PNB Sukanya Samriddhi Yojana Interest Rate 2024

Punjab National Bank (PNB) is one of the oldest financial service providers owned by the Government of India. The bank is widely known for offering several government-backed schemes, including the Sukanya Samriddhi Yojana. This scheme is a part of the ‘Beti Bachao – Beti Padhao’ program to benefit the girl child. 

With the help of the PNB Sukanya Samriddhi Yojana, you can save and grow your investments with a high-interest rate of 8.00% and additional tax benefits under Section 80C of Income Tax. In this blog, we will walk you through a comprehensive guide on this scheme while highlighting its different aspects.

What Is PNB Sukanya Samriddhi Yojana?

The PNB Sukanya Samriddhi Yojana (PNB SSY) is a scheme backed by the government of India. This scheme aims at supporting the future of young girls. It comes with associated benefits, such as the partial withdrawal facility where the girl child can withdraw 50% of her funds once she reaches the age of 18 years.

Features of PNB Sukanya Samriddhi Account

Some of the features of Sukanya Samriddhi Account PNB include the following.

Benefits of Sukanya Samriddhi Account with PNB

There are several advantages of the PNB Sukanya Samriddhi Scheme, which includes:

1. This scheme offers a high interest rate of 8.00% per annum as of 2023-24.
2. The amount invested and benefits are not subject to taxation under Section 80C of Income Tax.
3. In case you need to move to another place, your account can easily be transferred to any other nearest authorized bank in your area.
4. The account keeps accumulating compounded interest if the investment is not withdrawn by the time of its maturity at 21 years.
5. A highly affordable deposit amount makes it easy to afford this scheme for many families.

Eligibility Criteria to Open PNB SSY Account

The eligibility criteria to open your PNB Sukanya Samriddhi Yojana account are listed below. 

1. According to the rules, you can open an account for up to two girls in one family, except for a triplet.
2. A guardian can open their beneficiary’s account (who is less than ten years old at the time of account opening).

Who Can Open an SSY Account? 

For SSY accounts at PNB, up to two girl children can be registered by their Indian resident parents. The third child can be considered if there are triplets, or the second birth has twins after one girl child.

Hence, an NRI cannot open an account. However, in case the girl child has attained her NRI status after opening this account, her parents can visit the local branch to close the account.

Documents Required to Open a Sukanya Samriddhi Yojana PNB

You can open your girl child’s SSY account at PNB using the following documents.

1. Birth Certificate of the account holder
2. Photograph of the girl child and her parents
3. Photo ID of the parents or legal guardian

Stepwise Process to Open an SSY Account

Your child’s Sukanya Samriddhi Yojana Account at Punjab National Bank can easily be opened using the following step-by-step guide.

• Step 1: Obtain the ‘PNB SSY Account Opening Form’ from your nearest PNB branch and fill in your details as asked.
• Step 2: Submit your documents with photos.
• Step 3: Deposit your preferred amount.

Note that the minimum deposit amount is ₹250. You can make deposits using cash, cheques or demand drafts (DD) once your account gets activated.

PNB Sukanya Samriddhi Yojana Formula and Calculation

The formula and calculation for the PNB Sukanya Samriddhi Yojana are as follows.

1. Formula

The following formula is used for calculations in the Sukanya Samriddhi Yojana.

A = P (1 + r/n) ^ nt

Here,

• A = Maturity Value 
• P = Principal Amount
• r = Rate of Interest
• n = Number of times interest gets compounded in a year
• t = Number of years

2. Calculation

Consider calculating using this example.

Imagine an investment of ₹10,000 as their principal amount deposited every year for 15 years. The rate of interest is 7.6% per annum compounded annually and the number of years is 21 years.

In 15 years, the net invested amount = ₹1,50,000

The maturity value after 21 years of investment:

A = 150000 (1+7.6/1) ^ 1*21= ₹4,39,538.

How to Use a PNB SSY Calculator?

Here is a step-by-step guide on how to use an online SSY calculator. 

• Step 1: Enter your investment amount per year, investment starting year, and the age of your girl child.
• Step 2: The online calculator will show results displaying your maturity year and the expected amount you can receive after entering your details.

Tax Benefits on PNB SSY

You can avail a full tax deduction benefit on your principal amount invested up to ₹1.5 lakh per year under Section 80C of the Income Tax Act. In this case, both your maturity amount, as well as the interest income are free from taxation.

PNB Sukanya Samriddhi Yojana Withdrawal Rules

1. Premature closure is available only after five years from the date of account opening.
2. Only a partial withdrawal of up to 50% of the sum is allowed and also in case the girl child has attained the age of 18 years or passed the tenth standard, whichever is earlier.
3. However, in such a case, the withdrawn amount can only be used for higher education or marriage purposes.
4. The amount can also be withdrawn prematurely in case of an emergency. 
5. Your SSY account can be prematurely closed if:
   • In case the account holder or the guardian passes away
   • In case of an extreme emergency such as medical assistance
6. You need to fill in Form 2 and submit your documents such as the death certificate to be applicable for the closure facility. 

How to Withdraw Sukanya Samriddhi Yojana in PNB?

Once the account matures, after 21 years from the date of the SSY account opening, you need to follow the given steps to withdraw from your account.

• Step 1: Fill out Form 4.
• Step 2: Submit the required documents (original passbook and ID) to the nearest PNB branch.

By following the above-mentioned steps, you can withdraw your investment from the Sukanya Samriddhi Yojana (SSY) account at its maturity where the account holder will gain the entire amount with the interest as per the current PNB Sukanya Samriddhi Yojana interest rate.

How Many Accounts Opened in Sukanya Samriddhi Yojana?

You can open only one account per girl child. In the case of a family, a maximum of only two girl children can use this scheme. However, in the case of triplets or twins in the second birth after the first girl child, the family can avail this scheme for three of their female offspring.

Difference Between PNB PPF and SSY

There are significant differences between the Public Provident Fund (PPF) and Sukanya Samriddhi Yojana (SSY) schemes as listed in the table below.

How to Check Sukanya Samriddhi Yojana Account Balance in PNB?

You can check your PNB SSY account balance online using the following steps.

• Step 1: Open your net banking or mobile banking portal of PNB bank.
• Step 2: Enter your login credentials.
• Step 3: Navigate through the portal to find your scheme and its balance.

However, you can also visit your nearest PNB branch or post office to make deposits or check the account balance of your SSY account.

PNB Sukanya Samriddhi Yojana Form

To avail the benefits of this scheme, you need to obtain a form for the PNB Sukanya Samriddhi Yojana at your nearest PNB branch. This form has to be duly filled and submitted along with the supporting documents. 

What is the Minimum Amount Required to Open an Account under Sukanya Samriddhi Yojana?

The minimum amount required to open your SSY account and keep it active is ₹250 per year.

What is the Duration of the PNB Sukanya Samriddhi Yojana Account?

The tenure for the account maturity is 21 years from the date of account opening. After this period, no interests shall be calculated.

Conclusion

With the help of PNB Sukanya Samriddhi Yojana (SSY), you can accumulate a huge lump sum for emergency or marriage purposes of your girl child. Hence, this beneficial scheme with a high-interest rate of around 8% per annum will ensure a bright future for your girl children. However, you must contribute a minimum of ₹250 per year to keep this SSY account active.

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Disclaimer

This article is solely for educational purposes. Stable Money doesn't take any responsibility for the information or claims made in the blog.