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  • How to Check Sukanya Samriddhi Account Balance

    Sukanya Samriddhi Account is a small savings scheme introduced by the Prime Minister Narendo Modi for ensuring a bright future for the girl child. It is one of the most popular investment schemes among parents who have girl children. The Sukanya Samriddhi account was launched recently, on 22nd January 2015. The chief motive behind the launch of this savings account was to provide future financial assistance for girl children so that they can smoothly fulfill their future needs.

    Basic things you need to know Sukanya Samriddhi Account

    • The Sukanya Samriddhi account can be opened by making a minimum deposit of Rs. 1000 and maximum deposit of Rs. 1, 50,000. The depositor can avail tax benefits on the deposited amount.
    • The account can be opened by parents or legal guardian on behalf of their girl children.
    • The maximum age of a girl child needs to be 10 years for opening this account.
    • The account can be opened by downloading the common SSA account opening form released by the Reserve Bank of India or collecting the account opening form available in banks or post offices.
    • The filled application form should be followed by your KYC documents, proof of birth of your girl child, photo ID (both you and your child) and 2 photographs of your girl child.
    • The amount received as maturity benefits form Sukanya Samriddhi account is free from income tax.
    • The duration of a Sukanya Samriddhi Account is 21 years.
    • The account allows premature withdrawal when a girl child completes 18 years.
    • The account has a lock-in period of 8 years, excluding the entry age which is 10 years.
    • The account provides a relaxation of 1 year for girl children born between the period of 2nd December, 2003 and 1st December, 2004. They are eligible to open Sukanya Samriddhi accounts by 1st December, 2015.
    • The account holder receives tax benefits on the deposits made towards the account. Also, maturity benefits offered the account is also non-taxable.

    So far, 28 banks have been authorized by the Government of India to open Sukanya Samriddhi accounts.

    How to Check Sukanya Samriddhi Account Balance

    The Sukanya Samriddhi accounts offered by both banks and post offices come with passbooks. These passbooks would contain your personal details as well as Sukanya Samriddhi Account balance held in your account. The Sukanya Samriddhi account does not accept online deposits. You need to pay your deposit via cheque or demand draft and get it updated in your passbook. The amount deposited in the account grow at a steady pace.

    News About Sukanya Samriddhi Account

    • Parents with daughters set to be honored

      The district administration of Mansa, under the “Beti Bachao, Beti Padhhao” campaign has decided to award a certificate of honor for couples who have just a daughter or two daughters and have decided not to have a third child after giving birth to two daughters.

      The certificate are being given away along with a box of sweets to each of such couples. In the first set of chosen villages, the top 20 with the lowest sex ratio have been selected. The main aim of the campaign is to make people realize that having a son is not the only way to complete a family.

      23rd February 2016

    • Provident Funds gain the upper hand over Postal Deposits and KVP

      Employees Provident Fund Organization (EPFO) is on the verge of increasing the applicable interest rate on deposits from 8.75% per annum to 8.8% per annum this year. On the other hand there has been a basis points reduction of 25 points in the interest rates offered on postal fixed deposits and Kisan Vikas Patra.

      Other widely used saving schemes like Public Provident Fund, National Savings Certificates, Sukanya Samridhi Yojana, Senior Citizen Savings Scheme and the Monthly Income Scheme haven’t undergone any rate changes as of yet.

      22nd February 2016

    • Starting 1st April, 5 of the small savings will earn reduced returns

      On Tuesday, the Finance Ministry decided to reduce the rate of interest on 5 different small savings schemes. The rate has been cut by 25 basis points, recurring term deposits of 5 years, for term deposit with tenures of 1 year, 2 years, and 3 years, as well as Kisan Vikas Patras. Schemes such Senior Citizens Savings Scheme, Monthly Income Scheme, Term Deposit of 5 years, 5 year National Savings Certificate and PPF remain unchanged. Another scheme that has not seen a reduction in interest rate is the Sukanya Samriddhi Yojana. The interest rates will be now reviewed on a quarterly basis starting April 1st.

      19th February 2016

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