The government of India recently launched Sukanya Samriddhi scheme – a small savings scheme designed particularly for protecting the future of girl child. The scheme was launched on 22nd January 2015 as a part of “Beti Bachao Beti Padhao” campaign. The scheme is also known as girl child prosperity scheme, and it aims to ensure a bright future for the girl child by providing financial assistance for her marriage and higher education.
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%.
How does Sukanya Samriddhi Account work?
The Sukanya Samriddhi account remains operative for 21 years. The account can be opened by parents or legal guardian on behalf of their girl children in any post offices or authorized banks. Parents can open maximum two Sukanya Samriddhi Accounts against two girl children by making a minimum deposit of Rs.250 and maximum deposit of Rs.1, 50,000 per year. The maximum entry age for a girl child to open this account is 10 years. However, a relaxation of 1 year is provided, if a girl child is born between 2nd December, 2003 and 1st December, 2004. The account can be closed prematurely when a girl child on whose name the account is opened reaches 18 years. A lock-in period of 8 years is applicable for this account. The account also offers a pass-book which contains details such as details such as account holder’s name and address, date of birth, account number and account opening date.
The Sukanya Samriddhi account allows premature withdrawal of deposits when the girl child reaches the age of 18. It allows you to withdraw up to 50% of your total deposit provided you need money to bear the cost of your daughter’s higher education or arrange her marriage.
The Sukanya Samriddhi scheme not only ensures a bright future for the girl children, it also helps parents get tax benefits on the deposited amounts under section 80C of the Indian Income Tax Act, 1961. Besides, the maturity benefits received from the scheme is also non – taxable.
Procedure to Transfer Sukanya Samriddhi Account
Parents can open a Sukanya Samriddhi Yojana (SSY) account on behalf of their girl child. The account can be opened before the girl child reaches the age of 10 years old and it matures when the girl reaches the age of 21 years old. The SSY account can be transferred from a bank to a post office and vice versa.
Given below is the procedure to transfer the SSY account:
- Initially, you will need to fill the form requesting for the transfer of the account. You can contact the bank branch or the post office where the account is opened for the transfer request form. The name and address of the bank or post office where the account is going to be transferred to must be mentioned on the application form.
- The next step would be to visit the bank branch or post office where the SSY account is being held and submit the transfer request form and account passbook. In order to start the process of transferring the SSY account, it is mandatory to submit the original passbook and transfer request form.
- The bank or post office where the account is currently being held will verify the documents that have been submitted and the transfer request will be processed by closing the existing SSY account. All documents that relate to the account will be given to the customer. The documents must be submitted to the new bank or post office.
- The next step would be to visit the new post office or bank and submit the documents. The account opening form needs to be filled and the customer must submit KYC documents, photograph, and specimen signature for the account to be transferred.
Unless the girl child is operating the account, she does not have to visit the bank or post office in order to transfer the SSY account.
- Is it possible to close a Sukanya Samridhi Yojana (SSY) account before it matures?
- Are there any minimum and maximum amounts that must be deposited in a year towards SSY?
- Is partial withdrawal facility available in an SSY account?
- Is it possible for a girl child to have more than one SSY account under her name?
- Can loan facilities be availed against an SSY account?
- Are there any fines if the minimum amount is not deposited towards the SSY account?
- What are the documents required to open an SSY account?
No, it is not possible to close an SSY account before maturity.
The minimum and maximum amounts that can be deposited in a year are Rs.1,000 and Rs.1.5 lakh.
Yes, when the account holder reaches the age of 18 years, partial withdrawal facility is allowed.
No, a girl child can have only one SSY account under her name.
No, you cannot avail a loan against an SSY account.
A fine of Rs.50 is charged if the minimum amount of Rs.1,000 is not made towards the SSY account.
Given below is the list of documents that are required to open an SSY account:
- The girl child’s birth certificate.
- The guardian’s or parent’s ID proof.
- Address proof of the guardian or parent.
A birth certificate from the hospital can be submitted in case the birth certificate is not available.
In case the girl child moves to another city or state, the account can be transferred.
Yes, SSY is available across all states in India and can be opened at any state.
In case the girl child dies, the account will be closed and the balance in the account with the interest that has been generated will be refunded to the depositor.
In case the depositor towards the SSY account dies:
- The amount and the interest that has been generated will be refunded to the girl child’s family.
- The balance can remain in the account till it matures and no further contributions need to be made. Interest will be earned on the balance that remains in the account.
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