Sukanya Samriddhi Yojana was launched by the Prime Minister Mr. Narendra Modi on 21st January 2015 which provides the support to meet the expense of the Girl child’s higher education and marriage.
Key parameters are here under
- Gender: Girl child only
- Citizenship: Child should be Indian citizen
- 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.
- In 1 year, minimum Rs 1000/- needs to be invested., thereafter in multiples of 100/-
- Maximum of Rs 1, 50,000/- PA can be invested.
- No limit on number of deposits either in a month or in a financial year.
Mode of Deposit/Investment:
- Cash, Cheque, Demand draft and online payment.
Operation of the account:
- The account will be opened and operated by the guardian of a girl child till the age of 10 years of such girl child
- On attaining age of 10 years, the girl child may herself operate 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- However, maximum up to 50% of deposit amount can be withdrawn for marriage or higher education of girl child, once she reaches 18 years of age.
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 will compulsorily have to be closed after marriage of the girl child.
- In case after maturity of the account (21 years) the girl child does not marry, and if account is not closed after maturity, balance will continue to earn interest as specified for the scheme from time to time.
Rate of Interest under the Scheme:
- For the year F.Y 2015-16 – 9.1%, F.Y 16-17- 9.2% & FY 2017-18 – 8.6%pa interest rate yearly compounded.
- Every year GOI will announce the ROI applicable for that financial year.
- 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.
Penalty under the Scheme:
- 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.
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.
- 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 is tax free and will accumulate in the SSA itself.
- 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.
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