Know all about Sukanya Samridhi Yojana Account Eligibility, features, interest rate, tax rebate. Sukanya Samridhi Yojana (SSY) is a small deposit scheme for girl child, launched as a part of ‘Beti Bachao Beti Padhao’ campaign. The scheme was launched with an objective to promote the welfare of girl child and to meet her higher education and marriage expenses. A Sukanya Samridhi Account can be opened any time after the birth of a girl till she turns 10, with a minimum deposit of Rs. 1000/-. You can approach any post office or authorized branches of commercial banks for opening of Sukanya Samridhi Account.
Sukanya Samridhi Yojana – Opening of Account, Eligibility
The account may 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 ten years and any girl child, who had attained the age of ten years, one year prior to the commencement of these rules, shall also be eligible for opening of the account under these rules.
A depositor may open and operate only one account in the name of a girl child under these rules.
Birth certificate of a girl child in whose name the account is opened shall be submitted by the guardian at the time of opening of the account in post office or bank along with other documents relating to identity and residence proof of the depositor.
Documents Required to open Sukanya Samridhi Account
- Application Form – Download here
- Birth Certificate of Girl child
- Identity Card / Address Proof of Guardian
Sukanya Samridhi Yojana – Mode of Deposit
The deposit in account can be made by – Cash, Cheque or DD favouring postmaster of concerned post office or manager of concerned bank where the account stands.
Also an endorsement on the back of such instruments has to be made and signed by the depositor indicating name of the account holder and account number in which the deposit is to be credited.
Through e-Transfers : Deposit may also be made through electronic means (e-transfer) in the concerned post office or bank branch if here is CBS facility available.
Note : Where deposit is made by cheque or demand draft, the date of encashment of the cheque or demand draft shall be the date of credit to the account. While in e-transfers, it is date of deposit.
Sukanya Samridhi Account – Deposits
Initial Deposit – ₹ 1000/- ; Thereafter, any amount in multiple of 100.
A minimum of ₹ 1000/- shall be deposited in a financial year but the maximum deposit in account shall not exceed ₹ 150000/- in single occasion or multiple occasion in a financial year.
Tenure of Deposit – Deposit in Sukanya Samridhi Account can be made till the completion of 15 years, from the date of opening of account.
The account will be become irregular in case of minimum deposit account of ₹ 1000/- is not made in a financial year. However, the account may regularized by paying a penalty of ₹ 50/- per year along with the said minimum specified subscription for the year of default.
If penalty is not paid then entire deposit including those made before the date of default, will receive interest at post office saving bank account rate.
Interest on Sukanya Samridhi Account
The interest on deposit shall be compounded yearly at the rate notified by the Government from time to time and shall be credited rounded off to the nearest rupee, to the account of the beneficiaries at the end of each financial year.
The interest shall be calculated for the calendar month on the lowest balance in an account on the deposits made between the close of 10th day and end of the month.
Premature Closure of Sukanya Samridhi Account
Premature closure of account is allowed in following cases –
Death of account holder – Account will be closed immediately on production of death certificate issued by competent authority. Balance in account along with interest till the month preceding month of premature closure will be paid to guardian of account holder.
In case of extreme compassionate grounds – such as medical support in life threatening disease .
Account holder becomes a non citizen or non resident of India, intimation to this effect shall be given by the guardian or the account holder to the post office or bank concerned within a period of one month from the date of such status of the account holder’s citizenship or resident status.
Sukanya Samridhi Account – Partial Withdrawal
A partial withdrawal limited to 50 percent of the balance lying in the account as at the end of the previous financial year can be made for the purpose of higher education, marriage after the age of 18 years.
Sukanya Samridhi Account Maturity
The account matures on the completion of 21 years from the date of opening or whenever the girl child gets married.
Provided that the marriage of account holder takes place before completion of such period of 21 years. The operation of account is not permitted after marriage of account holder.
Sukanya Samridhi Yojana (SSY) offers the higher tax free return with sovereign gurantee and comes with exempt-exempt-exempt (EEE) status. The annual deposit made in SSY qualified for tax benefits under Section 80C and maturity benefits are non taxable.