Sukanya Samriddhi Yojana (SSY) is deposit scheme especially launched for the girl child and this scheme called in Hindi 'Beti Bachao Beti Padhao'. The scheme main object is girl child parents to build a fund for the future education and marriage expenses of their female child.
This scheme currently rate of interest 8.5% Per Annum higher interest of other deposits schemes.
This scheme also provides the income-tax benefit under section 80 C up to 1.5 Lakhs of the Income Tax Act,1961. Even the returns are tax free in the scheme.
Salient features including Tax Rebate
- 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.
- 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.
- 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.
The following Authorized banks which can open Sukanya Samriddhi Account
State Bank of India
State Bank of Mysore
State Bank of Hyderabad
State Bank of Travancore
State Bank of Bikaner & Jaipur
State Bank of Patiala
Vijaya Bank
United Bank of India
Union Bank of India
UCO Bank
Syndicate Bank
Punjab National Bank
Punjab & Sind Bank
Oriental Bank of Commerce
Indian Overseas Bank
Indian Bank
IDBI Bank
ICICI Bank
Dena Bank
Corporation Bank
Central Bank of India
Canara Bank
Bank of Maharashtra
Bank of India
Bank of Baroda
Axis Bank
Andhra Bank
Allahabad Bank
Opening of SSY account
A parent or guardian can open only one account per girl child, and a maximum of two such bank accounts in the name of two girl children.
In case twin girls are born on the second birth, or if the first birth itself results in the birth of three girl children, three bank accounts can be opened in the name of three girl children.
To open an account under the Sukanya Samriddhi Yojana, three documents are required:
1) Certificate of birth of the girl child provided by the hospital where the child is born or even a certificate provided by a government official.
2) Address proof of the parents or legal guardian of the girl child-- could be any one like passport, driving license, electricity or telephone bill, voter ID card, ration card or any other address proof issued by the Government of India.
3) Identity proof of the parents or legal guardian-- documents like PAN card, driving license, passport, voter ID card or matriculation certificate would be valid as an identity proof for opening the account.
An account once opened can also be transferred anywhere in India.
State Bank of India
State Bank of Mysore
State Bank of Hyderabad
State Bank of Travancore
State Bank of Bikaner & Jaipur
State Bank of Patiala
Vijaya Bank
United Bank of India
Union Bank of India
UCO Bank
Syndicate Bank
Punjab National Bank
Punjab & Sind Bank
Oriental Bank of Commerce
Indian Overseas Bank
Indian Bank
IDBI Bank
ICICI Bank
Dena Bank
Corporation Bank
Central Bank of India
Canara Bank
Bank of Maharashtra
Bank of India
Bank of Baroda
Axis Bank
Andhra Bank
Allahabad Bank
Opening of SSY account
A parent or guardian can open only one account per girl child, and a maximum of two such bank accounts in the name of two girl children.
In case twin girls are born on the second birth, or if the first birth itself results in the birth of three girl children, three bank accounts can be opened in the name of three girl children.
To open an account under the Sukanya Samriddhi Yojana, three documents are required:
1) Certificate of birth of the girl child provided by the hospital where the child is born or even a certificate provided by a government official.
2) Address proof of the parents or legal guardian of the girl child-- could be any one like passport, driving license, electricity or telephone bill, voter ID card, ration card or any other address proof issued by the Government of India.
3) Identity proof of the parents or legal guardian-- documents like PAN card, driving license, passport, voter ID card or matriculation certificate would be valid as an identity proof for opening the account.
An account once opened can also be transferred anywhere in India.
Yes, the account can be transferred anywhere in India if the girl child in whose name the account has been opened shifts to a place other than the city or locality where the account stands.
The transfer is free of cost on furnishing the proof of shifting of residence of either the parent/guardian or account holder. If no such proof is submitted then the applicant has to pay Rs 100 to the post office or the bank to which the transfer is made.
Can the account be opened in the name of an NRI girl child?
A girl child is eligible for an SSY account only if she is a resident Indian citizen when the account is opened, and remains so until the maturity or the closure of account.
