Sukanya Samriddhi Account has come as a blessing for the people with a girl child. This account can enable them to save a lot of money especially when the interest rates are falling every quarter. The net effective interest rate available on fixed deposits is less than 7% and in such a case it becomes difficult to save the amount for the education and marriage of the girl child. After the launch of Sukanya Samriddhi Account, it became easy for the people to save the money on higher interest rate and the interest that you receive on asavings account is exempted from any tax.
If you have a girl child and if she is not 10 years old yet then you must open the Sukanya Samriddhi Account right away as that would help you a great deal in future. For the calculation purpose, if you save Rs 1.5 Lakh annually for 14 years then at end of 21 years you can get a sum of 78 lakhs. This is the power of compounding and it can certainly help you a lot for your girl child. It should be noted that you can open the Sukanya Samriddhi Account for two girl child for maximum and you can only open the third account if you have twins. Below are the details of opening Sukanya Samriddhi Account.
Documents Required for Opening Sukanya Samriddhi Account
As you might be aware of the fact that you can open Sukanya Samriddhi Account with different banks and there are over 25 banks that are providing this facility to people. The documents may slightly differ from one bank to another but overall, the list of documents is pretty standardized and it would remain the same from one bank to another. Here is the list of documents required for opening the account.
- Savings Bank Account Opening Form
- Birth Certificate of Girl Child
- Identity Proof
- Residency Proof
You need to submit the application along with the filled form to the bank during the account opening process.
Procedure for Opening Sukanya Samriddhi Account Online
There are banks that would let you open the bank account online and they would instantly provide you with an account number, the facility of internet banking and a virtual debit card. The list includes banks like Kotak Mahindra Bank and Axis Bank but at this point in time, it is not possible to open Sukanya Samriddhi Account through online procedure. The banks do not support such a feature as they need to verify the documents very carefully so as to avoid the misuse of the facility provided by the government. Hence you would have to take the offline route for opening the Sukanya Samriddhi Account. Here are the steps to open the account through the offline procedure.
- The first step of the procedure is to visit the bank and obtain a saving bank account opening from the executive at the bank. Also, you would have to take the Sukanya Samriddhi account opening applications.
- Once you have obtained the application, you can then proceed to fill up the form and attach the documents after filling the form completely.
- After attaching the documents to the form, you can simply go ahead and submit the form to the bank executive. The executive will verify the forms and documents and he will provide you with an acknowledgment
- The executive will also give you the account number and you will be able to deposit money in the bank account with help of the new account number.
This is how you can open the Sukanya Samriddhi bank account and probably in future, the banks will provide online facility to open Sukanya Samriddhi bank accounts.
