Sukanya Samriddhi Yojana scheme (SSY) is a small deposit scheme for girl child launched with Beti Bachao Beti padhao campaign. The returns are tax-free in this scheme. It also provides income tax benefit under section 80 C of the Income-tax. A Sukanya Samridhi Account can be opened any time without any hassles. Just after the birth of any girl till she turns 10, with a minimum deposit of 250 in subsequent years a minimum amount of 250 rupees and a maximum of 1.5 lakhs during the ongoing financial year.
The account can be opened in any of the post offices or authorized branches of the commercial bank. The account will remain operative for 21 years from the date of its opening or till the date of her marriage after she turns 18 years. While in the future if you want to withdraw money for your daughter’s education then only 50 percent of withdrawal is allowed after she turns 18.
Here are some rules and process of opening Sukanya Samridhi Yojana account:
- First of all and the most important thing before opening an account is that the account can only be opened by the legal or natural guardian in the name of the girl until she turns
- A depositor may open and operate just one account of any girl. In simple words, no girl can have two Sukanyasamridhi
- The birth certificate should be submitted whose account is going to open by the guardian or parents to the bank or post office along with the other documents showing the identity and residence proof.
Forget more Sukanya Yojana details you can always check the Justbutmust.com site. They have a lot of more information about various other projects running not just in the capital but also throughout the country. If you are looking for some of them just visit the site.
For opening the account you just have to pay Rs. 250 and thereafter any amount in multiples of Rs. 100 can be deposited. But at any chance,the account deposits can never exceed Rs. 1.5 lac. The deposit in the account can be made till the completion of 15 years from the date of the opening of the account. The account will keep earning interest on the balance. An irregular account where the minimum amount has not been deposited may be regularized on payment of Rs. 50 per year along with minimum subscription per year. If by any chance penalty is not paid too then the entire deposit, including those made before the date of default will receive interest at post office savings at bank rate which is currently 4%. There are so many ways of depositing cash like cheque, by demand draft, by cash, etc. Deposits can be done by an electronic medium like (e-transfers) in the concerned post office. The Sukanya Samriddhi Yojana form is available on either its website which is powered by SBI corporate website or you can also download a pdf and fill it and then post it on the given address. They can open the Sukanya Yojana in SBI but if you are wanting to get better returns don’t just trust what everyone says. Go to the bank personally and get all the details from the officials. The online portal is easy to fill as you can find the form of the Sukanya Samriddhi Yojana scheme in Hindi as well.
The government has fixed some interest rates on a quarterly basis based on the G-sec yields. The interest rate spread that the Sunkanya Samridhi Yojna enjoys over the G-sec rate of comparable maturity. In case the account holder asks for monthly interest then in the same process the calculation will be done in the account on prevailing rates in monthly prevailing rates. The interest is always calculated for the calendar month on the lowest balance.
Well, there are some cases where the account can be closed prematurely like if the account holder dies before the maturity of the account then the account will be closed immediately after the production of a death certificate issued by the competent authority. Now the question is what happens to the account balance then after closing the account all balance money will be paid off to the guardian or to the parents along with the interest rate till the date of closing of the account. The Sukanya Samriddhi Yojana interest rate is given as per the proceeding and apart from this if you want to close the SSY account then this can only be done after the completion of 5 years of the account. This too can be done only and only on the serious problem of the account holder that is a medical-related or life-threatening problem. Still, if you want to close the account for any other reason than you will be allowed because in the end money is all yours only, but the condition is that the entire deposit will get interested in the post office savings bank account. In one or the other sense, we can say that this is one of the best schemes for the girl child in India.
The Sukanya Samriddhi Yojana ICICI is also one other option that you can enjoy with as they have a better scheme. You can go to their help support page and get the Sukanya Samriddhi Yojana scheme calculator so that you can get a brief on what approximately your returns will look like. And if you get any problems from filling the form till getting your account you opened, you can always get help and support but for your own interest, you can have the Sukanya Samriddhi Yojana pdf which consists of all the details that are necessary.
Like any normal account here also when an account is open the depositor will be given a passbook containing the date of birth of the girl child. This might be one of the best but you can also consider the post office scheme for girls as one can get a lot of returns in this account as well.
There is this information doesn’t look sufficient enough, you can always get the complete thing in the JBM website. Here you get a lot more topics that are discussed through the articles.
