Sukanya Samriddhi Yojana.....................................
Last month Prime Minister Narendra Modi launched the "Sukanya Samriddhi Yojana" a part of the "Beti Bachao Beti Padhao" campaign. Focus on gender equality and opportunities for the girl child are the main themes of the Yojana. Sukanya Samriddhi Account / Yojana is a Small Savings Special deposit Scheme for girl child. This scheme is specially designed for girl’s higher education or marriage needs.The Scheme launched for the welfare of the girl child, to save and educate the girl child.
Features of Sukanya Samriddhi Account (SSA):
Who can open the account? – Sukanya Samriddhi Account (or Khata) can be opened on a girl child’s name by her natural (biological) parents or legal guardian.
What is the Age limit? – SSA can be opened in the name of a girl child from the birth of the girl child till she attains the age of 10 years. ( As per SB Order No. 2/2015 : The Girl child who is born on or after 02.12.2003 can open account )
How many accounts can be opened? – A depositor may open and operate only one account in the name of same girl child under this scheme. The depositor (or) guardian can open only two SSA accounts. There is one exception to this rule. The natural or legal guardian can open two or three accounts if twin girls are born as second birth or triplets are born in the first birth itself.
How to open a SSA account? Accounts in name of the girl child can be opened in post offices or in any branch of a commercial bank that is authorized by the Central Government to open an account under this scheme rules.
What is the minimum deposit to open the account? – The account may be opened with an initial deposit of one thousand rupees. The minimum contribution in any financial year is Rs 1000. Thereafter the contributions can in multiples of one hundred rupees.
What is the maximum deposit amount? – a minimum of one thousand rupees shall be deposited in a financial year but the total money deposited in an account on a single occasion or on multiple occasions shall not exceed Rs 1.5 Lakh in a financial year.Deposits in an account may be made till the child completes fourteen years, from the date of opening of the account.
Is there any penalty? – If minimum (Rs 1000 pa) amount is not deposited, the account will be treated as an irregular account. This can be regularized/renewed on payment of Rs 50 per year as penalty. Along with this, the minimum specified subscription for the year (s) of default should be paid.
What is the mode of deposit? – The deposits in Sukanya Samruddhi scheme can be made in the form of Cash or Demand Draft or Cheque. Where deposit is made by cheque or demand draft, the date of encashment of the cheque or demand draft shall be the date of credit to the account. The cheque or DD should be drawn in favour of the postmaster of the concerned post office or the Manager of the concerned bank. The depositor (parents or guardian) has to write the account holder’s name (child’s name) and the account number on the backside of the instrument.
What is the Rate of Interest on Sukanya Samriddhi Account? – The applicable rate of interest on SSA for the financial year 2014-2015 is 9.1%. This is one of the highest rates of interest offered by Government on small savings scheme
Is interest rate fixed or variable? – The rate of interest is not fixed and will be notified by the central government on a yearly basis.The account can be transferred anywhere in India if the girl shifts to a place other than the city or locality where the account stands.
Is Premature withdrawal allowed? – 50 % (half of the fund) of the accumulated amount in SSA can be withdrawn for girl’s higher education and marriage after she attains 18 years of age. The account’s balance at the end of preceding financial year is used for the calculation.
Can the girl child operate the account? On attaining age of ten years, the account holder that is the girl child may herself operate the account, however, deposit in the account may be made by the guardian or parents.
Is premature closure allowed? In the event of death of the account holder, the account shall be closed immediately on production of death certificate. the balance at the credit of the account shall be paid along with interest till the month preceding the month of premature closure of the account , to the guardian of the account holder. The scheme would mature on completion of 21 years.
Can the girl child continue the account after her marriage? – The operation of the account shall not be permitted beyond the date of the girl’s marriage.
What are the required documents to open Sukanya Samriddhi Account? – Birth certificate of the girl child has to be produced. The depositor (parents or guardian) has to submit his/her identity and address proofs.On opening an account, the depositor shall be given a pass book. It will have date of birth of the girl child, date of opening of account, account number, name and address of the account holder and the initial amount deposited. The depositor has to present the passbook to the post office or bank at the time of depositing/receiving the interest/on maturity.
The amount that is deposited under Sukanya Samriddhi Account will be eligible for income tax exemption under Section 80C of Income Tax Act, 1961.
At present, only the contribution of up to Rs 1.5 lakh toward Sukanya Samridhi Yojana is eligible for tax deduction under Section 80C. But discussions are on to also exempt the interest income and withdrawal amount.
Where Can You Open The Sukanya Samriddhi Yojana Account?
This account can be opened at post offices and commercial banks. Most of the commercial banks particularly the PSU banks will enable you to open this account.While at the moment the list is not drawn and many government owned banks are still in the process of completing formalities to open the Sukanya Samriddhi Yojana Account, you may visit any of the government banks for the purpose of opening the account. Some of these banks include:
1) State Bank of India
2) Bank of Baroda
3) Punjab National Bank
4) Bank of India
5) Canara Bank
6) UCO Bank
7) United Bank
8) Andhra Bank
9) Allahabad bank
10) Indian Bank
11) Corporation Bank
12) Central bank of India
13) IDBI Bank
14) Dena Bank
You may also open the account at the post offices in the country.
