UCO Bank SSY

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Introduction

The Government of India launched the Sukanya Samriddhi Yojana (SSY) under the Beti Bachao Beti Padhao initiative to encourage savings for a girl child’s future. This scheme provides financial security and supports higher education and marriage expenses for the girl child. UCO Bank, one of the trusted public sector banks in India, offers Sukanya Samriddhi Yojana to its customers with competitive interest rates and attractive benefits.

Key Features of UCO Bank Sukanya Samriddhi Yojana

Account Eligibility: Can be opened in the name of a girl child below 10 years.
Minimum Deposit: Rs. 250 per year.
Maximum Deposit: Rs. 1.5 lakh per year.
Interest Rate: Determined by the government quarterly (typically higher than regular savings accounts).
Maturity Period: 21 years from the account opening date or until the marriage of the account holder after attaining 18 years.
Tax Benefits: Contributions are eligible for deductions under Section 80C of the Income Tax Act.
Partial Withdrawal: Allowed after the girl turns 18 for educational expenses.

How to Open a Sukanya Samriddhi Yojana Account in UCO Bank?

Opening an SSY account at UCO Bank is simple and requires minimal documentation. It can be done by visiting the nearest branch.

Stepwise Process to Open an SSY Account

Visit the Nearest UCO Bank Branch: The guardian or parents must visit a UCO Bank branch with the necessary documents.
Collect and fill the SSY Account Opening Form: Obtain the application form from the bank and fill in the details correctly.
Attach the Required Documents:
- Birth certificate of the girl child.
- Identity proof (Aadhaar Card, PAN Card, Passport, etc.) of the parent/guardian.
- Address proof of the guardian (Electricity bill, Aadhaar, Passport, etc.).
- Recent passport-size photographs of the applicant and guardian.
Deposit the Minimum Initial Amount: A minimum deposit of Rs. 250 is required to activate the account.
Receive the Passbook: After verification, the bank will issue a passbook for future transactions and monitoring of the account.

UCO Bank Sukanya Yojana Account Benefits

High Interest Rate: Earns a better interest rate than traditional savings accounts.
Guaranteed Returns: As a government-backed scheme, it provides financial security.
Tax Exemptions: Deposits qualify for tax deductions under Section 80C.
Encourages Savings: Helps parents save systematically for their daughter’s future.
Long-Term Wealth Creation: Maturity benefits provide substantial financial support.
Flexible Deposits: Depositors do not need to deposit a fixed amount annually, but they must make a minimum deposit to keep the account active.

Features of Sukanya Samriddhi Scheme

Parents or legal guardians can open this scheme exclusively for the girl child.
The government revises the interest rate quarterly.
You must make deposits for 15 years, and after that, the account will continue earning interest until maturity.
Depositors can close the account prematurely in exceptional cases like medical emergencies.
Funds can be used for the education and marriage of the girl child.

Contribution Limits and Withdrawal Rules

Annual Deposits: Between Rs. 250 and Rs. 1.5 lakh.
Partial Withdrawal: Depositors can withdraw up to 50% of the balance after the girl reaches 18 years.
Account Closure on Maturity: The girl child receives the total balance along with interest after maturity.

Sukanya Yojana UCO Bank Account – Documents Required

Birth certificate of the girl child.
Guardian’s ID proof (Aadhaar, PAN, Passport, etc.).
Guardian’s Address proof.
Photographs of the applicant and guardian.
Initial deposit receipt.

How to Transfer a Sukanya Samriddhi Yojana Account?

The SSY account can be transferred from UCO Bank to another bank or post office and vice versa. The procedure includes:

Visiting the current bank/post office with a request letter and passbook.
Submitting KYC documents and proof of account transfer request.
The new bank will verify and process the transfer.

Conclusion

The UCO Bank Sukanya Samriddhi Yojana account is an excellent savings scheme to ensure the financial well-being of a girl child. With high returns, tax exemptions, and flexible deposit options, this scheme serves as a secure financial tool for parents. Opening an SSY account at UCO Bank is easy and helps parents build a substantial corpus for their child’s future education and marriage expenses.

Frequently Asked Questions

What is the current interest rate of the Sukanya Samriddhi Yojana at UCO Bank?

The interest rate for SSY accounts is revised quarterly by the government. Please check with UCO Bank for the latest rates.

Can I open a UCO Bank Sukanya Samriddhi Yojana account online?

No, the account opening process is currently offline. Parents or guardians must visit the nearest UCO Bank branch.

What happens if I miss depositing money in a year?

If a deposit is not made in a financial year, the account becomes inactive. It can be reactivated by paying a penalty of Rs. 50 along with the minimum deposit amount.

Can I withdraw money before maturity?

Partial withdrawal (up to 50%) is allowed after the girl turns 18 for educational purposes. Full withdrawal is permitted only at maturity.

Is the maturity amount taxable?

No, the maturity amount, including interest, is tax-free under Section 80C of the Income Tax Act.

Can I open more than one SSY account for my daughter?

No, only one account per girl child is allowed. A family can open a maximum of two accounts for two different daughters.

How can I track my Sukanya Samriddhi Yojana account balance?

The balance can be tracked via passbook updates at UCO Bank branches.

Can I transfer my SSY account from UCO Bank to another bank?

Yes, the SSY account is transferable between authorized banks and post offices without affecting the benefits.

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