Sukanya Samriddhi Account | Sukanya Samriddhi Yojana

Published Date - 31 August 2017 06:45:39 Updated Date - 25 October 2017 06:42:35

Sukanya Samriddhi Yojana is an ambitious scheme of Narendra Modi Led NDA Government to reinforce the idea of “Save for every girl child”. As a part of “Beti Bachao Beti Padhao” campaign, Sukanya Samriddhi Account Scheme is a small saving scheme. The scheme can also be considered as a part of the NDA government’s initiative to increase the domestic saving percentage which as dropped by 8% from 38% in 2008 to just 30% in 2013. The scheme will also encourage the parents to save for the girl child and spend on their education.

Silent Features of Sukanya Samriddhi Yojana Account

  • The account can be opened in the name of girl child till she attain the age of 10 years.
  • Only one account can be opened in the name of a girl child.
  • Account can be opened in the Post Offices or notified branches of the commercial banks across the country.
  • Birth certificate of the girl child in whose name the account is opened must be produced and submitted.
  • Account can be opened with a minimum of Rs. 1000/- and thereafter any amount can be deposited in multiples of Rs. 100/-.
  • A minimum of Rs. 1000/- has to be deposited in a financial year.
  • Interest @ as may be notified by the government from time to time will be calculated on yearly compounded basis and credited to the account.
  • Maximum Rs. 1,50,000/- can be deposited in one financial year.
  • One withdrawal shall be allowed on attaining the age of 18 years of account holder to meet education/marriage expenses at the rate of 50% of the balance at the credit of preceding financial year.
  • The account can be transferred anywhere in India to any post office/bank.
  • The account shall mature on the completion of 21 years from the date of opening of the account.
 

Sukanya Samriddhi Accounts

 

Benefits

  • A legal Guardian/Natural Guardian can open account in the name of Girl Child.
  • A guardian can open only one account in the name of one girl child and maximum two accounts in the name of two different Girl children.
  • Account can be opened up to age of 10 years only from the date of birth. For initial operations of Scheme, one year grace has been given. With the grace, Girl child who is born between 2.12.2003 & 1.12.2004 can open account up to 1.12.2015.
  • Account can be closed after completion of 21 years.
  • Normal Premature closure will be allowed after completion of 18 years provided that girl is married.

Rates/Interest

Rate of interest 8.4% Per Annum (with effect from 1-10-2017), calculated on yearly basis ,Yearly compounded.

 

Sukanya Samriddhi Account details

Type of Account

Minimum Deposit

Maximum Deposit

Sukanya Samriddhi Accounts

INR. 1000/- in a financial year.

INR. 1,50,000/- in a financial year.

 

Subsequent deposit in multiple of INR 100/- Deposits can be made in lump-sum No limit on number of deposits either in a month or in a Financial year

If minimum Rs 1000/- is not deposited in a financial year, account will become discontinued and can be revived with a penalty of Rs 50/- per year with minimum amount required for deposit for that year.

Partial withdrawal, maximum up to 50% of balance standing at the end of the preceding financial year can be taken after Account holder’s attaining age of 18 years.

 

How to Open the Sukanya Samriddhi Account?

  1. Parents or the legal guardian can open an account for up to two girl child. In case of the twins or the triples, an exemption will be made on production of a certificate from authorized medical institutions.
  2. The account can be opened by the parents until the girl child attain the age of 10 years.
  3. The account can only be opened on the name of the girl child, the guardian will only be able to deposit the amount on behalf of the girl child.
  4. The account can be opened in Post office across India or the designate bank branches.
 

More information about Sukanya Samriddhi Yojana Account

  • A penalty of Rs.50 will be imposed if the account is not credited with the minimum amount.
  • The guardians have to deposit amount for 14 years, no deposit is required after that till the maturity.
  • A premature withdrawal (at the end of the previous financial year) of 50% of the accumulated amount is allowed after the girl child turns 18.
  • The account can be closed after the completion of 21 years and the money can be withdrawn. If the amount is not withdrawn, it will continue to earn interest.
  • As per Section 80C of Income Tax Act, the investment of Rs. 1.5 lakh per year including the earned interest will be completely exempted from the income tax.
 

Documents Required for Opening an Account?

  1. Birth certificate of the girl child.
  2. Address and photo identity proof (PAN Card, Voter ID, Aadhar Card) of the guardian.
 

More information about the scheme can be obtained from the official website of National Saving Institute at www.nsiindia.gov.in


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