Sukanya Samriddhi Yojana Participating Banks

A Sukanya Samriddhi Yojana account can be created by any parent or guardian of a girl child. This savings plan is designed for a female child aged 10 to twenty-one. A maximum investment of Rs 1.5 lakh per year is allowed under the Sukanya Samriddhi Yojana. Section 80C of the SSY contains the EEE tax provision. It is only possible to take the money before the girl reaches the age of 18. The Sukanya Samriddhi Yojana account will mature when you reach the age of 21. The interest rate on the Sukanya Samriddhi Yojana account is 7.60 percent. The Sukanya Samriddhi Yojana calculator may also be used to compute the maturity total at the end of the time.The Indian government has authorised numerous Indian banks to open Sukanya Samriddhi Savings accounts (SSA). Among them are State Bank of India (SBI), Syndicate Bank, UCO Bank, Indian Bank, IDBI Bank, Canara Bank, and others.

Banks that provide the Sukanya Samriddhi Yojana

The following banks give Sukanya Samriddhi Yojana accounts to all eligible individuals:

1. Allahabad Bank's Sukanya Samriddhi Yojana

Anyone under the age of ten can open an Allahabad Sukanya Samriddhi Yojana account in the name of a girl child, according to Indian government guidelines. A minimum deposit of Rs 250 is required to start an Allahabad Sukanya Samriddhi Yojana account.

2. Andhra Bank's Sukanya Samriddhi Yojana

It is quick and painless to open an account with Andhra Bank Sukanya Samriddhi Yojana. As of April 1, 2020, the Andhra Bank Sukanya Samriddhi Yojana account has been merged with the Union Bank Sukanya Samriddhi Yojana account. Contributions to the SSY account will rise at specified rates and will not change until the girl turns 21.

3. Axis Bank's Sukanya Samriddhi Yojana

The Axis Bank Sukanya Samriddhi Yojana account would benefit every girl child. This savings strategy encourages parents to save for their children while also making timely payments on their debts. The child's father or guardian can open the Axis Bank Sukanya Samriddhi Yojana account and then follow the guidelines.

4. Bank of Baroda's Sukanya Samriddhi Yojana

The Bank of Baroda Sukanya Samriddhi Yojana account allows parents of female children to save money to help them achieve their future goals and dreams. The process of creating a Bank of Baroda Sukanya Samriddhi Yojana account is straightforward, and it helps parents build a corpus for their daughter.

5. Bank of Maharashtra's Sukanya Samriddhi Yojana

Parents would not have to worry about future fees for their daughter if they open a Sukanya Samriddhi Yojana account with the Bank of Maharashtra. The Bank of Maharashtra's Sukanya Samriddhi Yojana pays the costs, and the female child receives a guaranteed payout.

6. Canara Bank's Sukanya Samriddhi Yojana

Every female kid is empowered by the Canara Bank Sukanya Samriddhi Yojana, which provides them with the tools they need to attain their future ambitions. The deposit term for the Canara Bank Sukanya Samriddhi Yojana is from the start of the deposit until the age of 21.

7. ICICI Bank's Sukanya Samriddhi Yojana

Parents won't have to worry about spending for their daughter's bright future if they open an ICICI Bank Sukanya Samriddhi Yojana account. The ICICI Bank Sukanya Samriddhi Yojana would act as a financial safety net for girls, allowing them to follow their interests without fear of financial ruin.

Conclusion

Anyone interested in participating in the Sukanya Samriddhi Yojana must register in the name of a girl child. Any approved bank or post office in the region can open a Sukanya Samriddhi Yojana account. In addition, the RBI has approved 28 banks to implement the Sukanya Samriddhi Yojana account opening service. A list of banks that provide Sukanya Samriddhi Yojana Accounts has also been compiled.

Also Read:  What Are The Benefits Of Investing In A Child Plan For Parents?