Sukanya samriddhi account new saving scheme

© 2015
21Facts of Sukanya Samriddhi Account
New Saving Scheme
www.sukanyasamriddhiaccount.com

© 2015©
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.

© 2015©
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

© 2015©
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
Details

© 2015©
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.

© 2015©
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.

© 2015©
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.

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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

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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

© 2015©
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
Details

© 2015©
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)

© 2015©
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

© 2015©
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

© 2015©
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.

© 2015©
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.

© 2015©
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.

© 2015©
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.

© 2015©
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.

© 2015©
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.

© 2015©
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.

© 2015©
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.

© 2015©
Modes of Deposit
• Amount can be deposited either in cash/
cheque/demand draft.
• As of now, online transaction facility is not
available.

© 2015©
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.

© 2015©
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.

© 2015©
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.

© 2015©
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.

Sukanya samriddhi account new saving scheme

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