Sukanya Samridhi Yojna Scheme Account is aimed at the prosperity of the girl child in the society. It has been formulated under the Beti Bachao Beti Padhao scheme of the Prime Minister, Narendra Modi. The Sukanya Samridhi Yojna Scheme account will facilitate proper education to the girl child and will also take care of their marriage expenses. The scheme is already being accepted well by the people of India as it is making them financially secure. Also, it is providing independence to the girl child as well her parents and guardians.
Under this scheme, the government has kept a small deposit investment for the girl child as an initiative for the “Beti Bachao Beti Padhao” campaign. One of the major benefits of the Sukanya Samridhi Yojana Scheme is that it is affordable and has a higher rate of interest.
Sukanya Samridhi Yojna Scheme Account Rules:
- Parents and Guardians of the girl child can now open an SSY account for her.
- You can deposit money in SSY account online.
- Girl child can also deposit amount herself into this account.
- The interest rate for SSY account is calculated on 10th of every month. Initially, it was calculated on 5th of each month.
- You can make a partial withdrawal from SSY account for the education of the girl child after she has passed 10th class or has turned 18 years old.
- Once the account gets mature, it will earn no interest.
- A duplicate passbook is issued for SSY account at just INR 50.
- Once the girl child turns 18 years, you can withdraw 100% amount from your account.
- Now, you have an option to transfer your SSY account. You can transfer from one post office to another for free. But if you want to transfer it from Post Office to a bank then you will be required to pay Rs 100. However, you should remember that you are allowed to do this only once a year.
Important points to remember for Sukanya Samridhi Yojana Scheme:
- You can open an SSY account under a girls name before she turns 10 years old.
- This scheme allows for only one account per girl.
- You can open an SSY account in an authorized bank or a post office.
- The account holder needs to submit the birth certificate.
- You need to pay INR 1,000 to open SSY account. Then, you can deposit an amount of INR 100 to the account multiple times with a minimum of INR 1,000 per year.
- The maximum limit of deposits in this account is INR 1,50,000 per year.
- You will need to pay an amount for 14 years under this scheme. For example, if you open an SSY account when your girl child was 4 years old then you should make deposits for 4+14=18 years.
- The SSY account is matured in 21 years from the opening date.
- You can transfer this account to anywhere in India.
Sukanya Samridhi Yojana scheme was announced by the Ministry of Finance under its notification GSR 863(E) on 2nd December 2014. This scheme will operate with the name Sukanya Samridhi Account Rules, 2014.
Who can deposit money to this account?
This account is completely dedicated to the girl child in India, so the depositor could be a girl child or a parent or guardian of the girl child. Any legal guardian or parent can open SSY account for a girl child under this scheme anytime at the birth of the child till the age of 10 years. As a matter of exception, a girl child who has attained the age of 10 years within one year prior to the official announcement of this scheme is also eligible to open an SSY account under her name.
Documents required for opening an SSY Account:
The process of opening an SSY account is simple and much documentation is not required in the normal cases. A parent of guardian needs to take along following documents for opening an account under this scheme:
- Birth Certificate of the Girl Child.
- Address Proof of Parents/Guardians.
- Identity Proof of Parents/Guardians.
Q. Where can you open an SSY account?
Ans. The government of India has authorized various financial institutions for opening an account under this scheme. A girl child or the parent or guardian of a girl child can open an SSY account in the authorized banks and Post Office.
Q. Is it possible to close an account after maturity?
Ans. The normal tenure of this account is until the girl child is 21 years of age. However, if she wants to continue this account then the maturity amount will grow at the same interest rate as per the current rates of the scheme. The interest will be compounded on the monthly or yearly basis and will come in account only after the girl child turns 14 years. The account will not receive any interest after the maturity period as per the updated rules.
Q. Who can operate Sukanya Samridhi Account?
Ans. The parents or guardians of the girl child can open an SSY account and can operate it until the girl child turns 10 years. After 10 years, a girl child may operate her account on her own, if she chooses to.
Open Sukanya Samridhi Yojna Scheme Account in SBI Bank:
Here are the steps you can follow to open a Sukanya Samridhi Account in SBI Bank:
- Visit your nearest SBI bank branch and take an SSY account opening form from there. Also, collect a deposit slip as well, since you will need this to make an initial deposit in Sukanya Samridhi account.
- Fill up the form with all your relevant details. Basic details in the form remain the same but every bank has their own format for the form.
- Once you have entered all the relevant details, attach following documents: 1) Birth Certificate of the Child 2) Recent Passport size photograph. 3) Recent Passport size photograph of the guardian opening the account. 4) Address proof of the guardian opening the account. 5) Identity proof of the guardian opening the account.
- Complete the deposit slip with relevant details.
- Now, submit the SSY form with documents, deposit slip and INR 1000/- in SBI bank branch where you want to open an account.
- You can receive the receipt for the deposit slip and another form for account opening from your bank.
- You will need these documents to get passbook for SSY account.
- Check the bank to find out how many days it will take to open an account, which is normally 2-3 days.
Pre-Mature Withdrawal from Sukanya Samridhi Yojna Scheme Account:
In case an account holder or the depositor is moving to any other place, your SSY account is transferable to any part of the country.
Account Transfer in Sukanya Samridhi Yojna Scheme Account:
You can withdraw the pre-mature amount up to 50%, but only after the girl child turns 18 years. You can withdraw this amount for either marriage or higher education.
In the case of the marriage of the account holder after 18 years, it won’t be possible to operate this account. Therefore, this account should be closed after the marriage of the account holder. If you want to close your account you will require an affidavit and other proof will be required.
Sukanya Samridhi Yojna Scheme Account Tax Benefits:
You will get tax exemption under 80C of IT Act 1961, for a maximum of INR 1.5 lakh deposited in SSY account. The interest, maturity amount at the time of closure is exempted from income tax.
Pros of Sukanya Samridhi Yojna Scheme Account:
- High fixed interest rates in the market.
- Tax benefits under the scheme 80C of Income Tax Act.
- The girl child can receive maturity amount directly.
- The depositor can deposit a multiple of Rs 100 in a year, with no limitation on the number of deposits.
- You can transfer SSY account to anywhere in India.