Sukanya Samriddhi Account: Difference between revisions
m Reverted edits by Santanu25 (talk): Violation of external links policy (HG) |
→Pre-mature closure of the SSY account: Sukanya samriddhi calculator Tags: Mobile edit Mobile web edit |
||
Line 103: | Line 103: | ||
! style="background:#F8F5C1;" | ₹ 1,50,000/- |
! style="background:#F8F5C1;" | ₹ 1,50,000/- |
||
|} |
|} |
||
*[http://moneyexcel.com/9612/sukanya-samriddhi-account-calculator-download Sukanya Samriddhi Account Calculator] |
|||
==See also== |
==See also== |
Revision as of 03:22, 12 April 2015
![]() | This article is written like a personal reflection, personal essay, or argumentative essay that states a Wikipedia editor's personal feelings or presents an original argument about a topic. (March 2015) |
Sukanya Samriddhi Account meaning Girl Child Prosperity Account is a special deposit account under the Sukanya Samriddhi Yojana (meaning girl child prosperity scheme) launched by Prime Minister of India on 22 January 2015 aiming the welfare of girl child in India.[1][2]
Opening Sukanya Samriddhi Account
Under this scheme a saving account can be opened by the parent or legal guardian of a girl child of less than 10 years of age (born on or after: 02-December-2003; For FY 2014-15) with a minimum deposit of ₹ 1,000/- in any post office or authorised branches of commercial bank.
List of Banks
List of Banks Authorized to Open account under Sukanya Samriddhi Yojana [3]
- State Bank of India (SBI)
- State Bank of Patiala (SBP)
- State Bank of Bikaner & Jaipur (SBBJ)
- State Bank of Travancore (SBT)
- State Bank of Hyderabad (SBH)
- State Bank of Mysore (SBM)
- Allahabad Bank
- Andhra Bank
- Axis Bank
- Bank of Baroda (BoB)
- Bank of India (BoI)
- Bank of Maharashtra (BoM)
- Canara Bank
- Central Bank of India (CBI)
- Corporation Bank
- Dena Bank
- ICICI Bank
- IDBI Bank
- Indian Bank
- Indian Overseas Bank (IOB)
- Oriental Bank of Commerce (OBC)
- Punjab National Bank (PNB)
- Punjab & Sind Bank (PSB)
- Syndicate Bank
- UCO Bank
- Union Bank of India
- United Bank of India
- Vijaya Bank
Also all Post offices in India are authorized to open account under Sukanya Samriddhi Yojana [4]
Required documents
- Birth documents of girl child(Birth certificate)
- Address proof [ Who is opening the account on child's behalf ]
- Identity proof [ Who is opening the account on child's behalf ]
- 3 Photos of parents and 3 photos of the child
- Pan card and Aaadhar card copies of parents
Interest
For the FY 2015-16 Government of India has declared an interest rate of 9.2 per cent on SSY scheme. It was 9.1% for FY 2014-2015. [5]
Duration of the SSY account
The account will remain operative for 21 years from the date of opening of the account or till marriage of the girl child.
Partial Withdrawal
Partial withdrawal up to 50 per cent of the account balance is allowed, only once after the girl child completes age of 18 years, for the purpose of financing her higher education.
Pre-mature closure of the SSY account
Though the duration of the Sukanya Samriddhi account is 21 years from the date of the opening of the account except for the case when the marriage of the account holder (girl child) takes place before the completion of those 21 years, then the account has to be closed. There are two scenarios when the account can be closed prematurely.[6]
Untimely death of the account holder - In the unfortunate event of death of the account holder (girl child), the account shall be closed immediately on production of death certificate issued by the competent authority. In that case the balance at the credit of the account shall be paid along with the accrued interest till the month preceding the month of premature closure of the account, to the guardian of the account holder.
Hardship to the account holder - The other case when Sukanya Samriddhi Yojana account can be closed prematurely is when the central government is satisfied that operation of the account or continuation of the account is causing undue hardship to the account holder (guardian). Authorities may allow pre-mature closure of the SSY account only in cases of extreme compassionate grounds such as medical support in life threatening diseases, death etc. The application for pre-mature closure in this case has to be given with the proper reason.
Features
- Per girl child only single account is allowed. Parents can open this account for maximum two girl child. In the event of birth of twin girls in 2nd birth or birth of 3 girl child's in 1st birth itself, this facility will be extended to third child[7]
- Minimum deposit amount for this account is ₹ 1,000/- and maximum is ₹ 1,50,000/- per year.
- Money to be deposited for 14 years in this account.
- Interest rate for this account is 9.2% per annum for FY 2015-16(it was 9.1% for 2014-15), calculated on yearly basis ,Yearly compounded.
- Interest rate is tied to 10 year Government of India Bond Yield, and will be 75 basis point higher than the respective year's bond yield.
- Passbook facility is available with Sukanya Samriddhi account.[8]
- From FY 2015-16 the interest earned on account will be tax exempted. As per Finance Bill 2015-16.
Who can be ‘Guardian’ under this Scheme – In relation to a minor girl Child Guardian means (i) either father or mother; and (ii) where neither parent is alive or is incapable of acting, a person entitled under the law for the time being in force to have the care of the property of the minor.
Scheme Change Table
Serial Number | Financial Year | Date Range | Interest Rate | Minimum Investment | Maximum Investment |
---|---|---|---|---|---|
1 | 2014-15 | 01/04/2014 to 31/03/2015 | 9.1 % | ₹ 1,000/- | ₹ 1,50,000/- |
2 | 2015-16 | 01/04/2015 to 31/03/2016 | 9.2 % | ₹ 1,000/- | ₹ 1,50,000/- |
See also
References
- ^ [1]
- ^ [2]
- ^ "RBI Circular".
- ^ http://www.indiapost.gov.in/dop/Pdf%5CCirculars%5Csukanya_samriddhi_SB_Order_2.pdf
- ^ "Sukanya Samriddhi Account to Earn 9.2% Interest: 10 Facts". NDTV Convergence Limited. 4 April 2015. Retrieved 11 April 2015.
- ^ "Sukanya Samriddhi Accounts". Department of Posts, Ministry of Communications & Information Technology, Government of India. Retrieved 11 April 2015.
- ^ http://rbidocs.rbi.org.in/rdocs/content/pdfs/494SSAC110315_A1.pdf
- ^ http://rbidocs.rbi.org.in/rdocs/content/pdfs/494SSAC110315_A2.pdf