Sukanya Samriddhi Yojana

 

1-What is Sukanya samriddhi yojana?

Sukanya Samriddhi Yojana is a small deposit scheme of the Government of India exclusively introduced for girl children who are below 10 years of age and is launched as a part of the Beti Bachao Beti Padhao Campaign. The scheme is meant to meet the education and expenses of a girl child.

2-Who can open an account?

A child whose age does not exceed 10 years.

b) She should be an Indian citizen.

3- What is the minimum and maximum account opening amount?

A minimum INR of 250/-and a maximum INR of 1,50,000/-in a financial year. Following deposits in multiples of INR 50/- Deposits can be made in full or in installments. There is no limit on the number of deposits, either in a month or in a financial year.

4-What documents are required to open a Sukanya Samriddhi Yojana account?

Sukanya Samriddhi Yojana Account Opening Form.

*Birth certificate of the child (account beneficiary).

*Identity proof of the depositor (parent or legal guardian), i.e., PAN card, ration card, driving licence, passport.

*Address proof of the depositor (parent or legal guardian), i.e., passport, ration card, electricity bill, telephone bill, driving licence,Aadhaar card.

5-How is interest calculated?

The account will earn at the prescribed rate notified by the Ministry of Finance on a quarterly basis.

(ii) For the calendar month, interest is calculated on the lowest balance in the account between the close of the fifth day and the end of the month.

(iii) At the end of each fiscal year, interest is credited to the account.

(iii) Interest is credited to the account at the end of each fiscal year where the account stands at the end of the fiscal year. (i.e., in the case of a transfer of account from a bank to a PO or vice versa)

6-Is there a tax advantage to SSA interest?

Yes, interest earned on SSA investment is tax free under the Income Tax Act. Deposits qualify for a deduction under section 80C of the Income Tax Act.

7-How many accounts can be opened in banks or post offices for a child?

In India, only one account in the name of a girl child can be opened, either at the post office or in any bank.

8-what if there is no minimum amount we deposit in a year?

Ans: The minimum deposit in a FY is Rs. 250 and the maximum deposit is Rs. 1.50 lakh (the deposit can be made lump-sum or in multiple installments). The deposit must be in multiples of Rs. 50/-.

9-Can we revive an SSA account and how to revive an SSA account?

Yes, a defaulted SSA account can be revived before the completion of 15 years from the date of opening of the account by simply paying a minimum of Rs. 250 + Rs. 50 for each defaulted year.

10-who can operate an account?

The ans-SSA Account is operated by the guardian till the child attains the age of majority (i.e., 18 years).

11-Can we withdraw the amount before maturity?

Yes, withdrawal can be done in the below cases.

i) Withdrawal can be taken from account after girl child attains age of 18 or passed 10th standard.

However, withdrawals of up to 50% of the balance available at the end of the previous fiscal year are permitted.Withdrawal may be made in one lump sum or in installments, not exceeding one per year, for a maximum of five years, subject to the ceiling specified and subject to the actual requirement of fees or other charges.

12-Can we close the account as premature?

Yes. An account can be prematurely closed after 5 years of account opening on the following conditions :

A: On the death of the account holder. (from the date of death to the date of payment, the PO Savings Account interest rate will be applicable).

B-On the basis of extreme compassion

C-Life threatening disease of a/c holder.

D-Death of the guardian by whom the account was operated.

Note: Complete documentation and application are required for such a closure. To prevent premature closure of SSA accounts, you need to submit the prescribed application form along with your pass book at the concerned post office.

13-When does a SSA get mature?

A 21-year lock-in period applies to the Sukanya Samriddhi Yojana.. For example, if the account is opened when the girl is 3 years old, it will mature when she reaches the age of 24.

14-Can we move our SSA account from the bank to the post office, or vice versa?

Yes, an SSY account opened at a post office can be transferred to a bank and vice versa.

15-Can I open Sukanya samriddhi Yojana online?

No, Sukanya samriddhi yojana account can not be opened online.