India’s Prime Minister Shri Narendra Modi launched the best scheme for girl child “Suaknya Samriddhi Yojana” on 22.01.2015. This scheme is for the only girls between 0 to 10 years. This scheme will be helpful to the parents of the girl child for future expenditures like education, marriage, and others. This is scheme is the part of the champaign “Beti Bachao, Beti Padhao”. This scheme is available at any post offices of India and some authorized branches. This scheme is very impressive for its interest rate of 8.4%. The interest rates will be changed (increase/decrease) every year as per the decision of the government.
Important Points of account
For the opening of account
- Only one SSY (Sukanya Samriddhi Yojana) account allowed per child. It means parents can open only one account of each child. They can not open an account in the bank and post office of one child. They can open her account either in a bank or in the post office. Parents can open their first two girl child account. The third girl child is not allowed to open this account. If the first two girls are twins, then they both are allowed but the third one is not allowed. If the first one is a girl child and a second time two girl twins then a total of three girls children are allowed to open this account.
- A minimum deposit for account opening of SSA is Rs.250/- (Two hundred fifty only). But it is required to deposit minimum Rs.1000/- (one thousand only) per year. The maximum limit of a year is Rs.150000/- (One lakh fifty thousand only). The account holder can deposit amount in multiple of Rs.100/- (One hundred only). If the minimum deposit of Rs.1000/- a year is not maintained then Rs.50/- (Fifty only) will be put on.
For maintaining account
- The account holder has to deposit the amount up to fifteen years from the date of the opening of the SSY (Sukanya Samriddhi Yojana) account. After that six years account will be lying as it is without deposit. At last, after 21 years (Twenty-one years from the date of opening) the account will mature. The only account holder her self (the girl child who will become mature after 21 years) is eligible for taking the maturity amount.
- The girl child can operate her Sukanya Samriddhi Yojana account after completing the age of 10 years.
Withdrawal from this account
- After completing the age of 18 years, 50% withdrawal is allowed for the purpose of education only.
- After completing the age of 18 years of the girl child and she will get married, then she can close the SSY (Sukanya Samriddhi Yojana) account normally anytime. It does not need to complete the twenty-one years of account.
- First of all, the deposit in this SSA account was eligible for tax benefit under section 80C of the Income Tax Act and up to the deposit amount of Rs.150000/- (One lacs fifty thousand only) per year in the year 2015-16.
- In the budget 2015, the interest of the SSA account and maturity fund of this account also comes under tax benefit as Public Provident Fund.
Closure of the account
- The SSA (Sukanya Samriddhi Account) shall mature after completion of twenty-one years from the date of opening.
- Final closure is admissible before completing the twenty-one year of the account in two conditions. Such type of premature closure is admissible before one month preceding the date of the marriage and after three months from the date of such marriage.
- The girl child has to marry and has to give proof of the marriage.
- She has to prove that she has completed the age of 18 years.
- On maturity, the SSA holder is eligible for the amount of the balance including interest outstanding in the account and at the time maturity or closure of the account, she has to furnish documentary proof of her identity, residency, and citizenship.
- The interest is not payable to the account holder after completion of twenty-one years.
Transfer of account
- The account holder or guardian can transfer the SSY (Sukanya Samriddhi Yojana) account from post office to bank, from bank to post office, from the post office to post office and from bank to bank. It is free of cost if a guardian or an account holder furnishes the proof of the shifting of residence, otherwise, the account holder/guardian has to pay one hundred rupees to the post office or to the bank where the transfer is made.
- If the post office and bank, both are CBS, then they do the process of the transfer of accounts electronically.
For more information please visit official website www.indiapost.gov.in
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