Sukanya Samriddhi Yojana (SSY) Account in Bank of India PDF Download
Sukanya Samriddhi Account is a Government of India backed saving scheme targeted at the parents of girl children. The scheme encourages parents to build a fund for the future education and marriage expenses for their female child.
The Sukanya Samriddhi Yojana offers an interest rate of 8.5% per annum. The tenure for maturity for the amount is 21 years. It is important to note that it is important for individuals to make minimum one contribution a year to keep the scheme alive till 14 years are completed.
For the child (account holder)
- Only a girl child can open this account.
- The maximum age of this child should be 10 years. However a grace period of 1 year is granted.
For the parents-
- Only biological parents or legal guardians of the child can open the account on the child’s behalf.
- One parent or legal guardian can open up to two accounts for their girl children. In case of twins or triplets the parent or legal guardian can open up to three accounts
However, the interest rate on Sukanya Samriddhi Yojana is usually at least 0.5% higher than that of PPF (Public Provident Fund).
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