Sukanya samriddhi account new saving scheme

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Sukanya Samriddhi Account New Saving Scheme is the nes small deposit post office scheme launched by Govt of India under Beti Bachao Beti Padhao campaign in 2014

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Sukanya samriddhi account new saving scheme

  1. 1. © 2015 21Facts of Sukanya Samriddhi Account New Saving Scheme www.sukanyasamriddhiaccount.com
  2. 2. © 2015© www.sukanyasamriddhiaccount.com Sukanya Sammriddhi Scheme • Honorable Prime Minister Mr. Narendra Modi has launched Sukanya Samriddhi Scheme on 22nd January, 2015 under “Beti Bachao Beti Padhao” Campaign. • This scheme is targeted for the prosperity of girl child in our country by securing their major future expenses like Education & Marriage.
  3. 3. © 2015© www.sukanyasamriddhiaccount.com Operation Depositor Where to Open Passbook Details List Of Banks Eligibility Documents Required No Birth Certificate Amount Limit Time Limit Interest Rate Tax Rules 80C Benefits Maturity Premature Closure Partial Withdraw Modes of Deposit No. of Accounts Transfer of Account Loan Facility NRI Context Account Opening Eligibility Taxation Other Details
  4. 4. © 2015© www.sukanyasamriddhiaccount.com Operation Depositor Where to Open Passbook Details List Of Banks Eligibility Documents Required No Birth Certificate Amount Limit Time Limit Interest Rate Tax Rules 80C Benefits Maturity Premature Closure Partial Withdraw Modes of Deposit No. of Accounts Transfer of Account Loan Facility NRI Context Account Opening Eligibility Taxation Other Details
  5. 5. © 2015© www.sukanyasamriddhiaccount.com Account Opening & Operation • Sukanya Samriddhi Account (SSA) can be opened only in the name of the girl child. • Either of the Parents of the girl child can open the account. • After attaining the age of 10 years, the girl child herself can operate the account.
  6. 6. © 2015© www.sukanyasamriddhiaccount.com Guardian/Depositor • Being biological guardians, either father or mother who opens the account can perform as a depositor. • Legal Guardian of the girl child can act as a depositor in case any of the parents is not alive or is incapable.
  7. 7. © 2015© www.sukanyasamriddhiaccount.com Where to Open • SSA can be opened in any branch of Post Office or Authorized branches of Commercial Banks. • Passbook facility is available with this account.
  8. 8. © 2015© www.sukanyasamriddhiaccount.com Passbook Details • Below details need to be mentioned correctly in the SSA passbook. – Name of the Post Office/Bank Branch – Name of the Account Holder – Account Number – Parent/Guardian – Address – Date of Birth – Date of Opening of the Account
  9. 9. © 2015© www.sukanyasamriddhiaccount.com List of Banks • Allahabad Bank • Oriental Bank of Commerce • Andhra Bank • Punjab National Bank • Axis Bank • Punjab & Sind Bank • Bank of Baroda • State Bank of India • Bank of India • State Bank of Patiala • Bank of Maharashtra • State Bank of Bikaner & Jaipur • Canara Bank • State Bank of Travancore • Central Bank of India • State Bank of Hyderabad • Corporation Bank • State Bank of Mysore • Dena Bank • Syndicate Bank • ICICI Bank • UCO Bank • IDBI Bank • Union Bank of India • Indian Bank • United Bank of India • Indian Overseas Bank • Vijaya Bank
  10. 10. © 2015© www.sukanyasamriddhiaccount.com Operation Depositor Where to Open Passbook Details List Of Banks Eligibility Document s Required No Birth Certificate Amount Limit Time Limit Interest Rate Tax Rules 80C Benefits Maturity Premature Closure Partial Withdraw Modes of Deposit No. of Accounts Transfer of Account Loan Facility NRI Context Account Opening Eligibility Taxation Other Details
  11. 11. © 2015© www.sukanyasamriddhiaccount.com Eligibility • SSA can be opened only in the name of the girl child. • Age of the Child needs to be10 years (For the financial year 2014-15, born on or after 2nd Dec 2003)
  12. 12. © 2015© www.sukanyasamriddhiaccount.com Documents Required • Birth certificate of girl child • Address proof of the parent/guardian • Identity proof of the parent/guardian • 3 Photos of each of the child & the parent/guardian • Pan card & Aadhar card copies of parent/guardian
  13. 13. © 2015© www.sukanyasamriddhiaccount.com Birth Certificate Alternatives • In case someone doesn’t have birth certificate for the girl child, then any of the below document can be produced: – Certificate of Date of Birth from the School Headmaster – Certificate of Date of Birth from the Hospital where the Girl Child was born
  14. 14. © 2015© www.sukanyasamriddhiaccount.com Contribution Amount Limit • The Minimum limit is 1000/- • Maximum is1,50,000/- per year. • A deduction of 50/- would be levied in case deposits are less than Rs 1000 for any financial year.
