How To Open Sukanya Samriddhi Yojana Account ? – Government of India has introduced another initiative to uplift the Beti Bacho and Beti Padho movement with new investment scheme exclusively for girl child as Sukanya Samriddhi Yojana. This scheme is launched on December 02, 2014 and circulated to Banks by Reserve Bank of India vide their letter No.RBI/2014-15/494/IDMD(DGBA).CDD/No.4052/15.02.006/2014-15 dated 11th March 2015. All the Banks in India India including post offices can provide facilities to open accounts under this scheme.
The objective of this scheme is entirely introduced for girl child in order to promote the welfare of Girl Child.
Who are eligible to Open Account Under Sukanya Samriddhi Yojana ?
- Sukanya Samriddhi account can be opened by the natural or legal guardian in the name of a girl child from the birth of the girl child till she attains the age of 10 years
- A depositor can open and operate only one account in the name of a girl child under the scheme rules
- Natural or legal guardian of a girl child can be allowed to open the account for two girl children only. The third account in the name of the girl child can be opened in the event of birth of twin girls, as second birth or if the first birth itself results into three girl children
What are the Benefit of Opening Sukanya Samriddhi Yojana Account ?
Any individual who open account under this scheme will be get benefit as under
- Tax Exemption under Section 80C of Income Tax
Investment in Sukanya Samriddhi Yojana scheme is exempted from Income Tax under section 80C with Triple E benefit of Tax i.e. Principal, interest and outflow. All of these are exempted from Income Tax.
- Withdrawal Facility
There is a withdrawal facilities available on this account subject to 50% of the balance lying in the account as at the end of previous financial year for the purpose of higher education, marriage after attaining the age of 18 years. Deposits in an account can be made till completion of 14 years, from the date of opening of the account
Documentation for Opening Account Under Sukanya Samriddhi Yojana with Banks
Following are the documents needed for opening scheme account with any of the bank in India. These are the basic documents needed and may be vary as per the requirement of the banks. Opening account of Sukanaya Sanriddhi Yojana will be easier for anyone holding existing account with banks where applied.
- Sukanya Samriddhi Yojana Account Opening Form
- Date of Birth Certificate of girl child
- Accepted Identity proof as per RBI KYC
- Accepted Residence proof as per RBI KYC
Whether Premature Closure Allowed in Sukanaya Samriddhi Yojana Account ?
The premature closure of account is allowed under Sukanya Samriddhi Yojana under following conditions :
- Allowed in the event of death of the depositor or
- In cases of extreme compassionate grounds such as medical support in life threatening diseases to be authorized by an order by the Central Government
Major Highlights of Sukanya Samriddhi Yojana
The Major Features Sukanya Samriddhi Yojana Account are
- Higher Rate of interest 9.2% Per Annum(w.e.f 1-4-2015),calculated on yearly basis ,Yearly compounded.
- Deposit Minimum INR. 1000/-and Maximum INR. 1,50,000/- in a financial year. Subsequent deposit in multiple of INR 100/- Deposits can be made in lump-sum No limit on number of deposits either in a month or in a Financial year
- A legal Guardian/Natural Guardian can open account in the name of Girl Child. with condition of one account in the name of one girl child and maximum two accounts in the name of two different Girl children.
- Account can be opened up to age of 10 years only from the date of birth. For initial operations of Scheme, one year grace has been given. With the grace, Girl child who is born between 2.12.2003 &1.12.2004 can open account up to1.12.2015.
- There is a provision of Penalty if minimum Rs 1000/- is not deposited in a financial year, account will become discontinued and can be revived with a penalty of Rs 50/- per year with minimum amount required for deposit for that year.
- Partial withdrawal allowed , maximum up to 50% of balance standing at the end of the preceding financial year can be taken after Account holder’s attaining age of 18 years.
- This Account can be closed after completion of 21 years,if account is not closed due to any reason after maturity, balance will continue to earn interest as specified for the scheme from time to time.
- Deposits in an account can be made till completion of 14 years, from the date of opening of the account
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