SUKANYA SAMRUDDHI ACCOUNT -Savings Scheme
for Girl child’s Education and marriage expenses
Sukanya Samruddhi Account :
Sukanya Samriddhi Account is a savings scheme initiated by the Government of India as part of its “Beti Bachao, Beti Padhao” campaign promoted by the Prime Minister Sri Narendra Modi . It aims to encourage parents to save money for the future education and marriage expenses of their girl child.Under the scheme, parents or legal guardians can open a savings account in the name of their girl child who is aged 10 years or younger. The account can be opened in any post office or authorized banks. The minimum deposit required to open the account is Rs. 250, and the maximum deposit limit is Rs. 1.5 lakh per year.
SALIENT FEATURES OF SUKANYA SAMRUDDHI ACCOUNT :
The Plan is administered by Post Offices across India and select commercial banks
SALIENT FEATURES :
• Minimum INR. 1000/-and Maximum INR. 1,50,000/- in a financial year. Subsequent deposit in multiple of INR 100/- Deposits can be made in lump-sum No limit on number of deposits either in a month or in a Financial year
• A legal Guardian/Natural Guardian can open account in the name of Girl Child.
• A guardian can open only one account in the name of one girl child and maximum two accounts in the name of two different Girl children.
• Account can be opened up to age of 10 years only from the date of birth. For initial operations of Scheme, one year grace has been given. With the grace, Girl child who is born between 2.12.2003 &1.12.2004 can open account up to1.12.2015.
• If minimum Rs 1000/- is not deposited in a financial year, account will become discontinued and can be revived with a penalty of Rs 50/- per year with minimum amount required for deposit for that year.
• Partial withdrawal, maximum up to 50% of balance standing at the end of the preceding financial year can be taken after Account holder’s attaining age of 18 years.• Account can be closed after completion of 21 years.
• If account is not closed after maturity, balance will continue to earn interest as specified for the scheme from time to time.
• Normal Premature closer will be allowed after completion of 18 years /provided that girl is married.
Account can be opened in Post office or specified commercial Banks ( For list of commercial banks and to visit their websites CLICK HERE
Tax Benefits:
Deposits made to the SSY account qualify for deduction under Section 80C of the Income Tax Act.
Interest earned on the account is exempt from income tax under Section 10 of the Income Tax Act
Interest Rate for Sukanya Samruddhi Account :
The account earns a higher rate of interest than regular savings accounts, and the interest rate is revised by the government on a quarterly basis . For the present quarters of July 2023 to September 2023 and October 2023 to December 2023 , Government had fixed the interest rate at 8 % pa . Now it is hiked to 8.2 % pa from the 1st , January 2024 .
How to apply for Sukanya Samruddhi Account ?
A Sukanya Samriddhi account can be opened at any participating bank or Post Office branch.To open the account, complete the steps outlined below:
Go to the bank or Post Office where you want to open the account.
Fill out the application form with the necessary information and attach any supporting papers.
Pay the first deposit in cash, check, or demand draught. The payment can range between Rs.250 and Rs.1.5 lakh.
Your application and payment will be processed by the bank or the Post Office.
After processing, your SSY account will be activated. A passbook will be supplied for this account to commemorate the account’s opening
Documents required to open a Sukanya Samruddhi Account :
Birth certificate of the girl child
Photo ID of applicant parent or legal guardian
Address proof of applicant parent or legal guardian
Other KYC proofs such as PAN, and Voter ID.
SSY account opening form.
A medical certificate has to be submitted in case multiple children are born under one order of birth.
Any other documents that are requested by the bank or post office.
Banks Authorized to Open Sukanya Samriddhi Yojana (SSY) Accounts
Here are some of the major banks in India that are authorized to open Sukanya Samriddhi Yojana accounts:
Public Sector Banks:
State Bank of India (SBI)
Bank of Baroda
Canara Bank
Punjab National Bank
Union Bank of India
Bank of India
Indian Bank
UCO Bank
Central Bank of India
Bank of Maharashtra
Punjab & Sind Bank
Indian Overseas Bank
Private Sector Banks:
ICICI Bank
HDFC Bank
Axis Bank
Kotak Mahindra Bank
Yes Bank
IndusInd Bank
Note: While this list includes many major banks, it’s always recommended to double-check with your preferred bank or visit the official website of the Sukanya Samriddhi Yojana to get the most accurate and up-to-date information.
