Punjab National Bank (PNB) has come up with Sukanya Samriddhi Yojana (SSY) through which you can secure the future of your daughters. Under this scheme, a maximum of two girl child accounts can be opened in a family in any branch of the bank. The bank has said that the parents of the child can open a Sukanya Samriddhi account in the name of the beneficiary. The beneficiaries should not have attained the age of 10 years on the date of account opening.
As a parent, you need to deposit a minimum of Rs 250 in a Sukanya Samriddhi account in a financial year. The bank has allowed a maximum deposit of Rs 1,50,000/- in a financial year. According to PNB, the parent will be allowed to deposit the amount in the account for 15 years from the date of opening such an account.
Interest on Sukanya Samriddhi Account will be applicable as announced by the Government of India every quarter and compounded annually. At present, interest rate of 7.6 per cent with income tax exemption is applicable on Sukanya Samriddhi accounts.
PNB has also allowed premature closure of the account as per rules. The account can also be transferred from banks to post offices and vice versa.
For higher education of the account holder, maximum withdrawal of 50% of the balance in the account will be allowed.
The maturity period of Sukanya Samriddhi Account is 21 years from the date of its opening. If you deposit Rs 3000 in Sukanya Samriddhi account, you can get more than Rs 15 lakh. On depositing Rs 36,000 annually, you will get Rs 9,11,574 after 14 years at the rate of 7.6 per cent compounding annually. After 21 years this amount will be around Rs 15,22,221.
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