Sukanya Samriddhi Yojna Account Complete Details
Honorable Prime Minister of India Mr. Narendra Modi has launched Sukanya Samriddhi Account New Saving Scheme on 22nd January 2015 under Beti Bachao Beti padhao campaign. This scheme is targeted for the prosperity of girl child in our country by securing their major future expenses like education & marriage.
Beti bachao Beti padhao campaign was launched with a noble cause of saving the girl child in various part of the country. Hariayana is struggling with the tag of lowest sex ratio state in India due to gender bias mentality.
Sukanya Samriddhi Scheme is launched initially with the interest rate of 9.1% for the FY 2014-15. This interest rate is revised to 9.2% for the FY 2015-16. One can get income tax exemption for the deposited amount under section 80C of the Income Tax Act, 1961.
Sukanya Samriddhi Account New Saving Scheme
This website is created to collect all the information about Sukanya Samriddhi Yojna Account New Saving Scheme and also collect all future updates & activities regarding this scheme.
Before proceeding further with explaining all features and benefits of SSA, you can check out what is Beti Bachao Beti Padhao campaign. Also check out an awesome presentation created by our team.
For more such wonderful slides and documents, follow @ Manidipa
Now let’s continue to elaborate everything mentioned in the presentation in-depth.
Date of Commencement of Sukanya Samriddhi Yojna
As per the notification of Ministry of Finance vide Notification No. G.S.R.863(E) Dated 02.12.2014, Sukanya Samriddhi Scheme was started immediately from that date. It was started operating as ‘Sukanya Samriddhi Account Rules, 2014’.
Who Can Open SSA Account
You can easily fill up sukanya samriddhi yojana account opening form in post office and open account instantly. Now a guardian can be girl’s father or mother. In case if both father & mother are not alive for the girl child, a person with enough proof become a legal guardian and opens this account for the girl child.
How Many Account can be Opened
Only one Sukanya account can be opened for a girl child by the gaurdian. A father and mother can’t open 2 accounts as depositor. It’s a one girl one account rule.
No. of Account Per Family
A maximum of 2 accounts can be opened per family. But in case the first birth results into 3 girl children or twin girls in 2nd birth, then max 3 accounts can be opened. In such case one has to produce a medical certificate mentioning about the twins or triplet birth.
Eligibility to open the SSA Account
Sukanya Samriddhi Account can be opened immediately after birth of the girl child till she attains 10 year’s of age. But for this year 2015 there is a special rule under which till December 2015 up to max age 11 years will be considered. A grace period is also set for girl child who is born between 2.12.2003 & 1.12.2004 can open account up to 1.12.2015.
Documents required for opening Sukanya samriddhi yojna account
The mandatory documents required sukanya samriddhi account are
- Birth proof or Birth Certificate of girl child
- Address proof of guardian
- Identity proof of guardian or account opener
- 3 Photos of parents/legal guardian (if other than parents) and 3 photos of the child
- Pan card and Aaadhar card copies of parents/legal guardian (if other than parents)
How to open Sukanya Samriddhi Account
One can download the common SSA account opening form released by RBI. And then visit the nearest post office or authorized bank with all necessary documents.
What are the banks where one can open Sukanya Samriddhi Account
SSA can be opened in 28 authorized banks mentioned by Govt of India. You can check below the list of banks allowed to open SSA account.
|1. Allahabad Bank||15. Oriental Bank of Commerce|
|2. Andhra Bank||16. Punjab National Bank|
|3. Axis Bank||17. Punjab & Sind Bank|
|4. Bank of Baroda||18. State Bank of India|
|5. Bank of India||19. State Bank of Patiala|
|6. Bank of Maharashtra||20. State Bank of Bikaner & Jaipur|
|7. Canara Bank||21. State Bank of Travancore|
|8. Central Bank of India||22. State Bank of Hyderabad|
|9. Corporation Bank||23. State Bank of Mysore|
|10. Dena Bank||24. Syndicate Bank|
|11. ICICI Bank||25. UCO Bank|
|12. IDBI Bank||26. Union Bank of India|
|13. Indian Bank||27. United Bank of India|
|14. Indian Overseas Bank||28. Vijaya Bank|
Passbook for Sukanya Samriddhi Account
On opening of SSA account one will get a passbook within few minutes of application processing. Sukanya samriddhi scheme passbook is almost similar to bank savings account or post-office savings account. Every time one will deposit money, this pass book will be updated by the bank or post office staffs.
Interest rate of SSA
When this scheme has been launched, the interest rate was kept as 9.1% which is the maximum under small scale deposit scheme segments. Sukanya samriddhi yojana current interest rate is 9.2%. Although this is just a 0.01 % hike in interest rate, but this will play a big role to make this scheme a success.
Thus, the interest rate of this scheme will be revised in every financial year beginning. Although it looks like Government has increased the interest rate now, but they may reduce in coming years as well. Similar thing we have already observed for PPF account (public provident fund) as well.
Sukanya Samriddhi Account Deposit Rules
One can deposit maximum of Rs 1.5 lakh amount in a financial year. But the minimum deposit amount is Rs 1000 only. In case someone fails to deposit the minimum amount in a year then a penalty of Rs 50 will be applied. Don’t forget to collect the deposit slip to keep a track.