  15. 15. © 2015© www.sukanyasamriddhiaccount.com Contribution Time Limit • Contribution/Deposit can be made up to 14 years from the date of account opening. • There is no rule for the number of deposits in a year. But the deposit has to be within the maximum & minimum limit.
  16. 16. © 2015© www.sukanyasamriddhiaccount.com Operation Depositor Where to Open Passbook Details List Of Banks Eligibility Document s Required No Birth Certificate Amount Limit Time Limit Interest Rate Tax Rules 80C Benefits Maturity Premature Closure Partial Withdraw Modes of Deposit No. of Accounts Transfer of Account Loan Facility NRI Context Account Opening Eligibility Taxation Other Details
  17. 17. © 2015© www.sukanyasamriddhiaccount.com Interest Rate • Initially the interest rate for SSA was 9.1% which has been increased to 9.2% for the financial year 2015-16 . • Under this rule, government of India will announce the rate on a yearly basis. • The interest rate is compounded yearly which will be credited to the account till the completion of 14 years. • If the girl/parents do not wish to withdraw the amount after 21 years, same interest rate will be paid on gross amount till final closure.
  18. 18. © 2015© www.sukanyasamriddhiaccount.com Taxation Rules • As per the new budget rule, this scheme is EEE which means it is tax free in all the 3 aspects: – The Amount Deposited – The Interest Earned – The Maturity Amount • In case of 2 girl children both the parents can avail tax benefit when both of them are earning.
  19. 19. © 2015© www.sukanyasamriddhiaccount.com 80C Benefits • The depositor (father/mother/legal guardian) can avail the tax benefit under section 80C. • But definitely it is within the limit of 1,50,000/- where SSA is prevailing with other tax benefit instruments like LIC, PPF, 5 years tax saving FD, NSC, ELSS etc.
  20. 20. © 2015© www.sukanyasamriddhiaccount.com Maturity Tenure • The account matures at 21 years from the date of opening of the account or at the time of girl child’s marriage, whichever is earlier. • E.g. If the account is opened at the age of 9 years of the girl child, it will mature at the age of 9+21= 30 years or the time of the girl child’s marriage.
  21. 21. © 2015© www.sukanyasamriddhiaccount.com Premature Closure • In case of unfortunate death of the girl child, the account will get closed immediately. • Balance amount will be repaid to the parent or legal guardian along with interest accrued. • In cases of extreme circumstances such as medical support in life-threatening diseases, death etc, premature closure is allowed only if the central govt. is fully satisfied about the situation.
  22. 22. © 2015© www.sukanyasamriddhiaccount.com Partial Withdrawal • The lock-in period in SSA is 21 years. • Partial withdrawal can be made for higher education purpose after the girl child completes 18 years of age. • Maximum 50% of the total account balance can be withdrawn.
  23. 23. © 2015© www.sukanyasamriddhiaccount.com Operation Depositor Where to Open Passbook Details List Of Banks Eligibility Document s Required No Birth Certificate Amount Limit Time Limit Interest Rate Tax Rules 80C Benefits Maturity Premature Closure Partial Withdraw Modes of Deposit No. of Accounts Transfer of Account Loan Facility NRI Context Account Opening Eligibility Taxation Other Details
  24. 24. © 2015© www.sukanyasamriddhiaccount.com Modes of Deposit • Amount can be deposited either in cash/ cheque/demand draft. • As of now, online transaction facility is not available.
  25. 25. © 2015© www.sukanyasamriddhiaccount.com Number of Accounts • Per girl child only one single account is allowed. • Parents can open this account for maximum two girl children. • In case of birth of twin girls in second birth or if the first birth itself results into three girl children, this facility will be extended to all the 3 girl children born.
  26. 26. © 2015© www.sukanyasamriddhiaccount.com Transfer of Account • The account may be transferred anywhere in India wherever the girl child moves. • For transferring the account from the existing branch, a proof of new residence will be mandatory.
  27. 27. © 2015© www.sukanyasamriddhiaccount.com Loan Facility • For SSA loan is not available. • Whereas in case of tax saving under small savings scheme, one can avail loan against FD or PPF account.
  28. 28. © 2015© www.sukanyasamriddhiaccount.com NRI Context • As per the guidelines of Reserve Bank of India, any NRI is not eligible to make any investment under small saving schemes. • So SSA being considered to be a small saving scheme, any NRI girl child is not eligible for this account.
  29. 29. © 2015© www.sukanyasamriddhiaccount.com Please Visit Our Website www.sukanyasamriddhiaccount.com For Regular Updates
  30. 30. © 2015 THANK YOU

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