Sukanya samriddhi account new saving scheme

© 2015

21Facts of Sukanya Samriddhi Account New Saving Scheme

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Sukanya Sammriddhi Scheme

• Honorable Prime Minister Mr. Narendra Modi has launched Sukanya Samriddhi 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.


Operation

Depositor

Where to Open

Passbook Details

List Of Banks

Account Opening

Eligibility

Taxation Other Details


Operation

Depositor

Where to Open

Passbook Details

List Of Banks

Account Opening

Eligibility Taxation Other Details


Account Opening & Operation

• Sukanya Samriddhi Account (SSA) can be opened only in the name of the girl child.

• Either of the Parents of the girl child can open the account.

• After attaining the age of 10 years, the girl child herself can operate the account.


Guardian/Depositor• Being biological guardians, either

father or mother who opens the account can perform as a depositor.

• Legal Guardian of the girl child can act as a depositor in case any of the parents is not alive or is incapable.


Where to Open• SSA can be opened in any branch of

Post Office or Authorized branches of Commercial Banks.

• Passbook facility is available with this account.


Passbook Details• Below details need to be mentioned

correctly in the SSA passbook.

– Name of the Post Office/Bank Branch– Name of the Account Holder– Account Number– Parent/Guardian– Address– Date of Birth– Date of Opening of the Account


List of Banks• Allahabad Bank • Oriental Bank of

Commerce• Andhra Bank • Punjab National Bank • Axis Bank • Punjab & Sind Bank• Bank of Baroda • State Bank of India• Bank of India • State Bank of Patiala• Bank of Maharashtra • State Bank of Bikaner &

Jaipur• Canara Bank • State Bank of Travancore• Central Bank of India • State Bank of Hyderabad• Corporation Bank • State Bank of Mysore• Dena Bank • Syndicate Bank• ICICI Bank • UCO Bank• IDBI Bank • Union Bank of India• Indian Bank • United Bank of India• Indian Overseas Bank • Vijaya Bank


Operation

Depositor

Where to Open

Passbook Details

List Of Banks

Account Opening

Eligibility



Eligibility • SSA can be opened only in the name

of the girl child.

• Age of the Child needs to be10 years (For the financial year 2014-15, born on or after 2nd Dec 2003)


Documents Required• Birth certificate of girl child• Address proof of the parent/guardian• Identity proof of the parent/guardian• 3 Photos of each of the child & the

parent/guardian • Pan card & Aadhar card copies of

parent/guardian


Birth Certificate Alternatives• In case someone doesn’t have birth

certificate for the girl child, then any of the below document can be produced:

– Certificate of Date of Birth from the School Headmaster

– Certificate of Date of Birth from the Hospital where the Girl Child was born


Contribution Amount Limit • The Minimum limit is 1000/-

• Maximum is1,50,000/- per year.

• A deduction of 50/- would be levied in case deposits are less than Rs 1000 for any financial year.


Contribution Time Limit • Contribution/Deposit can be made up

to 14 years from the date of account opening.

• There is no rule for the number of deposits in a year. But the deposit has to be within the maximum & minimum limit.


Operation

Depositor

Where to Open

Passbook Details

List Of Banks

Account Opening

Eligibility



Interest Rate• Initially the interest rate for SSA was 9.1% which has

been increased to 9.2% for the financial year 2015-16 .

• Under this rule, government of India will announce the rate on a yearly basis.

• The interest rate is compounded yearly which will be credited to the account till the completion of 14 years.

• If the girl/parents do not wish to withdraw the amount after 21 years, same interest rate will be paid on gross amount till final closure.


Taxation Rules• As per the new budget rule, this scheme is

EEE which means it is tax free in all the 3 aspects:– The Amount Deposited – The Interest Earned– The Maturity Amount

• In case of 2 girl children both the parents can avail tax benefit when both of them are earning.


80C Benefits• The depositor (father/mother/legal

guardian) can avail the tax benefit under section 80C.

• But definitely it is within the limit of 1,50,000/- where SSA is prevailing with other tax benefit instruments like LIC, PPF, 5 years tax saving FD, NSC, ELSS etc.


Maturity Tenure• The account matures at 21 years

from the date of opening of the account or at the time of girl child’s marriage, whichever is earlier.

• E.g. If the account is opened at the age of 9 years of the girl child, it will mature at the age of 9+21= 30 years or the time of the girl child’s marriage.


Premature Closure• In case of unfortunate death of the girl child,

the account will get closed immediately.

• Balance amount will be repaid to the parent or legal guardian along with interest accrued.

• In cases of extreme circumstances such as medical support in life-threatening diseases, death etc, premature closure is allowed only if the central govt. is fully satisfied about the situation.


Partial Withdrawal• The lock-in period in SSA is 21 years.

• Partial withdrawal can be made for higher education purpose after the girl child completes 18 years of age.

• Maximum 50% of the total account balance can be withdrawn.


Operation

Depositor

Where to Open

Passbook Details

List Of Banks

Account Opening

Eligibility



Modes of Deposit• Amount can be deposited either in

cash/ cheque/demand draft.

• As of now, online transaction facility is not available.


Number of Accounts• Per girl child only one single account is

allowed.

• Parents can open this account for maximum two girl children.

• In case of birth of twin girls in second birth or if the first birth itself results into three girl children, this facility will be extended to all the 3 girl children born.


Transfer of Account• The account may be transferred

anywhere in India wherever the girl child moves.

• For transferring the account from the existing branch, a proof of new residence will be mandatory.


Loan Facility• For SSA loan is not available.

• Whereas in case of tax saving under small savings scheme, one can avail loan against FD or PPF account.


NRI Context• As per the guidelines of Reserve

Bank of India, any NRI is not eligible to make any investment under small saving schemes.

• So SSA being considered to be a small saving scheme, any NRI girl child is not eligible for this account.


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