Sukanya Samriddhi Account is a small savings scheme introduced by the Prime Minister Narendra 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.
On 23 July 2018, the criteria for minimum annual deposit for the Sukanya Samriddhi Yojana account has been revised to Rs.250 from the earlier amount of Rs.1,000. Also the interest rate for the July-September quarter is 8.1%.
About Sukanya Samriddhi Account
|Plan Name||Sukanya Samriddhi Account|
|Account Type||Small Saving Scheme|
|Specifically for||Girl Children|
|Lock-in period||8 years|
|Minimum Deposit||Rs. 250|
|Maximum Deposit||Rs. 1, 50,000|
|Premature Withdrawal||Allowed at 18 years only|
|Available Banks||More than 25 banks|
Things to know about Sukanya Samriddhi Account
- Sukanya Samriddhi account can be opened by making a minimum deposit of Rs. 250 and maximum deposit of Rs. 1, 50,000. The Tax benefits on Sukanya Samriddhi account can be availed based 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.
Tax benefits on Sukanya Samriddhi Yojana
Introduced in 2015 by Prime Minister Narendra Modi, the Sukanya Samriddhi Yojana is a savings scheme that is focused on the welfare of girl children in the country. The tax-free savings scheme with a luring interest rate, provides the perfect financial assistance for the future of girl children. With an interest rate fixed at 8.1%, significantly higher than other savings schemes such as PPF (8.7%) and saving and fixed deposits (4-6%), the biggest advantage of the saving scheme is its triple E (Exempt, Exempt, Exempt) status, that offers account holders complete tax exemption. Apart from the PPF, the Sukanya Samriddhi Yojana is the only saving scheme under section 80C that enjoys the triple E tax exemption status. It means that the deposits, proceeds, the accrual interest rate amount and the maturity amount in this scheme is tax exempted. The only drawback of the scheme is the limit an account can hold, which is curtailed to Rs.1.5 lakh.
Transfer of existing Sukanya Samriddhi Account
Those holding Sukanya Samriddhi Account can transfer their accounts anywhere in India if they are re-locating, or feel they want to transfer the account from a post office to a bank or from one bank to another. The procedure is pretty simple. One can transfer their account from a post office to any post office or to any bank that falls under the ambit of the Reserve Bank of India (RBI) - anywhere in India. Here are the steps you need to take to transfer an existing Sukanya Samriddhi account:
- You first need to visit the post office holding your account with your updated passbook and KYC documents. Presence of the girl child during the transfer is not required.
- Submit your KYC documents and surrender your Sukanya Samriddhi account passbook. Let the executive know that you are closing the account in the post office and wish for the account to be transferred to a bank.
- The executive would then close your account and give you an application of transfer to be provided at the bank. He will also brief you on the necessary documents required for the transfer.
- Visit the bank you wish the account to be transferred to and submit the transfer application given to you by the post office executive.
- For proof of identification and address submit your KYC documents.
- The bank executive will then hand you a new passbook which will state the outstanding balance from the previous account.
- The bank will then activate your account in due time. From there you can continue the process of making contributions for the welfare and future of your girl child.
Sukanya Samriddhi Yojana in SBI
In the beginning, all post offices catered to the requirements of opening and maintaining a Sukanya Samriddhi Yojana Account, and now even nationalized banks cater to the needs of customers wanting to secure the life of their girl child through the Sukanya Samriddhi Yojana account. For those who think the process is tedious, it isn’t. Follow the steps below to open a Sukanya Samriddhi Yojana account in State Bank of India:
- Every nationalized bank has a specialized unit that works towards opening and maintaining SSY accounts. One can either download the form to open a SSY account online or just get it at the bank.
- Once you have visited the bank, ask for the Sukanya Samriddhi Yojana official in the bank. The executive will take you through all the features and benefits of having a SSY account. He will then guide you through the whole procedure.
- The documents required to open a SSY account in SBI are:
- The birth certificate of the girl child
- Proof of identity and address of the parents or the legal guardian of the girl child
- 3 Passport size photographs of the guardian and the child
- For those who do not have an existing SBI account, it does not matter. A fresh account is opened under SSY - under the name of the girl child, once the documents have been verified.
- Once the account has been opened, the parent or the legal guardian has to make an initial deposit of Rs.250 using a deposit slip. After that, deposits with a minimum of Rs.100 can be made on regular intervals through the year, keeping in mind that the ceiling limit for deposits for a year is Rs.1.5 lakh.
- Once you have made the initial deposit, the bank will give you both - the application form and the deposit slip - to keep as either proof or reference. Usually the account will be opened between 2-3 days.
- Lastly, once the account is open, the bank will give you a passbook for the account.
Sukanya Samriddhi Yojana in ICICI
Yet another bank that has been authorized by the Ministry of Finance to provide services pertaining to the Sukanya Samriddhi Yojana is ICICI bank. For those who already have accounts in ICICI bank and want to open a SSY account for their girl child, or for a customer not having an existing ICICI account but justs wants to open a SSY account, here a the steps you need to follow:
- The first thing one needs to do is to get the SSY account opening form. You can either download it online or get it at the bank you wish to open the account with.
- Visit the bank and fill the form. Then meet the bank executive in charge of opening and maintaining SSY accounts.
