PNB becomes the First Bank to roll out Sukanya Samriddhi Yojana


PNB becomes the First Bank to roll-out Sukanya Samriddhi Yojana

Finally, the wait is over for those wanting to open Sukanya Samriddhi Accounts for their daughters or girl child.  After the scheme was launched formally in January 2015, Postal Department of India was the only institution opening Sukanya Samriddhi Account till now.

Although, a number of private and public sector banks were authorized to open Sukanya Samriddhi Account, none of them could start the operations until the last week of April, when PNB becomes the first bank to open Sukanya Samriddhi Accounts.

As per the official statement from Punjab National Bank, a total of 1,604 PNB branches across India would be offering to open account under the scheme.  On March 11, 2015, RBI authorized 27 other banks to open Sukanya Samriddhi Accounts, however, none other banks have been able to start opening the accounts.

In the meanwhile, Sukanya Samriddhi Scheme has become one of the most sought after schemes in post offices till now with more and more number of people wanting to get an account for their girl children opened under the scheme.

As per the official release from Indian Postal Department, more than 2 lakh Sukanya Samriddhi accounts have been opened so far only in post offices, with around 8,000 to 9,000 fresh accounts opened in Mumbai alone every week.

The popularity of Sukanya Samriddhi account comes from the fact that it secures the future of a girl child while parents keep saving whatever they have and earn a handsome rate of interest and complete tax exemption.

In the current fiscal year only, Sukanya Samriddhi Account is offering a rate of interest of 9.2% per annum.  The rate of interest coupled with EEE tax exemption under 80C of Income Tax makes Sukanya Samriddhi Scheme a number one choice for many modern parents.

Sukanya Samriddhi Scheme is only applicable for girl children in India who are in the age group of 0 to 10 years, with relaxation of 1 year in the current (opening) year.  Parents can keep depositing any amount to the account any number of time throughout the year and the proceeds would mature at a time when parents have to spend money of marriage or higher education of the girl child.

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