HDFC SSY Account: How to Open Sukanya Samriddhi Yojana Account with HDFC Bank
A Sukanya Samriddhi account can be opened any time after the birth of a girl up to the age of 10, with a minimum deposit of Rs 250 (previously it was Rs 1,000). In subsequent years, a minimum of Rs 250 and a maximum of Rs 1.5 lakh may be deposited during the current financial year.
The account can be opened at any post office or authorized branches of commercial banks.
Here is an overview of how one can open an SSY account with HDFC Bank, according to the bank’s website.
- The documents you need to open the Sukanya Samriddhi Yojana account are ‘
- SSY account opening form
- Beneficiary’s birth certificate
- Proof of address of the guardian or parents of the beneficiary
- Identity document of the guardian or parents of the beneficiary.
How to open Sukanya Samriddhi account in HDFC Bank?
Complete the SSY account request.
Documents and photographs
Make the required deposit payment (any amount between Rs. 250 – Rs. 1.5 lakh will do)
You can give standing instructions at a branch or use Net Banking to set up automatic credit to your SSY account.
Important characteristics of Sukaya samriddhi
- Comes with an interest rate of 7.6% (for the quarter ending December 31, 2021).
- In one financial year, a minimum of Rs 250 can be invested.
- In a single financial year, a maximum investment of Rs 1,50,000 can be made.
- A penalty of Rs 50 would be levied if the required amount of Rs 250 is not deposited during a financial year.
- Deposits to an account can be made for a period of 14 years from the date the account is opened.
- The account will expire 21 years after the date of opening, provided that if the account holder marries before the end of the 21-year period, the account will not be able to function beyond the date of their marriage. Customers will receive a booklet.
The main reason for the success of the program is the tax benefit it offers. Section 80C of the Income Tax Act allows a maximum profit of Rs 1.5 lakh. In addition, all interest earned as well as the amount at maturity is tax free.
Can early withdrawals be made?
Please keep in mind that account closure is only allowed under very limited conditions.
- If the beneficiary marries after reaching the age of eighteen. The purpose of the wedding must be notified one month before the wedding until 3 months after the wedding.
- When the beneficiary reaches the age of 18, he is accepted into a university establishment. A valid proof of admission will be requested from the beneficiary.
- In the event of a change of nationality or country of residence of the beneficiary, the file is deemed to be closed.
- After 5 years of account maintenance, if the bank or the post office determines that the account maintenance is putting financial pressure on the girl for medical reasons or the death of a guardian, a premature withdrawal will be authorized.
- The SSA can be closed early for any reason, but the deposit will be remunerated at the same interest rate as postal savings accounts.