- Submit the following documents:
- The birth certificate of the girl child
- Proof of address of the parents or the legal guardians of the girl child
- Proof of identity of the parents or the legal guardians of the girl child
- Submit 3 passport size photographs of the girl child and the guardian
- Fill in the deposit slip. Once you have made the initial deposit of Rs.250, the bank will then hand you back a copy of the SSY opening form and deposit slip for your reference of proof.
- The account usually takes 2-3 days to be opened. Following which, the subscriber will receive a passbook. After the initial deposit, a subscriber can deposit a minimum of Rs.100 and make multiple deposits through the year, though the limit is Rs.1.5 lakh a year.
Sukanya Samriddhi Yojana in HDFC
For those looking to open a Sukanya Samriddhi Yojana in HDFC, the procedure is similar to that of opening an account in any other bank. If you believe that opening the account in HDFC will be the most convenient, follow the steps mentioned below:
- Download the SSY account opening form online - either from the official SSY website or HDFC online portal. If you are not able to download the form, you’ll get one from the bank.
- Fill in the form with details such as the name of the girl child and the guardian, address proof and so on.
- Once you visit the bank, get in touch with the executive handling SSY accounts.
- Fill the form and the deposit slip - required to make the initial deposit of Rs.250.
- Once you have filled the form, hand over the necessary documents required to open an SSY account:
- The birth certificate of the girl child
- The proof of identity and address of the parents or the legal guardian of the girl child.
- Along with the documents, attach 3 passport size photographs each of the girl child and the guardian respectively.
- The next step is to make the initial deposit of Rs.250. The bank will then hand you a copy of both - a copy of the SSY opening form and the deposit slip.
- Once the deposit is made, the bank will take approximately 2-3 days to open a SSY account. After which, the bank will hand the subscriber a passbook.
- A SSY account can be opened by anyone for their girl child - whether they have an existing account in the bank or not. In fact, the account is considered a fresh account under the name of the girl child. After the initial deposit of Rs.250, one can make multiple deposits with the minimum Rs.100 and the maximum amount totaling to Rs. 1.5 lakh a year.
Sukanya Samriddhi Account in Post Office
When Prime Minister introduced the Sukanya Samriddhi Yojana scheme in 2015, only post offices offered services pertaining to this scheme that benefits girl children. The intention was to make opening such an account hassle-free, so as to get as many girl children under the scheme - to save for their education, marriage and future in general. Surprisingly, opening a SSY account in post office is easier than opening one in a bank. Just by filling in the form, submitting the documents and paying the deposit, one can walk away with the passbook almost immediately. Listed below are the steps required to open an SSY account in a post office:
- Download the SSY application for opening an account or get the form at the post office itself.
- Fill in the details of the form, such as name of the girl child and the guardian, house address and basic contact details.
- Once you have filled the form, submit the documents:
- Proof of identity and address of the parents or the legal guardian
- Birth certificate of the girl child
- Passport size photographs of the girl child and the guardian. 3 each to be precise.
- The next step is to fill in the deposit slip and make the initial deposit of Rs.250. After the deposit is made, the executive will hand you the passbook, signifying that the account has been opened.
- One can open an account for their girl child if she is 10- years-old or below. After the initial deposit, one can make contributions towards the savings with a minimum of Rs.100 multiple times through the year. The ceiling limit for deposits is Rs.1.5 lakh a year.
Sukanya Samriddhi Account in Axis Bank
For those looking to open a Sukanya Samriddhi Account in Axis Bank, the process is similar to opening a SSY account in any other bank. With the interest rate reduced to 8.6% for a Sukanya Samriddhi Account in Axis Bank in this financial year, having a SSY can for your girl child can benefit her in numerous ways such as education fund, marriage and her future. For those wanting to open a SSY account in Axis Bank, here are the steps to be followed:
- Download the Sukanya Samriddhi opening account form online or from the bank website. You can also get the form from the bank itself.
- On visiting the bank, contact the bank bank executive responsible for the opening and maintaining of SSY accounts.
- Fill in the SSY opening application form and fill in the deposit slip that comes with it.
- Next, submit the required documents:
- Birth certificate of the girl child
- Proof of identity and address of the parents or legal guardian of the girl child
- Passport size photographs of the girl child and the guardian
- After submitting the documents, make the initial mandatory deposit of Rs.250.
- The bank will then give you a copy of both the deposit slip and the opening application form for your reference.
- The bank will take approximately 2-3 days to open the account. Once the account is opened, the bank will hand the subscriber a passbook.
- After that, deposits of a minimum of Rs.100 can be made on multiple occasions with a yearly limit of Rs.1.5 lakh collectively.
- Guardians can open a SSY account if the girl child is 10 years old or below, not after.
Loan against Sukanya Samriddhi
The initiative made by the Modi-led government to come to the aid of girl children in the country has had numerous benefits. Firstly, the move worked as a statement to empower girl children in the country, and secondly, the contributions made to the girl child can be redeemed when she turns 21. This can be used either for her education, marriage or for her future in general. It is one of the tax-free, low-risk savings account for the benefit of a girl child in India. With regard to taking loans against the Sukanya Samriddhi, like people do in other savings schemes such as the PPF and so on, taking a loan against SSY is not an option as of now. Having said that, a guardian can make partial withdrawals from SSY account after the girl has reached the age of 18. The withdrawals should be made for the benefit of the girl child only and withdrawals can be up to 50% of the total accumulated contribution. The withdrawal can be used for the girl’s higher education, marriage, etc.
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