Investment made eligible for tax rebate under 80C.
Attractive Rate of Interest.
Tax Free Interest accrued on deposits.
Premature withdrawal facility available.
Minimum deposit is Rs 250/- & Maximum deposit is Rs 1,50,000/- in a Financial Year.
The SSY matures on completion of a period of 21 years from the date of the opening of account.
The deposits may be made in the account till the completion of a period of 15 years from the date of opening of account.
Nomination is allowed for one or more individuals, but not exceeding four individuals, at the time of opening of account or at any time before the maturity of account.
The closure of the account may also be permitted before completion of 21 years as per scheme guidelines.
Account can be opened both online mode (through net banking/mobile banking (ai1)) and offline mode (in bank branches).
Transfer of Account facility available as per scheme guidelines.
Premature Closure available as per scheme guidelines.
The account may be opened by one of the guardian (who is a Resident Citizen of India) in the name of a girl child, who has not attained the age of 10 years as on date of opening of the account.
Every account holder shall have a single account under this Scheme.
An account under this Scheme may be opened for a maximum of two girl children in one family(exception allowed for twins and triplets).
Interest as notified by the Government of India (present rate of interest being 8.00 % p.a.) and credited at the end of each Financial year.
SSY Account Opening form.
The birth certificate of the girl child.
ID proof of the depositor.
Address proof of the depositor.
Photographs of depositor.
Any other document required.
An account under this Scheme may be opened for a maximum of two girl children in one family(exception allowed for twins and triplets).
If the minimum amount of Rs 250 is not deposited in any financial year , a penalty of Rs 50/- will be charged.
Withdrawal is allowed in the below cases :
To meet the financial requirements of the account holder for the purpose of higher education and marriage, account holder can avail partial withdrawal facility after attaining 18 years of age.
If the beneficiary is married before maturity of account, account has to be closed.