Sukanya Samriddhi Yojana (SSY), a flagship savings scheme of the Government of India, was launched to secure the future of daughters. The scheme offers numerous benefits, including attractive interest rates and tax exemption. Earlier, one had to visit a bank or post office branch to open an account under this scheme; however, Punjab National Bank (PNB) has now made the process completely digital. Now you can open this special account for your darling from your mobile, sitting at home.
Open a Sukanya account with the PNB ONE app
PNB has started the facility of opening a Sukanya Samriddhi account online through its mobile banking app PNB ONE. With this, existing customers can open this account for their daughter from home in just a few minutes. This new facility not only saves time, but it is also considered a strong initiative towards Digital India and women’s Empowerment. The process of opening an account through the PNB ONE app is very simple and fast, so that more and more parents can start investing on time for the bright future of their daughters.
How to open an account through the PNB ONE app
Keeping in mind the convenience of the customers, Punjab National Bank has started the facility of opening an account of ‘Sukanya Samriddhi Yojana’ on the PNB ONE app. This facility is a boon for parents or guardians who want to start saving for their daughter in time.
First of all, make sure that you are an existing customer of PNB and have downloaded the PNB ONE app. If you do not have this app, you can download it from the Google Play Store or the Apple App Store. After opening the app, log in with your user ID and password or MPIN.
After logging in, go to the main menu of the app and click on the ‘Services’ option.
After this, go to the ‘Government Initiative’ section. Here you will see the option of ‘Sukanya Samriddhi Account Opening’. Select this option and carefully read all the important information shown on the screen.
Now you have to fill in some basic information like the daughter’s birth certificate, guardian’s identity card, and address proof. In this process, you have to enter the daughter’s age, date of birth, and other important details. An account under ‘Sukanya Samriddhi Yojana’ can be opened only for a daughter below the age of 10 years. Therefore, make sure that your daughter’s age meets this criterion.
After filling in all the information correctly, you have to make an initial deposit of a minimum of ₹ 250. You can transfer this amount online from your PNB savings account.
Once all the information and amount are deposited, the bank will verify your application and activate the account. After the account is opened, you will be given a passbook, which will contain the details of the account number, deposit amount, and interest.
Maturity and partial withdrawal rules
The maturity time of this account is 21 years, or the account can be closed when the daughter gets married after the age of 18. Deposits are mandatory for 15 years after opening the account, but after that, interest continues to accrue until the account matures, even if you do not deposit further money. If the daughter needs money for higher education after the age of 18, partial withdrawal of up to 50% can be made from the account. However, for the process of partial withdrawal, account closure, or premature closure, one will still have to visit the bank branch, as these facilities are not available online.
Digital Convenience
The introduction of the facility to open a Sukanya Samriddhi Account through the PNB ONE App has not only saved time but is also a big step towards financial inclusion and women’s empowerment. Earlier, people had to stand in long queues at bank branches and submit several documents to open an account. Now, the process has become completely digital, so that people from both rural and urban areas can easily avail themselves of the benefits of this scheme. This facility is especially useful for parents who do not have time to visit the bank branch due to their busy lifestyle.