Sukanya Samriddhi Account was started by the Indian government known as Child Savings Scheme to train the child in a better way to manage and earn through interest rate given to them while they are yet young. This led to higher investment and little excitement of money being saved and even more to be given back by the government. Accounts can be opened with Post offices, Banks and other recognized institutions.
The account can be opened on behalf of a girl child by any natural/legal guardian (parent, grandparent, etc.). At present, 100% deduction under Section 80C is allowed in respect of contributions made to these accounts.
In other words, contributions made to these accounts are fully exempt from tax. A Sukanya Samriddhi Account is opened for each girl child with an initial deposit of Rs. 250/– & Maximum 1,50,000 and subsequent deposit can be made anytime after the birth till the completion of 10 years.
Maximum 2 girl children per family (more than 2 in the case of twin/triplets birth), and no boy child shall qualify for this scheme.
Steps to Open sukanya samriddhi account in canara bank
The below Steps will provide you with complete information on how to open a sukanya samriddhi account in Canara Bank.
Step 1: Access Canara Bank Internet Banking by logging in. – How to Start & Register Net banking in Canara bank
Step 2: On the Dashboard Select Government Schemes.
Step 3: Regarding that Select the sukanya samriddhi Yojana option.
Step 4: After reading the summary of the sukanya samriddh account, click the Open Now button at the bottom.
Step 5: On the following screen, provide the Guardian’s basic information, such as an address, Adhar number, email address, and so on, and then click Continue.
Step 6: Add your Girl Child’s Name, Relationship Status with the Account Holder, DOB, and so on, then click Continue.
Step 7: On the next page, Fill in Blanks such as state, city, branch, account number, and deposit amount, then click Proceed.
Step 8: After you have verified the details, click the Continue button.
Step 9: Enter the Transaction PIN and press the Submit button.
Step 10: You got a reference number; write it down and bring it to the branch together with your child’s ID proof, such as an Aadhaar card, and a photo of Child with your ID proof.
Step 11: Ask the Bank Staff to create a sukanya samriddh account; they will ask for ID evidence, which you will provide using Xeroxwith Orginal; after validated, they will start a new account.
Benefits of sukanya samriddhi account
Opening a Savings Account in the name of a girl child is a great idea as it encourages her education. Under the Sukanya Samriddhi Yojana (SSY), the Government of India encourages people to save money for the future of their girl child. The scheme offers attractive interest rates and tax benefits. The maximum deposit allowed is Rs. 1,50,000.
Here’re the benefits of opening a Sukanya Samriddhi Account:
- The initial deposit amount begins at Rs 250 and likewise be increased in the multiples of Rs 100.
- This scheme has been implemented throughout the country. It has a good interest rate for girls’ education.
- High-Interest Rate
- Tax Benifits
- If you are the account holder then you need to know that withdrawals are permitted only after completion of 21 years from the date of opening the account.
This is a very fantastic option to save some money for your child’s future. If you want to open a sukanya samriddhi account and start saving money as well, then do not waste any more time and immediately apply online with the above steps and follow up visit any of the branches of the Canara Bank.
These banks will help you in getting everything done easily and will also guide you in doing this task. In India, many parents are opting for the sukanya samriddhi account facility, especially because the interest earned on these accounts is tax-free. Once you open the account, go ahead and deposit the due amount in it and give your daughter an allowance once in a while.