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Sukanya Samriddhi Yojana
Sukanya Samriddhi Yojana (SSY) is a small deposit scheme for the girl child launched as a part of the 'Beti Bachao Beti Padhao' campaign. It is currently (2016-17) fetching an interest rate of 9.1 per cent and provides income-tax benefit.
A Sukanya Samriddhi Account can be opened any time after the birth of a girl till she turns 10, with a minimum deposit of Rs 1,000. A maximum of Rs 1.5 lakh can be deposited during the ongoing financial year (FY16-17).
The account can be opened in any post office or authorised branches of commercial banks.
The account will remain operative for 21 years from the date of its opening or till the marriage of the girl after she turns 18.
To meet the requirement of her higher education expenses, partial withdrawal of 50 per cent of the balance is allowed after she turns 18.
The government, via Notification No. G.S.R.863(E) dated December 2, 2014, has notified the Sukanya Samriddhi Account Rules, 2014, which came into force with effect from the same day.
What are the rules for opening Sukanya Samriddhi Account?
The account can be opened by the natural or legal guardian in the name of the girl from her birth till she turns 10.
A depositor may open and operate only one account in the name of the girl child under these rules. One can't open two accounts for one girl.
The birth certificate of the girl in whose name the account is opened should be submitted by the guardian at the time of the opening of the account in the post office or bank, along with other documents relating to identity and residence proof of the depositor.
How much can be deposited in the account?
The account can be opened with an initial deposit of Rs 1,000 and thereafter, any amount in multiple of Rs 100 can be deposited, subject to the condition that a minimum of Rs 1,000 will be deposited in a financial year, but the total money deposited in an account on a single occasion or on multiple occasions will not exceed Rs 1,50,000 in a financial year.
Deposits in the account can be made till the completion of 15 years, from the date of the opening of the account. For a 9-year-old, deposits have to continue till the child turns 24. Between ages 24 and 30 (when the account matures), the account keeps earning interest on the balance.
An irregular account where the minimum amount has not been deposited may be regularised on payment of a penalty of Rs 50 per year, along with the minimum specified subscription for the year (s) of default. If the penalty is not paid, the entire deposit, including those made before the date of default, will receive interest at post office savings bank account rate, which is currently 4%. If excess interest has been paid, it will be reversed.
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