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© 2015
21Facts of Sukanya Samriddhi Account New Saving Scheme
www.sukanyasamriddhiaccount.com
© 2015©www.sukanyasamriddhiaccount.com
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.
© 2015©www.sukanyasamriddhiaccount.com
Operation
Depositor
Where to Open
Passbook Details
List Of Banks
Account Opening
Eligibility
Taxation Other Details
© 2015©www.sukanyasamriddhiaccount.com
Operation
Depositor
Where to Open
Passbook Details
List Of Banks
Account Opening
Eligibility Taxation Other Details
© 2015©www.sukanyasamriddhiaccount.com
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.
© 2015©www.sukanyasamriddhiaccount.com
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.
© 2015©www.sukanyasamriddhiaccount.com
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.
© 2015©www.sukanyasamriddhiaccount.com
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
© 2015©www.sukanyasamriddhiaccount.com
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
© 2015©www.sukanyasamriddhiaccount.com
Operation
Depositor
Where to Open
Passbook Details
List Of Banks
Account Opening
Eligibility
Taxation Other Details
© 2015©www.sukanyasamriddhiaccount.com
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)
© 2015©www.sukanyasamriddhiaccount.com
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
© 2015©www.sukanyasamriddhiaccount.com
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
© 2015©www.sukanyasamriddhiaccount.com
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.
© 2015©www.sukanyasamriddhiaccount.com
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.
© 2015©www.sukanyasamriddhiaccount.com
Operation
Depositor
Where to Open
Passbook Details
List Of Banks
Account Opening
Eligibility
Taxation Other Details
© 2015©www.sukanyasamriddhiaccount.com
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.
© 2015©www.sukanyasamriddhiaccount.com
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.
© 2015©www.sukanyasamriddhiaccount.com
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.
© 2015©www.sukanyasamriddhiaccount.com
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.
© 2015©www.sukanyasamriddhiaccount.com
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.
© 2015©www.sukanyasamriddhiaccount.com
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.
© 2015©www.sukanyasamriddhiaccount.com
Operation
Depositor
Where to Open
Passbook Details
List Of Banks
Account Opening
Eligibility
Taxation Other Details
© 2015©www.sukanyasamriddhiaccount.com
Modes of Deposit
• Amount can be deposited either in cash/ cheque/demand draft.
• As of now, online transaction facility is not available.
© 2015©www.sukanyasamriddhiaccount.com
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.
© 2015©www.sukanyasamriddhiaccount.com
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.
© 2015©www.sukanyasamriddhiaccount.com
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.
© 2015©www.sukanyasamriddhiaccount.com
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.
© 2015©www.sukanyasamriddhiaccount.com
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