Canara Bank Sukanya Samriddhi Account
Sukanya Samriddhi Yojana is basically an initiative of the Indian Government to empower the girl children and daughters of the country. For a very small amount, the parents or legal guardian of the child can secure her future and life.
Canara Bank was founded in the year 1906 at Mangalore. The bank went through a lot of changes and challenges and is now one of the most popular banks in the country.
The bank was the first financial entity to launch the Inter-city ATM network and exclusive subsidiary for IT consultancy.
The bank has a huge presence in the country with over 5708 bank branches in various rural and urban areas. The bank is a foremost player in terms of facilitating and providing various government launched financial schemes in the country.
Sukanya Samriddhi Account is being offered to customers in India via various public and private sector banks that have registered with the government for the same.
Canara Bank Sukanya Samriddhi Yojana Details
Current Interest Rate | 8.2 % Per Annum |
Minimum Deposit | INR 250 Per Annum |
Maximum Deposit Amount | INR 1,50,000 Per Annum |
Max Eligibility Age | 10 Years |
Maturity | After the age of 18 |
Features of Canara Bank Sukanya Samriddhi Account
Listed below are some of the most prominent features of Canara Bank Sukanya Samriddhi Scheme.
- Account Opening Information – Sukanya Samriddhi Account can be availed on behalf of girl child by either her parents or legal guardian.
- Eligible Age of girl child – The account can be availed under the name of any girl child who is equal to or below 10 years of age. Special relaxation in age is given to girls born between 2nd December 2003 and 1st December 2004.
- Number of accounts – One girl child can avail a maximum of one Sukanya Samriddhi Scheme on her name.
- Deposit amount – The scheme can be opened with a minimum deposit amount of Rs.250 and there after in multiples of Rs.100. The maximum permissible deposit amount is Rs.1,50,000 in a financial year. You can use the Sukanya Samriddhi Yojana calculator for calculating how much monthly amount you want to put in your Sukanya Samriddhi Account.
- Premature closure – Premature closure of deposit account is allowed only in urgent and unfortunate events like death and critical illness
- Tenure – The deposit tenure for Canara Bank sukanya samriddhi scheme is 21 years from the date of inception of deposit.
- Account revival – Revival of this deposit account is possible on payment of penalty fee of Rs.50 and the required deposit amount for that term.
- Deposit Withdrawal – Withdrawal can be made for up to 50% of deposit by girl child for purposes of marriage or higher education.
- Deposit period – Maximum deposit tenure of 14 years is allowed.
- Interest – A high rate of interest of 8.2% per annum is applicable on deposits made under this scheme.
- Deposit mode – Deposit for this account can be deposited through cheques, demand drafts or plain cash.
Benefits of Canara Bank Sukanya Samriddhi Account
There are certain benefits of Canara Bank Sukanya Samriddhi Yojana that makes this account more lucrative than any other similar deposit schemes in the market, currently.
- Special benefit for girl child – The scheme aims to ensure welfare of girl child and as such allows withdrawals etc. only to suit her benefit.
- Affordable and flexible deposit amount – Deposit amount starts at Rs.250 and can be increased in multiples of Rs.100. This adds affordability and flexibility to the deposit scheme.
- High interest – 8.2% per annum is a higher rate of interest as compared to interest rate offered by banks on similar deposit offerings.
- Tax exemption – Tax exemption can be claimed on deposits made towards Sukanya Samriddhi Scheme. This is applicable under section 80C of the Income Tax Act. Maximum amount that can be claimed for exemption is Rs.1,50,000.
- Transfer of deposit account – Since this scheme is applicable to citizens throughout the country, the deposit account for this can be transferred from one location to another as well as from one registered bank to another.
- Additional interest – Even after the deposit has attained maturity, the amount continues to earn interest unless the deposit is closed.
Documents Required for Canara Bank Sukanya Samriddhi Account
Following are some of the documents that customers needs to submit in order to avail the Sukanya Samriddhi Deposit Scheme.
