IDBI Bank Sukanya Samriddhi Account
If there is 1 reputed Bank for its global exposure, it is the IDBI Bank. With its features offering Sukanya Samriddhi Accounts to families, the Bank has gained its reputation on a global level. If you want to secure your daughter's future,look for it.
IDBI Bank is one of the fastest growing banks in the country and with increased global exposure is touted to be a bank of the future. It offers a host of banking and financial solutions to customers, simplifying the complicated world of banking.
Products and services offered by IDBI Bank are available to customers from all strata of society, bringing about inclusive growth. As per the provisions of the Reserve Bank of India, IDBI Bank is authorised to open accounts under the Sukanya Samriddhi Scheme.
This small savings scheme was recently launched by Prime Minister Narendra Modi and aims to promote saving among families to aid the financial needs of girl children across the country.
IDBI Sukanya Samriddhi Yojana Details
Current Interest Rate | 8.2 % Per Annum |
Minimum Deposit | INR 250 Per Annum |
Maximum Deposit Amount | INR 1,50,000 Per Annum |
Max Eligibility Age | 10 Years |
Maturity | After the age of 18 |
Benefits of IDBI Sukanya Samriddhi Account
Some of the benefits of opening a Sukanya Samriddhi Account with IDBI are mentioned below.
- High interest rate – IDBI Bank offers an interest rate of 8.2% per annum under this scheme. This interest will be compounded and credited to the account every year.
- Tax exemption – Investments made towards this account are free from tax, with all contributions eligible for tax exemptions under Section 80C of the Income Tax Act. The amount at maturity is exempted from tax too, enabling one to use the whole amount for the welfare of the girl child.
- Low initial deposit – Individuals can open this account with a low minimum deposit of Rs 250.
- Transfer – Individuals can choose to transfer this account anywhere in the country, without any hassles and delays.
- Additional Interest – In case the account is not closed on maturity, it will continue to earn interest till the date it is officially closed.
- Maturity – On maturity, the amount would be paid only to the girl child in whose the account is active, ensuring that the money is used for the welfare of the child.
Features of IDBI Sukanya Samriddhi Account
Some of the salient features of IDBI Sukanya Samriddhi Account are mentioned below.
- Account opening – IDBI Bank Sukanya Samriddhi Account can be opened by the natural/legal guardian of a girl child on her behalf.
- Age – The age of the girl child should not be over 10 years at time of opening account. A 1 year grace period is provided for girls born between Dec 2nd, 2003 and Dec 1st, 2004.
- Number of accounts – Only one account can be opened for one girl. A legal guardian can open a maximum of 2 accounts for two girls, with an option to open 3 accounts only in the case of triplets or twins being born after the first child.
- Deposit amount – The minimum initial deposit amount is Rs 1,500 and can be increased in multiples of Rs 100. The maximum investment is limited to Rs 1,50,000 per year. You can use the Sukanya Samriddhi Yojana calculator for calculating how much monthly amount you want to put in your Sukanya Samriddhi Account.
- Tenure – The tenure of this deposit is 21 years.
- Premature Closure – Premature closure of account is allowed only if the depositor passes away or in extreme emergencies.
- Deposit term – Deposits can be made for a maximum of 14 years from the date of opening account.
- Account operation – A legal guardian/parent can manage this account on behalf of the girl child till she attains the age of 10 years. Post this age, the girl child can handle the account on her own.
- Account revival – The account can be revived by paying the minimum amount plus a penalty of Rs 50.
- Deposit modes – Deposits can be made either through cash, cheque or demand draft.
- Withdrawal – On attaining the age of 18, the girl child can withdraw 50% of the amount for higher education or marriage.
Documents Required for IDBI Bank Sukanya Samriddhi Account
Individuals who wish to open a Sukanya Samriddhi Account with IDBI Bank need to furnish the following documents.
- Birth certificate of girl child
- Address proof of parent/legal guardian – This could be a driving license, passport, ration card, etc.
- ID proof of parent/legal guardian – This could be an election ID card, PAN card, Driving license, etc.
The bank will allot a passbook containing details about the accountholder. This passbook needs to be presented during each deposit and at the time of Sukanya Samriddhi Scheme withdrawal.
Note - The interest rate is determined by the government and is subject to change. The interest rate mentioned here is for the year 2024-25.
Sukanya Samriddhi Top Pages
FAQs on IDBI Bank Sukanya Samriddhi Account
- Is the application available for online download?
You can get the form from IDBI Bank's website.
- Is it possible to get a duplicate passbook for IDBI Bank Sukanya Samridhi account?
Yes, you can apply for a new passbook along with your account at IDBI bank.
- Is there a way to make the account last longer than 21 years?
In contrast to several other government small savings programs, including Public Provident Fund, the account's term is limited to 21 years.
- Is it possible for me to obtain a loan under IDBI Bank Sukanya Samriddhi scheme?
The account holder is not permitted to borrow money against the account balance from IDBI Bank or any other bank.
- After the account has been open for 21 years, would I be able to receive interest?
The account holder will not be eligible to receive interest on the account balance if she chooses not to withdraw the funds when the account matures.
- Does this scheme offer any insurance coverage?
No, under this program, there is no insurance coverage offered. The welfare of the girl child is the only consideration in this strategy, which is only for financial purposes.
- What distinguishes the IDBI Bank Sukanya Samriddhi scheme from a Public Provident Fund?
In this plan, interest rates are typically higher. For instance, the program now offers an interest rate of 7.6% annually, while the Public Provident Fund gives an interest rate of 7.1% annually.
Kankana Mukherjee is an engineer and has over 4.5 of experience in content writing. Combining the expertise in financial content writing achieved in her 2 years association with BankBazaar, and a knack for clear and engaging content, Kankana simplifies complex financial concepts and offers practical insights to help readers make informed decisions and achieve financial success.
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