How to open Sukanya Samriddhi Account yojana Scheme Process Details
Sukanya Samriddhi Account yojana Scheme for girl children prosperity in Government of india, this scheme main theme is encourages parents to build a fund for the future education and marriage expenses for their female child. this scheme is launched by Prime Minister Narendra Modi Sir. Well these Sukanya Samriddhi Account can opreate at any India Post office or a branch.
Who would be Eligible for Sukanya Samriddhi Account ?
A. The account can be opened by the natural or legal guardian in the name of a girl child from the birth of the girl child till she attains the age of 10 years.
B. A depositor can open and operate only one account in the name of a girl child under the scheme rules.
C. Natural or legal guardian of a girl child can be allowed to open the account for two girl children only. The third account in the name of the girl child can be opened in the event of birth of twin girls, as second birth or if the first birth itself results into three girl children.
Advantages for Sukanya Samriddhi Account ?
1. Rate of interest 9.2% Per Annum(w.e.f 1-4-2015),calculated on yearly basis ,Yearly compounded.
2. Minimum INR. 1000/-and Maximum 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
3. A legal Guardian/Natural Guardian can open account in the name of Girl Child.
4. 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.
5. 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 to1.12.2015.
6. 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.
7. 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.
8. Account can be closed after completion of 21 years.
9. If account is not closed after maturity, balance will continue to earn interest as specified for the scheme from time to time.
10. Normal Premature closer will be allowed after completion of 18 years /provided that girl is married.
we can get Tax benefits :
At the time of Scheme launch, only the few deposits in the account were eligible for tax deduction ACT under Section 80C of the Income Tax Act, which is Rs.1,50,000 in 2015-16. However, our Finance Minister Arun Jaitley announced, during the period of 2015 Union Budget, tax exemption on the interest from the account and on withdrawal from the fund after maturity, making the tax benefits similar to that of the Public Provident Fund.
Required Documentation :
SSY Account Opening Form
Birth Certificate of girl child
Identity proof (as per RBI KYC guidelines)
Residence proof (as per RBI KYC guidelines)
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.