- Birth certificate of girl child under whose name the account is being opened.
- Identity Proof of parent/legal guardian who is opening the account on girl child’s behalf
- Address Proof of parent/legal guardian who is opening the account on girl child’s behalf
Banks are supposed to furnish a passbook at the time of account opening. This passbook will keep entries of deposits and withdrawals made to the Sukanya Samriddhi Scheme.
FAQs on Canara Bank Sukanya Samriddhi Account
- Can I avail myself of loan facility against SSY account?
No, you cannot avail yourself of loan against the fund accumulated under Sukanya Samriddhi Yojana account.
- Is premature closure allowed under Sukanya Samriddhi Yojana scheme?
Yes, premature closure of Sukanya Samriddhi Yojana account is permissible on certain specific conditions, such as critical illness or death of the primary account holder.
- How many SSY accounts can be opened under a single beneficiary?
Only one Sukanya Samriddhi Yojana account can be opened under a single beneficiary at any authorised bank or nearest post office branch.
- What happens if extra money is deposited in the Canara SSY account than allowed?
No interest amount will be credited for the extra sum deposited in the Canara Sukanya Samriddhi Yojana account above Rs.1.50 lakh. The extra amount can be withdrawn at a point in time.
- How to make SSY payments?
Payment to Sukanya Samriddhi Yojana account can be done through online if the accountholder has exsiting internet banking account, or even through cash or cheque.
- Can I transfer money to my Sukanya account online in Canara Bank?
Yes, you can transfer fund to Sukanya Samriddhi Yojana account in Canara Bank through online via National Electronic Fund Transfer (NEFT) facility.
- How can I check my Sukanya Samriddhi account balance?
To check your Sukanya Samriddhi Yojana account online, you need to log into your SSY account using your credentials and check your balance on the dashboard on the homepage. But this service has not been introduced by all banks. For checking balance offline, visit the bank where you have opened your SSY account and update your passbook to get the details about your current fund in the SSY account.
- What is the limitation of Sukanya Samriddhi Yojana?
Some of the limitations of Sukanya Samriddhi Yojana scheme is that the scheme is specifically for girl child; allows investment in fixed deposit account only; premature withdrawal is restricted; and available only to Indian residents.
- What are the benefits of Sukanya Samriddhi Yojana in Canara Bank?
The significant benefit of Sukanya Samriddhi Yojana account in Canara Bank are it helps in financial development of the girl child, allows partial withdrawal to suit her emergency needs, flexible and affordable deposit amount, deposit can be made any number of times, interest and maturity amount earned are tax-free, and others
- What documents are required for SSY in Canara Bank?
Some of the vital documents that are must for opening SSY account in Canara Bank are photographs of girl child and the guardian along with the birth certificate of the girl child on whose name the account will be opened.
- How many deposits are required for Sukanya Samriddhi Yojana?
The minimum deposit amount per year is Rs.250 and after that in multiples of Rs.50. The maximum deposit amount is Rs.1.50 lakh per year for up to 15 years. The account will be operated on by the girl child after attaining 18 years of age.
- Is a birth certificate mandatory for SSY?
Yes, a birth certificate of a girl child is mandatory while opening SSY account by any authorised bank or post office.
- Is it mandatory to deposit every month in Sukanya Samriddhi?
Yes, it is mandatory to deposit a minimum amount of Rs.250 every year to keep your Sukanya Samriddhi Yojana account. Otherwise, the account wil be considered as deafult and the accountholder will have to pay Rs.50 to activate the default account.
- What is the best time to deposit in Sukanya Samriddhi Yojana?
It is recommended it's best to deposit on the fifth of every month in Sukanya Samriddhi Yojana account, as the interest is calculated on the lowest amount present in the account between fifth to end of the month.
- Can parents withdraw the fund from Sukanya Samriddhi Yojana account?
Yes, parents can withdraw partial fund from Sukanya Samriddhi Yojana account after the girl child attains 18 years of age.
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