If you have a little girl in your household, you can invest in the central government’s Sukanya Samriddhi Yojana to get integrated help during her studies or marriage. Central government’s Sukanya Samruddhi Yojana is a good investment scheme to save for higher education and marriage of daughter below 10 years of age.
What is Sukanya Samriddhi Yojana? – Sukanya Samruddhi Yojana Gujarati
Sukanya Samruddhi Yojana (SSY) is a central government small savings scheme for daughters, launched under the Beti Bachao-Beti Padhao Yojana. Small savings plan has the best interest rate plan.
Currently, SSY was paying interest at the rate of 7.6%, which is exempt from income tax. Earlier, it also received tax-free interest of up to 9.2 percent. The Sukanya Samriddhi Yojana account, which can be opened with a very small amount, has been launched targeting families who want to deposit money for a child’s marriage or higher education through small savings. Dipali Sen, certified financial planner, said, “Sukanya Samriddhi Yojana is a very good plan for people who have low income and who do not believe in investing money in the stock market. Capital protection with fixed income is the feature of this scheme.
How to open Sukanya Samriddhi Yojana account?
An account under this scheme can be opened after the birth of a girl before the age of 10 years with a minimum deposit of Rs 250. A maximum of Rs 1.5 lakh can be deposited under the scheme in the current financial year.
Where to open an account for Sukanya Samriddhi Yojana?
Under this account can be opened in any authorized branch or commercial branch of Post Office.
How long does the account have to run?
After opening this account, he can continue the account till the girl attains the age of 21 years or till she gets married after the age of 18 years.
What is the use of Sukanya Samriddhi Yojana?
50% of the amount can be withdrawn from this scheme account after the age of 18 years in case of expenditure for higher education of the child.
Sukanya Samriddhi Yojana Account Opening Rules
A Sukanya Samruddhi Yojana account can be opened by parents or legal guardians in the name of a girl child before the age of 10 years. According to this rule, only one account can be opened for a girl and money can be deposited in it. Two accounts cannot be opened for one girl.
Documents required for Sukanya Samriddhi Yojana
While opening a Sukanya Samruddhi Yojana account, the birth certificate of the girl child is required to be submitted to the post office or bank. Along with this, proof of identity and address of the child and guardian is also required.
How much amount is required for the scheme?
250 rupees is enough to open a Sukanya Samruddhi Yojana account, but later money can be deposited in multiples of 100 rupees. A minimum of Rs 250 has to be deposited in any financial year. In any one financial year, an amount exceeding Rs 1.5 lakh cannot be deposited in an SSY account at one time or at several times.
Amount can be deposited in Sukanya Samruddhi Yojana account up to 15 years from the date of account opening. In the case of a 9-year-old girl, the amount can be deposited till she turns 24. Until the age of the girl is 24 to 30 years, when the account matures, the amount deposited in it will continue to earn interest.
When the amount could not be deposited in the account?
Irregular Sukanya Samruddhi Yojana accounts where the minimum amount has not been deposited can be regularized by paying a penalty of Rs.50 per annum. Along with this, the minimum amount deposited every year also has to be deposited in the account.
If the penalty is not paid, the amount deposited in the account will earn the same interest as a post office savings account, which is currently around four percent. If the Sukanya Samruddhi Yojana account is given higher interest it can be corrected.
How will the amount be deposited in this scheme account?
The amount can also be deposited in the Sukanya Samriddhi Yojana account through cash, cheque, demand draft or any such instrument which the bank accepts. For this it is necessary to write the name of the depositor and the name of the account holder.
Funding in the Sukanya Samruddhi Yojana account can also be done through electronic transfer mode, if the core banking system is present in the post office or bank.
If the amount is paid into the Sukanya Samriddhi Yojana account through check or draft, the interest will be paid on the amount after the amount is cleared in the account, while in case of e-transfer, it will be calculated from the date of deposit.
How is interest calculated in Sukanya Samriddhi Yojana account?
The government fixes the interest rate on SSY every quarter according to the G-Sec yield. The interest rate on the Sukanya Samriddhi Yojana account is 75 basis points higher than the G-SEC rate of comparable maturity.
Interest paid so far in this scheme
April 1, 2014: 9.1%
April 1, 2015: 9.2%
April 1, 2016 – June 30, 2016: 8.6%
July 1, 2016 – September 30, 2016: 8.6%
October 1, 2016-December 31, 2016: 8.5%
July 1, 2017-December 31, 2017 8.3%
January 1, 2018 – March 31, 2018: 8.1%
April 1, 2018 – June 30, 2018: 8.1%
July 1, 2018 – September 30, 2018: 8.1%
October 1, 2018 – December 31, 2018: 8.5%
January 1, 2019 – March 31, 2019: 8.5%
Under what circumstances can Sukanya Samriddhi Yojana account be closed before maturity?
In case of death of the Sukanya Samruddhi Yojana account holder, the account can be closed by showing the death certificate. After this, the amount deposited in the account can be returned to the girl child’s guardian along with interest.
In other cases, the SSY account can be closed after five years from the date of opening. This can also be done in many circumstances, such as in the case of life-threatening diseases.
Even after this, if the account is being closed for any other reason, it can be allowed, but the interest on it will be as per savings account.
Sukanya Samriddhi Yojana Account Transfer
Accounts can be transferred anywhere in the country, if the account holder moves from the original place of account opening. Account transfer is free, however, the account holder or his/her parent/guardian has to show proof of migration.
If no such proof is produced, a fee of Rs 100 will have to be paid for account transfer at the post office or the bank where the account is opened.
Sukanya Samriddhi Yojana account transfer can be done electronically at a bank or post office that has core banking system facility.
Partial withdrawal from Sukanya Samriddhi Yojana account
Partial withdrawals can be made from the Sukanya Samriddhi Yojana account to meet the financial needs of the account holder, including things like higher education and marriage. In this, 50 percent of the amount deposited in the scheme till the end of the last financial year can be withdrawn. This withdrawal from Sukanya Samriddhi Yojana is possible only when the account holder has crossed the age of 18 years.
To withdraw money from the account, a written application and offer of admission or fee slip to any educational institution is required. However, in these cases, the withdrawal amount may be equal to the fees and other charges and not more.
When will the Sukanya Samriddhi Yojana account mature?
The account will mature on completion of 21 years from the date of account opening or after the girl gets married.
This Sukanya Samriddhi Yojana, however, also has some conditions.
If the account holder gets married before completing 21 years of opening the account, the amount cannot be deposited in the account.
If the account is being closed before the completion of 21 years, the account holder has to give an affidavit that he is not less than 18 years of age at the time of closing the account. The deposit will be returned to the account holder with interest on production of passbook and withdrawal slip on maturity.
Under the Sukanya Samriddhi Yojana, the account can be opened only by an Indian citizen, who is resident here and also here at the time of maturity. Non-Resident Indians cannot open an account under Sukanya Samriddhi Yojana. If after opening the account the girl moves to another country and takes citizenship there, from the date of citizenship, interest will be earned on the amount deposited in the Sukanya Samriddhi Yojana account.