This article offers a brief summary of the key aspects of the Bank of India’s Sukanya Samridhi Accounts schemes. Since these details are subject to frequent updates, please refer to the bank’s official website for the most current information on features and interest rates.
Bank of India – Sukanya Samridhi Accounts Features:
- Deposits will be made into the account for a duration of 15 years from its opening.
- The account matures after 21 years from its initiation.
- The prevailing annual interest rate for SSY accounts is 8.00%, as notified quarterly by the Government of India.
- Interest is compounded yearly and credited at the end of the financial year.
- Monthly interest is calculated based on the lowest balance between the 5th day and the month-end.
- No interest will be payable once the account completes twenty-one years.
- The account can be opened with a minimum amount of Rs. 250, and subsequent deposits in multiples of Rs. 50 can be made.
- The minimum contribution remains Rs. 250, while the maximum contribution allowed is Rs. 1,50,000 per financial year for the initial 15 years from the account opening.
How to invest?
Click here to invest in the Bank of India’s Sukanya Samridhi Accounts schemes.
Note: The information presented here is sourced from publicly available data. We cannot be held responsible for any inaccuracies in the details. For the most current and accurate information, please visit the official website of the respective bank/institution.