Bank of India SSA FORMS

The Sukanya Samriddhi Account (SSA) forms for Bank of India (BOI) are standardized under the Government Savings Promotion Rules. These forms are used to manage the savings scheme specifically designed for the benefit of a girl child.

Below are the key forms and their primary functions:

1. Account Lifecycle & Operation

• SSA FORM Opening of Account (Form-1): The primary application to open the account. It requires the birth certificate of the girl child and the KYC documents (Aadhaar/PAN) of the guardian.

• SSA FORM Withdrawal (Form-3): Used for partial withdrawals (up to 50% of the balance) once the girl child reaches 18 years of age or completes the 10th standard, specifically for the purpose of higher education.

• SSA FORM Closure of Account (Form-2): Used for the final closure of the account upon its maturity after 21 years from the date of opening, or upon the marriage of the girl child after she turns 18.

• SSA FORM Premature Closure of Account (Form-4): Used to close the account before maturity. This is typically allowed only in extreme cases, such as the death of the account holder or for life-threatening medical treatment of the girl child.

2. Management & Succession

• SSA FORM Cancellation/Variation of Nomination (Form-3/Generic): Allows the guardian to update or change the nominee who would receive the funds in the event of both the account holder and the guardian’s passing.

• SSA FORM Extension of Account: While SSA has a fixed tenure of 21 years, this form is used if there are specific regulatory updates allowing for continued deposits or management beyond the standard contribution term (15 years of deposits).

3. Legal & Settlement Forms

These forms are generally required when handling the account in the absence of the original guardian or during deceased claim settlements.

• SSA FORM Affidavit: A legal declaration required for verifying the relationship between the guardian and the child or for correcting discrepancies in the birth certificate.

• SSA FORM Letter of Disclaimer: Signed by legal heirs to waive their claim to the account balance in favor of another person (usually during a deceased claim).

• SSA FORM Letter of Indemnity: A legal undertaking protecting the bank from future liability when releasing funds to a claimant or nominee without a formal succession certificate.

Important Guidelines for BOI Customers:

• Deposit Limits: Minimum deposit is ₹250 and maximum is ₹1.5 Lakh per financial year.

• Tax Benefits: Contributions are eligible for deduction under Section 80C, and the interest earned as well as the maturity amount are fully tax-exempt.

• Multilingual Support: Bank of India provides these forms in multiple regional languages (Marathi, Gujarati, Kannada, etc.) to ensure accessibility for all customers.

• Linking: It is highly recommended to link the SSA account to the guardian’s existing BOI savings account for easy standing instructions and automated deposits.