Sukanya Samriddhi Account Explained All Details

Sukanya Samriddhi Yojana (SSY) is a financial savings scheme launched again in 2015 as a part of the Government initiative Beti Bachao, Beti Padhao marketing campaign. This scheme permits guardians to open a financial savings account for his or her woman youngster with an authorised industrial financial institution or India Post department.

– Advertisement –

​Interest payable, Rates, Periodicity and so forth.

Rate of curiosity 8.2​​​% Per Annum(with impact from 01-01-2024 ),calculated on yearly foundation Yearly compounded.

Minimum Amount for opening of account and most stability that may be retained

Minimum INR. 25​0/-and Maximum INR. 1,50,000/- in a monetary yr. Subsequent deposit in a number of of INR 50/- Deposits will be made in lump-sum No restrict on variety of deposits both in a month or in a Financial yr

(a) Who can open account:-

> By the guardian within the identify of woman youngster beneath the age of 10 years.
> Only one account will be opened in India both in Post Office or in any financial institution within the identify of a woman youngster.
> This account will be opened for max of two women in a household. Provided in case of twins/triplets women start greater than two accounts will be opened.

​(b) Deposits:-

(i) Account will be opened with minimal preliminary deposit Rs. 250.

(ii) Minimum deposit in a FY is Rs. 250 and most deposit will be made as much as Rs. 1.50 lakh (in a number of of Rs.50) in a FY in lumpsum or in a number of installments.

(iii) Deposit will be made most as much as completion of 15 years from the date of opening.

(iv) If minimal deposit Rs. 250 isn’t deposited in a account in a FY , the account shall be handled at defaulted account.

(v) Defaulted account will be revived earlier than completion of 15 years from the date of opening of account by paying minimal Rs. 250 + Rs. 50 default for every defaulted yr.

(vi) Deposits qualify for deduction underneath part 80C of Income Tax Act.

(c) Interest:-

(i) The account will earn on the prescribed charge notified by Ministry of Finance on quarterly foundation.

(ii) The curiosity shall be calculated for the calendar month on the bottom stability within the account between the shut of the fifth day and the tip of the month.(iii) Interest shall be credited to the account on the finish of every Financial yr.

(iii) Interest shall be credited to the account on the finish of every FY the place account stands on the finish of FY. (i.e. in case of switch of account from Bank to PO or vice versa)
(iv) Interest earned is tax free underneath Income Tax Act.

(d) Operation of Account:-

-> Account will probably be operated by the guardian until the woman youngster attains the age of majority (i.e. 18 years).

​(e) Withdrawal:-

(i) Withdrawal could also be taken from account after woman youngster attains age of 18 or handed tenth customary.

(ii) withdrawal could also be taken as much as 50% of stability out there on the finish of previous F.Y.

(iii) withdrawal could also be made in a single lump sum or in installments, not exceeding one per yr, for a most of 5 years, topic to the ceiling specified and topic to precise requirement of payment/different fees.

(f) Premature closure:-

(i) Account could also be prematurely closed after 5 years of account opening on the next circumstances : –
> On the loss of life of account holder. (from date of loss of life up to now of cost PO Savings Account rate of interest will probably be relevant).

> On excessive compassionate grounds

(i) Life threatening decease of a/c holder.

(ii) Death of the guardian by whom account operated.

(iii) Complete documentation and utility required for such closure.

(vi) For untimely closure of account submit prescribed utility kind together with go e book at involved Post Office.

​(g) Closure on maturity:-

(i) After 21 years from the date of account opening.

(ii) Or on the time of marriage of woman youngster after attaining age of 18years.(however no closure is

allowed earlier than 1 month or after 3 months from the date of marraige).

– Advertisement –