Sukanya Samriddhi Account 2023: The third-biggest bank in India’s private sector is called Axis Bank. A savings program supported by the Indian government, Sukanya Samriddhi Account is aimed at parents of girls. The program encourages parents to set up money for their female child’s future wedding and educational costs. Customers from large and mid-sized corporations, MSME, retail, and agricultural enterprises can use financial services provided by the bank.
It has more than 2402 branches throughout India and its headquarters are in Ahmedabad. Treasury options, corporate and retail banking, NRI services, business and investment banking, loans to small and medium-sized businesses, agricultural banking, consulting services, and ping pay services are among the services that Axis Bank provides to its clientele.
Axis Bank has been given permission by the Reserve Bank of India to operate a Sukanya Samriddhi Account (SSA). Premier Narendra Modi introduced this little savings program. The goal of this program is to promote saving for a female child’s future marriage and education.
Sukanya Samriddhi Yojana Components
The following are the variables that impact Sukanya Samriddhi Yojana’s operation
- A girl kid in India may open an account from the time of her birth till the age of ten.
- When opening an account, a minimum deposit of Rs. 1,000 must be made. In addition to the annual minimum subscription price, you must pay a penalty of Rs. 50 in order to bring the account back online. To determine how much you want to deposit each month into your Sukanya Samriddhi Account, utilize the Sukanya Samriddhi Yojana calculator.
- A child can have just one account opened.
- Every year, the interest rates are different
- When the youngster reaches the age of 18, early withdrawal is permitted.
How to start an account with Sukanya Samriddhi Scheme
The girl child’s parents or legal guardians must open the account. The Sukanya Samriddhi Yojana application form must be completed and submitted to Axis Bank together with the child’s birth certificate, the address of the parent or legal guardian, and a photo ID as verification.
After the account is successfully opened, you will receive a passbook containing information on the child’s birthdate, the account number, the address, your name, and the details of the initial deposit. The passbook must be turned in when making a deposit, getting interest, or when the account matures.
Advantages of the Sukanya Samriddhi Account at Axis Bank
The following are some advantages of owning an Axis Sukanya Samriddhi account:
1. Compared to other small savings plans, you receive a greater interest rate. 7.6 percent annual interest rate is the interest rate offered for the current year. Every year, the government will announce the applicable interest rate. Every year, this interest is credited and compounded.
2 . Section 80C of the Income Tax Act, 1961 exempts from taxation both interest generated and contributions paid to the Sukanya Samriddhi account. Additionally, this exemption is permitted at the moment of withdrawal.
3. The account matures 21 years after the account opening date or on the child’s marriage date. Following the marriage, the account will no longer be active.
4. One pre-adult withdrawal is permitted for the girl child after the age of eighteen. If she chooses to get married or pursue additional schooling, she is free to take this withdrawal.
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5. Up to 50% of the account amount at the conclusion of the previous fiscal year may be withdrawn early from the account.
6. The Axis Bank Sukanya Samriddhi Account requires deposits to be made over a period of 14 years from the account opening date.
7. When the girl child reaches adulthood, the interest will be paid to her.
8. You will get interest on the amount in the account up until the closing date if it is not closed after maturity.
9. The minimum amount required to open the account is Rs. 1,500, and the maximum amount that may be deposited in a single financial year is Rs. 1.5 lakhs.
10. To keep the account operational, you must make annual deposits of at least Rs. 1,000.
11. Once the girl child reaches ten, she can use the account.
12. Anywhere in India, an account transfer is simple to complete.
Documents For Sukanya Samriddhi Account
- SSY Account Opening Form
- Girl Child’s Birth Certificate
- Identity Documentation (per RBI KYC standards)
- proof of residency (per RBI KYC requirements)
Axis Bank Sukanya Samriddhi Account Features
The following are the characteristics of the Axis Bank Sukanya Samriddhi Account:
- A girl child’s parent or legal guardian may open the account on her behalf.
- It is possible to open up to two accounts, or three accounts if the twins are allowed.
- The annual maximum deposit amount is Rs. 1.5 lakhs, with a minimum of Rs. 1,000.
- 21 years from the account opening date is the deposit tenure.
- From the day the account was opened, deposits may be made for a maximum of 14 years.
- A 7.6% interest rate is being provided.
- According to Income Tax Act of 1961 Section 80C, you will be qualified for a tax refund.
- In the event of the depositor’s death, early closure is permitted.
- Reviving the account requires paying a minimum sum for the current year plus Rs. 50 at the end of the year.
- Cash, checks, or demand drafts can be used to make the deposits.
- Upon the girl child turning eighteen, she may deduct up to fifty percent of the remaining sum for her future marriage or higher education costs.
The guardian must fill out the Account Opening Form on behalf of the minor girl child and submit it to any Axis Bank branch along with the necessary KYC documentation in order to apply for the Sukanya Samriddhi Yojana scheme.
A girl child’s natural or legal guardian may open an account in her name from the time of her birth until she turns ten years old. Only one account in the name of a girl child may be opened and maintained by a depositor. The account can only be opened for two girl children by the natural or legal guardian of the girl child. If the first birth results in three girl children, or if twin girls are born as a second birth, the third account in the girl child’s name can be opened.
The annual deposit amount is Rs. 1,000 for the least and Rs. 1,50,000 for the highest.