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Wednesday, April 29, 2015

PNB first bank to roll out Sukanya Samriddhi Scheme

The Punjab National Bank has started opening Sukanya Samriddhi Scheme accounts, the first bank to do so after the scheme was formally launched in January this year. According to a statement from the bank, the scheme is available at 1,604 PNB branches across India.

Almost seven weeks ago, on 11 March, the RBI had sent a circular to the heads of 28 commercial banks spelling out the operational guidelines of the Sukanya scheme. But except for PNB, no other bank has rolled out the scheme till now.

Meanwhile, the Sukanya scheme has emerged as the hottest selling investment in post offices. More than two lakh Sukanya accounts have been opened in Post Offices since the scheme was launched. According to India Post, some 8,000-9,000 new accounts are opened every week in Mumbai alone. Given that the scheme offers 9.2 per cent returns and the maturity amount is tax free, the Sukanya scheme is a better alternative to the all-time favourite PPF.

But the Sukanya scheme is only open to girls below 10 years. For this year, the government has allowed a grace period of one year so even girls up to 11 are eligible. The scheme also has a longer tenure and partial withdrawals are allowed only after the child turns 18 or gets married.

A parent or legal guardian can open a Sukanya account in the name of a girl. To open an account, one needs to submit a copy of the birth certificate of the child, address proof and identity proof.

Source : Economic Times


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