Punjab National Bank (PNB) has come up with Sukanya Samriddhi Yojana (SSY) by which you can secure the future of your daughters. Under this scheme, an account can be opened in any branch of the bank for a maximum of two girl children in one family. 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 as on the date of opening of the account.
As a parent, you have to make a minimum deposit of Rs 250 in the 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 parents will be allowed to deposit the amount in the account till 15 years from the date of opening of such an account.
The interest on the Sukanya Samriddhi account will be applicable as announced by the Government of India every quarter and compounded annually. Currently, an interest rate of 7.6 per cent with income tax exemption is applicable on Sukanya Samriddhi accounts.
PNB has also permitted the premature closure of the account as per the rules. The account can also be transferred from banks to post offices and vice-versa.
For higher education of the account holder, withdrawal of up to a maximum of 50 percent of the balance in the account shall be allowed.
The maturity period of the Sukanya Samridhi account is 21 years from the date of its opening. You can get more than Rs 15 lakh on maturity if you deposit Rs 3.000 in the Sukanya Samriddhi account. By depositing Rs 36,000 annually, you will get Rs 9,11,574 at the rate of 7.6 percent annual compounding after 14 years. After 21 years, this amount will be around Rs 15,22,221.
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