Sukanya Samriddhi Yojana:
With the motto of “Save for every Girl child in India”, Prime Minister Narendra Modi launched Sukanya Samriddhi Yojana in the year 2014. Sukanya Samriddhi Yojana is a small savings scheme for girl child under “Beti Bachao Beti Padhao” campaign. This scheme is designed so that parents of Girl child can be encouraged to save for their daughter’s future.
Under the Sukanya Samriddhi Yojana, A parent or a legal guardian can open a bank account in the name of their girl child anytime after her birth till she attains the age of 10 years. Sukanya Samriddhi Yojana gives tax benefits as well as provides 8.1 percent rate of Intrest which is more as compared to any other small savings scheme.
Let us know some salient features of Sukanya Samridhi Yojan’:
Who can open the account?
Sukanya Samriddhi Yojana account can be opened by girl’s parent or legal guardian for up to two girl children. In case of the second girl child to be a twin, the account can be opened for 3 gild children.
Sukanya Samridddhi Yojana account can be opened any time between the birth of girl child before she becomes 10 years old.
Intrest Rate offered in Sukanya Samriddhi account:
Currently, the rate of interest provided in Sukanya Samriddhi Yojana is 8.1% per annum. This rate is revised in every financial year. The interest rate of Sukanya Samriddhi account from the time of its launching is as follows:
From 1st April 2014: 9.1%
From 1st April 2015: 9.2%
1st April 2016 – 30th June 2016: 8.6%
1st October 2016 – 31st December 2016: 8.5%
July 2017 – 31st December 2017 – 8.3%
1st January 2018 – 31st March 2018: 8.1%
Where to Open Sukanya Samriddhi Yojana Account:
The Sukanya Samriddhi Yojana account can be opened in Post offices or nationalized banks.
Deposit Limits in Sukanya Samriddhi account:
A minimum deposit of Rupees 1000 per year and a maximum of Rupees 1.5 lakh per year is allowed in Sukanya Samriddhi Yojana account. Any number of deposits per month or per year can be made.
Sukanya Samriddhi account Deactivation:
Sukanya Samriddhi account gets deactivated if the at least Rupees 1000 is not deposited in a year. This account can be reactivated by paying an Rs. 50 penalty per year and then depositing the account with a minimum amount of that year.
A loan cannot be taken against Sukanya Samriddhi account.
Sukanya Samriddhi account Maturity:
The Sukanya Samriddhi account matures when the girl child attains the age of 21 years. If money is not withdrawn even after account maturity, it will continue to earn the interest.
Account deposit period:
Deposits are to be made till 14 years from the date of Sukanya Samriddhi account opening. After this time, the account will only earn interest.
Premature amount withdrawal:
After the girl child attains 18 years of age, up to 50% of the account balance at the start of that financial year can be withdrawn.
Income tax benefits:
According to section 80C of Income Tax Act, the interest payment and maturity amount will be tax exempted.
The Sukanya Samriddhi Account can be transferred to the location in India where the girl child relocates. This transfer is free of cost if the proof of transfer of parent/guardian or the account holder can be submitted. Otherwise a fee of Rs. 100 has to be made to the Post office or the bank.
A girl child is eligible for Sukanya Samriddhi account if she is an Indian Citizen all through the account maturity duration.
If the girl child becomes Non- Resident Indian between the tenure of account maturity, there will not be any interest paid from the date of residential status change and account will be considered closed.
- PROCESS FOR OPENING SUKANYA SAMRIDDHI YOJANA ACCOUNT:
‘Sukanya Samriddhi Yojana’ Account can be opened in any branch of Authorized banks or post offices. All the banks which open a Public Provident Fund (PPF) account are also opening Sukanya Samriddhi Yojana (SSY) account too.
- REQUIRED DOCUMENTS
The Documents required for opening a Sukanya Samruddhi Account are:
- Sukanya Samriddhi Account opening Form, which you may get from the bank or post office where the account is to be opened or it may be downloaded online.
- Girl child’s birth certificate
- Identity proof of the account depositor (parent/ guardian), like Aadhar card, passport, PAN card, driving license, ration card, etc.
- Address proof of depositor like Aadhar card, passport, ration card, electricity bill, telephone bill, etc.
On opening the account, the account holder gets a passbook.
- TRANSACTIONS DETAILS
Deposits in theSukanya Kalyan account can be made at the bank branch or through Net banking. Automatic credit to Sukanya Kalyan account can also be set from the bank.
- CLOSING THE ACCOUNT
The account can be closed on presenting the following documents in the bank or post office where the account is currently:
- An application for account Closure
- Identity proof
- Address proof
- Citizenship proof
- RECENT UPDATES IN SUKANYA SAMRIDDHI YOJANA
“Sukanya Samriddhi Scheme” has undergone many updates since its launch in 2014. The key changes are as follows:
- The Sukanya Samriddhi Yojana benefits are now for Adopted daughters as well.
- If the account holder’s bank or post office has core banking solutions facilities, then the depositor can make electronically payments besides payments by cash or cheque.
- Earlier, the Sukanya Kalyan account was closed at the time of Girl’s marriage. But now it can be continued even after the marriage till the girl attains 21 years of age.
- Earlier 50% of the amount in Sukanya Samriddhi account could be withdrawn after the account holder turns 18 or has passed 10th standard for her education purposes. But now the withdrawal amount depends on her fees payable.
- Before completion of 5 years of account, premature closure of the account is not permitted but an exemption as a medical aid in life-threatening diseases can be made.
For knowing about various other Schemes by the Government of India, Click here