Non-resident Indians can no longer open an SSY account. In fact, if you or your child's residential status changes to non-resident or she takes up another country's citizenship during the term of the scheme, no interest shall be paid from the date of citizenship or residential status changes and the account will be considered closed.
Minimum deposit to be made under the scheme
The minimum deposit that needs to be made in the Sukanya Samriddhi Account every year was Rs 1,000 which has been slashed to Rs 250.
The maximum amount that can be deposited in a year is Rs 1.5 lakh. There is no limit on the number of deposits either in a month or in a financial year.
In case the required minimum annual deposit is not made by a parent or a guardian, the account will cease to be active. In such a situation, the account can be reactivated by paying a penalty of Rs 50 per year along with the minimum amount required for the deposit for that year.
Maturity of Sukanya Samriddhi Account
The account will be valid for 21 years from the date of opening, after which it will mature and the money will be paid to the girl child in whose name the account had been opened.
If the account is not closed after maturity, the balance amount will continue to earn interest as specified for the scheme from time to time. The account will also automatically close if the girl child gets married before the completion of the tenure of 21 years.
Deposits can be made up to 14 years from the date of opening of the account. After this period the account will only earn interest as per applicable rates.
Premature withdrawal
Withdrawing money before the completion of the maturity period of 21 years can only be made by the girl child in whose name the account has been opened after she attains the age of 18 years.
This withdrawal will also be limited to 50 per cent of the balance standing at the end of the preceding financial year, and will only be allowed for the purpose of higher education or if the girl intends to get married.
It is also worthy to note that in order to make a withdrawal, the account should have a deposit of at least 14 years or more.
Closing account prematurely
The account can be prematurely closed only under two conditions:
1. In case of the unfortunate death of the girl child (account holder), the parent or legal guardian can claim for the accumulated amount along with the interest incurred on the account. The balance would be immediately handed over to the nominee of the account.
2. The second condition under which the account can be prematurely closed is when the competent authorities feel and confirm that it is not possible for the depositor to carry forward the account or the contributions made towards the account are causing undue hardships to the depositor.
The minimum deposit that needs to be made in the Sukanya Samriddhi Account every year was Rs 1,000 which has been slashed to Rs 250.
The maximum amount that can be deposited in a year is Rs 1.5 lakh. There is no limit on the number of deposits either in a month or in a financial year.
In case the required minimum annual deposit is not made by a parent or a guardian, the account will cease to be active. In such a situation, the account can be reactivated by paying a penalty of Rs 50 per year along with the minimum amount required for the deposit for that year.
Maturity of Sukanya Samriddhi Account
The account will be valid for 21 years from the date of opening, after which it will mature and the money will be paid to the girl child in whose name the account had been opened.
If the account is not closed after maturity, the balance amount will continue to earn interest as specified for the scheme from time to time. The account will also automatically close if the girl child gets married before the completion of the tenure of 21 years.
Deposits can be made up to 14 years from the date of opening of the account. After this period the account will only earn interest as per applicable rates.
Premature withdrawal
Withdrawing money before the completion of the maturity period of 21 years can only be made by the girl child in whose name the account has been opened after she attains the age of 18 years.
This withdrawal will also be limited to 50 per cent of the balance standing at the end of the preceding financial year, and will only be allowed for the purpose of higher education or if the girl intends to get married.
It is also worthy to note that in order to make a withdrawal, the account should have a deposit of at least 14 years or more.
Closing account prematurely
The account can be prematurely closed only under two conditions:
1. In case of the unfortunate death of the girl child (account holder), the parent or legal guardian can claim for the accumulated amount along with the interest incurred on the account. The balance would be immediately handed over to the nominee of the account.
2. The second condition under which the account can be prematurely closed is when the competent authorities feel and confirm that it is not possible for the depositor to carry forward the account or the contributions made towards the account are causing undue hardships to the depositor.
Conclusion:
The scheme is provide a good rate of interest of long term deposit for your girl child. Here, I have share your interest calculator link : https://www.sukanyasamriddhiaccountyojana.in/ssay-calculator/ .
I hope that you will plan and open a account for your girl child saving fund for their higher educations and marriage as soon.
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