Features of Sukanya Samriddhi Account (SSA):
Who can open the account? – Sukanya Samriddhi Account (or Khata) can be opened on a girl child’s name by her natural (biological) parents or legal guardian.
What is the Age limit? – SSA can be opened in the name of a girl child from the birth of the girl child till she attains the age of 10 years. ( As per SB Order No. 2/2015 : The Girl child who is born on or after 02.12.2003 can open account )
How many accounts can be opened? – A depositor may open and operate only one account in the name of same girl child under this scheme. The depositor (or) guardian can open only two SSA accounts. There is one exception to this rule. The natural or legal guardian can open two or three accounts if twin girls are born as second birth or triplets are born in the first birth itself.
How to open a SSA account? Accounts in name of the girl child can be opened in post offices or in any branch of a commercial bank that is authorized by the Central Government to open an account under this scheme rules.
What is the minimum deposit to open the account? – The account may be opened with an initial deposit of one thousand rupees. The minimum contribution in any financial year is Rs 1000. Thereafter the contributions can in multiples of one hundred rupees.
What is the maximum deposit amount? – a minimum of one thousand rupees shall be deposited in a financial year but the total money deposited in an account on a single occasion or on multiple occasions shall not exceed Rs 1.5 Lakh in a financial year.Deposits in an account may be made till the child completes fourteen years, from the date of opening of the account.
Is there any penalty? – If minimum (Rs 1000 pa) amount is not deposited, the account will be treated as an irregular account. This can be regularized/renewed on payment of Rs 50 per year as penalty. Along with this, the minimum specified subscription for the year (s) of default should be paid.
What is the mode of deposit? – The deposits in Sukanya Samruddhi scheme can be made in the form of Cash or Demand Draft or Cheque. Where deposit is made by cheque or demand draft, the date of encashment of the cheque or demand draft shall be the date of credit to the account. The cheque or DD should be drawn in favour of the postmaster of the concerned post office or the Manager of the concerned bank. The depositor (parents or guardian) has to write the account holder’s name (child’s name) and the account number on the backside of the instrument.
What is the Rate of Interest on Sukanya Samriddhi Account? – The applicable rate of interest on SSA for the financial year 2014-2015 is 9.1%. This is one of the highest rates of interest offered by Government on small savings scheme
Is interest rate fixed or variable? – The rate of interest is not fixed and will be notified by the central government on a yearly basis.The account can be transferred anywhere in India if the girl shifts to a place other than the city or locality where the account stands.
Is Premature withdrawal allowed? – 50 % (half of the fund) of the accumulated amount in SSA can be withdrawn for girl’s higher education and marriage after she attains 18 years of age. The account’s balance at the end of preceding financial year is used for the calculation.
Can the girl child operate the account? On attaining age of ten years, the account holder that is the girl child may herself operate the account, however, deposit in the account may be made by the guardian or parents.
Is premature closure allowed? In the event of death of the account holder, the account shall be closed immediately on production of death certificate. the balance at the credit of the account shall be paid along with interest till the month preceding the month of premature closure of the account , to the guardian of the account holder. The scheme would mature on completion of 21 years.
Can the girl child continue the account after her marriage? – The operation of the account shall not be permitted beyond the date of the girl’s marriage.
What are the required documents to open Sukanya Samriddhi Account? – Birth certificate of the girl child has to be produced. The depositor (parents or guardian) has to submit his/her identity and address proofs.On opening an account, the depositor shall be given a pass book. It will have date of birth of the girl child, date of opening of account, account number, name and address of the account holder and the initial amount deposited. The depositor has to present the passbook to the post office or bank at the time of depositing/receiving the interest/on maturity.
The amount that is deposited under Sukanya Samriddhi Account will be eligible for income tax exemption under Section 80C of Income Tax Act, 1961.
At present, only the contribution of up to Rs 1.5 lakh toward Sukanya Samridhi Yojana is eligible for tax deduction under Section 80C. But discussions are on to also exempt the interest income and withdrawal amount.
Where Can You Open The Sukanya Samriddhi Yojana Account?
This account can be opened at post offices and commercial banks. Most of the commercial banks particularly the PSU banks will enable you to open this account.While at the moment the list is not drawn and many government owned banks are still in the process of completing formalities to open the Sukanya Samriddhi Yojana Account, you may visit any of the government banks for the purpose of opening the account. Some of these banks include:
1) State Bank of India
2) Bank of Baroda
3) Punjab National Bank
4) Bank of India
5) Canara Bank
6) UCO Bank
7) United Bank
8) Andhra Bank
9) Allahabad bank
10) Indian Bank
11) Corporation Bank
12) Central bank of India
13) IDBI Bank
14) Dena Bank
You may also open the account at the post offices in the country.
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