Sukanya Samriddhi Account/Yojana is a Small Savings Special deposit Scheme for girl child launched by Ministry of Women and Child Development (India) in Jan 2015. This scheme is specially designed for girl’s higher education or marriage needs. Highest fetching interest scheme across all schemes. The Scheme launched for the welfare of the girl child, to save and educate the girl child.
Features of Sukanya Samriddhi Account (SSA)
Who can open the account? – Sukanya Samriddhi a/c (or Khata) can be opened on a girl child’s name by her natural (biological) parents or legal guardian.
What is the Age limit? – SSA can be opened in the name of a girl child from the birth of the girl child till she attains the age of 10 years. ( As per SB Order No. 2/2015 : The Girl child who is born on or after 02.12.2003 can open account )
How many accounts can be opened? – A depositor may open and operate only one account in the name of same girl child under this scheme. The depositor (or) guardian can open only two SSA accounts. There is one exception to this rule. The natural or legal guardian can open two or three accounts if twin girls are born as second birth or triplets are born in the first birth itself.
How to open a SSA account? Accounts in name of the girl child can be opened in post offices or in any branch of a commercial bank that is authorized by the Central Government to open an account under this scheme rules.
What is the minimum deposit to open the account? – The account may be opened with an initial deposit of one thousand rupees. The minimum contribution in any financial year is Rs 1000. Thereafter the contributions can in multiples of one hundred rupees.
What is the maximum deposit amount? – a minimum of one thousand rupees shall be deposited in a financial year but the total money deposited in an account on a single occasion or on multiple occasions shall not exceed Rs 1.5 Lakh in a financial year.
Deposits in an account may be made till the child completes fourteen years, from the date of opening of the account.
Is there any penalty? – If minimum (Rs 1000 pa) amount is not deposited, the account will be treated as an irregular account. This can be regularized/renewed on payment of Rs 50 per year as penalty. Along with this, the minimum specified subscription for the year (s) of default should be paid.
What is the mode of deposit? – The deposits in Sukanya Samruddhi scheme can be made in the form of Cash or Demand Draft or Cheque. Where deposit is made by cheque or demand draft, the date of encashment of the cheque or demand draft shall be the date of credit to the account. The cheque or DD should be drawn in favour of the postmaster of the concerned post office or the Manager of the concerned bank.The depositor (parents or guardian) has to write the account holder’s name (child’s name) and the account number on the backside of the instrument.
What is the Rate of Interest on Sukanya Samriddhi Account? – The applicable rate of interest on SSA for the financial year 2014-2015 is 9.1%. This is one of the highest rates of interest offered by Government on small savings scheme
Is interest rate fixed or variable? – The rate of interest is not fixed and will be notified by the central government on a yearly basis.
The account can be transferred anywhere in India if the girl shifts to a place other than the city or locality where the account stands.
Is Premature withdrawal allowed? – 50 % (half of the fund) of the accumulated amount in SSA can be withdrawn for girl’s higher education and marriage after she attains 18 years of age. The account’s balance at the end of preceding financial year is used for the calculation.
Can the girl child operate the account? On attaining age of ten years, the account holder that is the girl child may herself operate the account, however, deposit in the account may be made by the guardian or parents.
Is premature closure allowed? In the event of death of the account holder, the account shall be closed immediately on production of death certificate. the balance at the credit of the account shall be paid along with interest till the month preceding the month of premature closure of the account , to the guardian of the account holder.
The scheme would mature on completion of 21 years of the girl child, from the date of opening of the account, with an option of keeping the account till marriage.
Can the girl child continue the account after her marriage? – The operation of the account shall not be permitted beyond the date of the girl’s marriage.
What are the required documents to open Sukanya Samriddhi Account? – Birth certificate of the girl child has to be produced. The depositor (parents or guardian) has to submit his/her identity and address proofs.
On opening an account, the depositor shall be given a pass book. It will have date of birth of the girl child, date of opening of account, account number, name and address of the account holder and the initial amount deposited. The depositor has to present the passbook to the post office or bank at the time of depositing/receiving the interest/on maturity.
Sukanya Samridhi Yojana - Quiz
(1) Who can open account in the name of Girld Child under Sukanya Samridhi Yojana? - Guardian/Natural Guardian
(2) A Guardian can open how many accounts under SSY? - Only one account in the name of one girl child and maximum two accounts in the name of two different girl children.
(3) An account under SSY can be opened up to the age of ___ years only from the date of birth? - 10 Years
(4) Whether nomination facility is available for accounts under SSY? - No
(5) Minimum amount for opening of SSY Account? - Rs.1000 (Subsequent deposit should be in multiple of Rs.100/-)
(6) Maximum amount that can be deposited in a financial year in this account? - Rs.1,50,000
(7) Whether there is any limit on the number of deposits? - No
(8) What is the interest rate for the financial year 2014-15 under Sukanya Samridhi Yojana account? - 9.1%
(9) Partial withdrawal, maximum upto 50% of the balance standing at the end of the preceding financial year can be taken after Account holder is attaining age of ___ years? - 18 Years
(10) Sukanya Samridhi Account can be closed after completion of ___ years? - 21
(11) If account is not closed after maturity, balance will continue to earn interest as specified for the scheme from time to time. State whether the statement is correct? - Yes
(12) Normal premature closure will be allowed after completion of 18 years provided which condition? - Girl is married
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