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Sukanya Samriddhi Account

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... Sukanya Samriddhi Account meaning Girl Child Prosperity Scheme is a special deposit scheme launched by Prime Minister Narendra Modi on 22 January 2015 for girl child.[1] The scheme of Sukanya Samriddhi Account came into effect via notification of Ministry of Finance. The notification details are Notification No. G.S.R.863(E) Dated 02.12.2014. Scheme will be governed by ‘Sukanya Samriddhi Account Rules, 2014’.[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]

  1. State Bank of India (SBI)
  2. State Bank of Patiala (SBP)
  3. State Bank of Bikaner & Jaipur (SBBJ)
  4. State Bank of Travancore (SBT)
  5. State Bank of Hyderabad (SBH)
  6. State Bank of Mysore (SBM)
  7. Allahabad Bank
  8. Andhra Bank
  9. Axis Bank
  10. Bank of Baroda (BoB)
  11. Bank of India (BoI)
  12. Bank of Maharashtra (BoM)
  13. Canara Bank
  14. Central Bank of India (CBI)
  15. Corporation Bank
  16. Dena Bank
  17. ICICI Bank
  18. IDBI Bank
  19. Indian Bank
  20. Indian Overseas Bank (IOB)
  21. Oriental Bank of Commerce (OBC)
  22. Punjab National Bank (PNB)
  23. Punjab & Sind Bank (PSB)
  24. Syndicate Bank
  25. UCO Bank
  26. Union Bank of India
  27. United Bank of India
  28. 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.[5] It was 9.1% for FY 2014-2015.

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. ^ [1]
  2. ^ [2]
  3. ^ "RBI Circular".
  4. ^ http://www.indiapost.gov.in/dop/Pdf%5CCirculars%5Csukanya_samriddhi_SB_Order_2.pdf
  5. ^ "SSY Interest rate".
  6. ^ "SSY pre-mature closure".
  7. ^ http://rbidocs.rbi.org.in/rdocs/content/pdfs/494SSAC110315_A1.pdf
  8. ^ http://rbidocs.rbi.org.in/rdocs/content/pdfs/494SSAC110315_A2.pdf
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