Do you know about Sukanya Samriddhi Account Features? Read on to find the details about Sukanya Samriddhi Account interest rate for 2016-17, premature withdrawal, list of authorized banks along with other 17 salient features of Sukanya Samriddhi Account.
Earlier in 2015 Prime Minister of India Mr. Narendra Modi has launched this Sukanya Samriddhi Account New Saving Scheme under Beti Bachao Beti Padhao campaign.
This is a small deposit scheme or account which can be opened only for girl child in our country. With this initiative Mr. Modi wants to spread awareness about the girl child in our society.
SSA Account is mainly targeted towards the education and marriage expenses of a girl child. Accordingly all the features of this scheme are designed.
Also read the Sukanya Samriddhi Scheme Amendments 2016 for further update on SSY account.
Salient Features of Sukanya Samriddhi Account
If you are a parent of a girl child then it is necessary for you to know the details of Sukanya Samriddhi Account in depth. This is going to be one of the best deposit schemes in coming years. Check out the major Sukanya Samriddhi Account features.
1. SSA account can be opened only in the name of the girl child.
2. Parents or legal guardian can open this account on behalf of the girl child
3. The account can be opened on birth of a girl child till the age of 10 years
4. Minimum deposit is Rs 1000 and then in the multiples of 100
5. Maximum deposit can be possible upto Rs 1.5 lakh per financial year
6. There is no monthly recurring deposit required for this account. But if one forgets to pay the minimum yearly amount then he/she has to pay a penalty of Rs 50 only
7. Interest rate for the financial year 2014-15 is 9.1%, which has been increased to 9.2% for the FY 2015-16 This is the maximum among all savings schemes. The Sukanya Samriddhi Account interest rate for 2016-17 is set to 8.6%. The interest rate will be decided by the Govt. every year.
8. The maturity period is 21 years from the opening of the account.
9. Premature withdrawal is possible only after 18 years.
10. In case of Sukanya samriddhi account withdrawal, only 50% of amount accumulated can be withdrawn.
11. The deposit period is also fixed and that is till 14 years from the start of the account.
12. After deposit term ends there is no scope of further deposit. Amount will earn compounded interest every year till maturity.
13. Amount can be deposited to the account by cash or demand draft. So far there is no online facility to transfer money.
14. One can open Sukanya Samriddhi Account in any post office or any public sector bank. On opening of the account a passbook will be provided where all transaction details will be captured. Check out the list of banks to open Sukanya Samriddhi Account.
15. One can transfer this account to any part of India in case the girl child is shifting her city.
16. As per section 80C the amount deposited in Sukanya Samriddhi Account will be exempted for income tax benefit. This is announced.
17. So is the case of interest accumulated in the account. The Sukanya samriddhi account tax exemption rule has been recently changed and made it EEE to make this scheme more useful.
So these are more or less the key Sukanya Samriddhi Account features. Al these looks good as this account may be very useful for rural people. They can easily deposit small amount in this account and accumulate money for their girl child’s education and marriage expenses.