The Indian Overseas Bank Sukanya Samriddhi Yojana (SSY) is one of the most popular savings schemes introduced by the Government of India under the Beti Bachao – Beti Padhao Yojana. It aims to promote the welfare of the girl child by providing a secure and rewarding financial future. The scheme is accessible through several nationalized banks, including Indian Overseas Bank (IOB), offering attractive interest rates and tax benefits.
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To open a Sukanya Samriddhi Yojana account in Indian Overseas Bank, you need to visit your nearest IOB branch with the required documents. The process is quick, and the staff will help guide you through it.
The form is available at the bank or can be downloaded online through IOB’s website.
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IOB provides an efficient platform to invest in the Sukanya Samriddhi Yojana. With branches across India and simple application processes, it is convenient for parents/guardians to open and manage accounts for their daughters.
The Indian Overseas Bank Sukanya Samriddhi Yojana account offers a reliable and rewarding savings opportunity for securing your daughter’s future. With a blend of attractive interest rates, tax benefits, and government backing, it stands as one of the most secure investments in the long term. Whether you are planning for her education or marriage, this scheme ensures financial stability and peace of mind.
Parents who want to make the most of the Beti Bachao – Beti Padhao Yojana should consider opening an SSY account at IOB. The process is straightforward, and with just a few essential documents, you can get started on building a secure future for your child.
You need to deposit a minimum of Rs. 250 annually.
No, only one SSY account per girl child is allowed.
The rate is as declared by the Ministry of Finance, revised quarterly. Currently, it’s around 8%.
As of now, the account opening process is offline. You need to visit a branch.
The account matures after 21 years from the date of opening.
Partial withdrawals (up to 50%) are allowed after the girl turns 18, primarily for education.
A penalty of Rs. 50 will be charged, and the account can be reactivated by paying the penalty along with the due amount.
No, the interest earned is fully exempt from tax under the EEE category.
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