As per Sukanya Samriddhi Scheme New Saving Scheme one can deposit in any frequency for a financial year. E.g. you can deposit every month Rs 5000 or 7000 etc but remember that maximum amount limit of Rs 1.5 lakh should not be crossed. You can also deposit any amount in any month, e.g. 1st month Rs 2000, 2nd month Rs 3500, 3rd month 7000 etc. Simply keep the min and max amount limits in mind and save as per your capacity.
The deposit period of SSA Account is up to 14 years from the date of account opening. E.g. if you open the account at the time of birth of the girl child, you can deposit money till her 14th year of age. But if you open at an age of 10 years, then you can deposit till 24th year of her age.
As there will be no deposit allowed from 14th to 21st year, the deposited amount will earn compounded interest till maturity.
How to Deposit Money in SSA
You can easily deposit money to your SSA account by visiting to your post office or bank and deposit money like you do for your savings account by cash or cheque. If you have opened the account in a bank, then you should be able to deposit money via online transfer as well.
Account Operation Rules
As per standard rules, Sukanya Samriddhi Account can be opened by her parents or legal guardian, if case of absence of parents. Till the girl child attains 10 years age, guardian is the main operator of this account. After reaching 10 years age, the girl child can operate the account herself till maturity. But the deposit can be continued by the guardian only.
Account Transfer Rules
In case your girl child is travelling to another city due to higher education or shifting permanently, then SSA account can be transferred easily. Although so far it is not clear that one can transfer the Account from post-office to bank or not. There is no communication for Sukanya samriddhi account online transfer.
Pre-mature Closure Rules
I found this question in many comments by people, “How to close Sukanya Samriddhi Account before maturity”? Let’s check out the options available for premature closing of this account.
In case of unfortunate death of the girl child, the account will be closed immediately by producing the death certificate as proof. The amount accumulated till the last month, will be paid back to the guardian with interest.
In case of death of the depositor, if there is no further legal guardian to continue the deposit the account can be closed by writing an application to account opening authority.
In any other case, due to not able to manage cash for maintaining minimum balance or some urgent cash requirement due to extreme health condition etc. the account can be closed by submitting due application form.
In any other case, this Sukanya account can’t be closed before maturity.
Pre-mature Withdrawal Rules
The first withdrawal possible from SSA Account is when the girl child reaches the age of 18 years. At that time, 50% of the amount accumulated till date can be withdrawn to support the higher education expenses.
SSA Account Maturity Rules
The account will be matured after 21 years of opening the account or on the marriage date of the girl child whichever is earlier. Although this might create much confusion based on various scenarios and we have answered many such queries on many articles.
You can use Sukanya Samriddhi Account Calculator to check out how much will be your investment. But these calculators are not exactly accurate as interest rate for this account is not fixed.
Income Tax Exemptions rules
At the launch, Sukanya Samriddhi Account New Saving Scheme was announced as ETE scheme. But after budget 2015-16 this account has been declared as 100% tax free. One can get exemptions for the amount deposited in this account under section 80c.
The maturity value with the interest rate earned on maturity is also now tax exempted. In simple words, there is no much difference in terms of tax rules between PPF account and SSA account. You can check out the article Sukanya samriddhi account vs ppf 10 things to know shared by NDTV.
Sukanya Samriddhi Account for NRI
As per the RBI guidelines, any NRI is not eligible to invest under any small saving scheme. SSA being a small saving scheme, so far NRIs can not open this account.
Can I open Sukanya Samriddhi Yojna Account Online
No. as of today online facility is not yet provided for this account. It will take time to get these features, at least I believe banks have to come in to picture to take this account forward with many attractive account handling features.
Do you have more question on Sukanya Samriddhi Account New Saving Scheme? Then visit Sukanya Samriddhi Account FORUM page and write a comment explaining your query. We will try to answer your query as per our understanding. 🙂
I hope this article will cover almost all aspects of Sukanya Samriddhi Yojna Account New Saving Scheme and rules. This is just the beginning of such a wonderful product under small deposit scheme segment. A long way to travel before it actually benefits people. Find out some more useful and enjoyable articles written related to Sukanya Samriddhi Account in this blog.
- Major Drawbacks of Sukanya Samriddhi Scheme
- Top 5 awesome flexibility offered by SSA Account
- A Real time experience of SSA account opening process in Post-Office
- Sukanya Samriddhi Account vs PPF Account
Search our entire website to know more about your queries like
- Where to find sukanya samriddhi account application form?
- Can I open SSA account online?
- Where can I get information about sukanya samriddhi account in hindi or applican form in hindi pdf format
- How to download sukanya samriddhi account application form sbi?
- SSA can be opened in which banks?
- Is cheque payment allowed in deposit?
- What are the helpline number or toll free number or customer care number to know more about Sukanya Scheme?
- Is there any last date of applicantion for Sukanya Yojna?
- Can I take loan against SSA account?
- How to download sukanya samriddhi yojana calculator?
- sukanya samriddhi yojana vs recurring deposit vs Fixed Deposit VS LIC policy?
- What are the rules for NRI people?
- Can I transfer money online to my SSA account?
We will be answering all your queries related this scheme in upcoming articles and help you to know more about this yojna day by day. Thanks a lot for reading this entire article. Don’t forget to share about this information with your friends in Facebook, Twitter and wherever possible.