeding financial
is allowed for the purpose of higher education or marriage of the account
holder girl when she attains the age of 18 years.
7. For preliminary operations of Scheme, one year grace has been given. With the grace, Girl baby who is born between 2.12.2003 & 1.12.2004 can open account up to 1.12.2015.
8. Normal premature closure is allowed after the marriage of girl , on attaining the age of 18 years.
9. Income Tax exemption for all Deposits and
Withdrawals.
