Sukanya Samriddhi Yojana
Sukanya Samriddhi Yojana was launched by the Prime Minister Mr. Narendra Modi on 21st January 2015; under the Beti Bachao, Beti Padhao Campaign. This scheme was launched to meet the expense of the Girl child’s higher education and marriage.
A sterling initiative by Government of India. This scheme has finally been launched and it’s a good scheme for parents of girl child to invest in.
Let us have a look at the basic features of this scheme
Who is eligible under this scheme?
Gender: Girl child only
Citizenship: Child should be Indian citizen. NRI, OCI and other cannot open account under this scheme.
Age limit: On the date of opening the account, the child’s age should 10 years or younger.
Who can Invest:
Parent, or Legal Guardian of the eligible Girl child.
Investment limit:
- In 1 year, minimum Rs 1000/- needs to be invested, thereafter in multiples of 100/-
- Maximum of Rs 1, 50,000/- can be invested.
- Deposits can be made in lump-sum or spread out manner.
- No limit on number of deposits either in a month or in a financial year.
Operation of the account:
The account will be opened and operated by the guardian of a girl child till the girl child, in whose name the account has been opened, attains the age of 10 years.
On attaining age of 10 years, the girl child may herself operate the account if she wishes to do so. If not the gaurdian will continue operating the account.
Tenure of the Scheme:
- Deposit needs to made until 15 years from opening of account.
- Deposit under scheme will mature 21 year after opening of the account.
Withdrawal under the scheme:
No Premature Withdrawal is permitted.
However, maximum up to 50% of deposit amount can be withdrawn for higher education of girl child, once she reaches 18 years of age, or passes 10th standard, whichever happens earlier. The actual withdrawal will be limited to the fees payable, and fee slip will have to be produced to make this withdrawal.
Termination of the Scheme:
- Scheme Tenure is 21 years from date of opening, or when the marriage of the girl child happens; whichever happens earlier.
- Account can be continued after the marriage of girl child, if she wishes to do so; until 21 years from date of opening the account.
- In case after maturity of the account (21 years) the account is not closed, balance will not earn any further interest.
Rate of Interest under the Scheme:
- For this quarter (October – December 2016) interest rate is 8.5% , yearly compounded.
- Every quarter GOI will announce the ROI applicable for that financial quarter.
- Interest will be compounded yearly. ( Compare SSY vs PPF)
- Interest will be paid on funds deposited on or before 10th of a month for that month.
Account Limit:
- A guardian can open only one account in the name of one girl child
- A gaurdian is allowed to open maximum two accounts in the name of two different Girl children.
- One guardian can open maximum 3 accounts, only in case he/she has 3 girl child in 1st birth or twin girl child in 2nd birth. However in case 1st birth results in twin girl child, and 2nd birth also results in a girl child, then account can only be opened for the two girl child born in 1st birth.
Penalty under the Scheme:
If minimum Rs 1000/- is not deposited in a financial year, account will be considered as ‘Account under default’ and can be revived with a penalty of Rs 50/- per year with minimum amount required for deposit for that year.
In case a ‘Account under default’ is not revived for 15 years from date of opening it, then all deposits in such a account, including those before date of default, will earn interest at the rate prescribed for post office saving bank at the time of maturity.
Where can I open account under this Scheme:
As per government documentation, account under this scheme can be opened in any public sector bank, or post office. (Refer list of banks where you can open SSY account)
Once opened the account can be transferred to any city in India, wherever the girl child resides.
Documentation required to open account under this scheme:
- Birth certificate of the girl child
- Identity proof of the depositor
- Residence proof of the depositor
Interest Income:
Interest income is tax free and will accumulate inn the SSA itself.
Tax Implication:
Deposit under this scheme is eligible for deduction u/s 80C. Maximum Rs 1,50,000/- p.a can be claimed as deduction u/s 80C.
Maturity as well as Interest amount of the scheme will be paid to the girl child and will be entirely tax free in her hands.
Loan Facility:
There is no loan facility under this scheme
Safety/ Insurance feature:
This scheme offers no insurance feature.
SUKANYA SAMRIDDHI ACCOUNT
SUKANYA SAMRIDDHI ACCOUNT : FACILITY AVAILABLE AT ALL OUR BRANCHES
Sukanya Samriddhi Accounthas has been introduced vide Government of India Notification No. G.S.R.863(E) dated December 02, 2014 and circulated to Banks by Reserve Bank of India vide their letter No.RBI/2014-15/494/IDMD(DGBA).CDD/No.4052/15.02.006/2014-15 dated 11th March 2015. Facility to open accounts under the scheme is now available at all SBI branches.
Objective: To promote the welfare of Girl Child
Who can open the account: A natural/ legal guardian on behalf of a girl child
Maximum number of accounts: Upto two girl children or three in case of twin girls as second birth or the first birth itself results in three girl children
Minimum and Maximum Amount of Deposit: Min.1000 of initial deposit with multiple of one hundred rupees thereafter with annual ceiling of Rs.150000 in a financial year
Tenure of the Deposit: 21 years from the date of opening of the account
Maximum period upto which deposits can be made: 14 years from the date of opening of the account.
Interest on Deposit: As notified by the GOI, compounded annually with option for monthly interest pay-outs to be calculated on balance in completed thousands.( Current rate 8.60%w.e.f 1st April, 2016)
Tax Rebate: As applicable under section 80C of the IT Act, 1961. In the latest Finance Bill, the scheme has been extended Triple exempt benefits i.e. there will be no tax on the amount invested, amount earned as interest and amount withdrawn.
Premature Closure: Allowed in the event of death of the depositor or in cases of extreme compassionate grounds such as medical support in life threatening diseases to be authorized by an order by the Central Government
Irregular Payment/ Revival of account: : By payment of penalty of Rs.50 per year alongwith the minimum specified amount per year
Mode of Deposit: Cash/Cheque/ Demand Draft/ Transfer/ online transfers through internet Banking .
SIP : Standing Instructions can be given either at the Branch or set through Internet Banking for automatic credit to Sukanya Samriddhi Account .
Withdrawal : 50% of the balance lying in the account as at the end of previous financial year for the purpose of higher education, marriage after attaining the age of 18 years.
NOTE: As this is a Govt. of India scheme, customers are advised to visit www.nsiindia.gov.in for latest instructions/ modification in the scheme.
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