- What is Sukanya Samriddhi Yojana scheme ?
Sukanya Samriddhi Yojana is as girl child prosperity scheme under Beti Bachao Beti padhao program of Prime Minister Narendra Modi. This account is to ensure a bright future for girl children in India. This yojana is to facilitate them proper education and carefree marriage expenses
- Who is eligible under this Sukanya Samriddhi yojana scheme?
Gender: Girl child only
Citizenship: Child should be Indian citizen. NRI, OCI and other cannot open account under this scheme.
Age limit: On the date of opening the account, the child’s age should 10 years or younger.
- What is the tenure of the Scheme ?
Deposit needs to made until 15 years from opening of account.Deposit under scheme will mature 21 year after opening of the account.
- Who can Operate the account ?
The account will be opened and operated by the guardian of a girl child till the girl child, in whose name the account has been opened, attains the age of 10 years. On attaining age of 10 years, the girl child may herself operate the account if she wishes to do so. If not the gaurdian will continue operating the account.
- Who can Invest ?
Parent, or Legal Guardian of the eligible Girl child.
- How much is the Investment limit ?
In 1 year, minimum Rs 1000/- needs to be invested., thereafter in multiples of 100/- .Maximum of Rs 1,50,000/- can be invested. Deposits can be made in lump-sum or spread out manner.No limit on number of deposits either in a month or in a financial year.
- How many accounts can be created ?
A guardian can open only one account in the name of one girl child.
A guardian is allowed to open maximum two accounts in the name of two different Girl children.
One guardian can open maximum 3 accounts, only in case he/she has 3 girl child in 1st birth or twin girl child in 2nd birth. However in case 1st birth results in twin girl child, and 2nd birth also results in a girl child, then account can only be opened for the two girl child born in 1st birth.
- What is the Rate of Interest for this scheme ?
As of now for this quarter upto december 2016 interest rate is 8.5% , yearly compounded.Every quarter GOI will announce the ROI applicable for that financial quarter.Interest will be compounded yearly.Interest will be paid on funds deposited on or before 10th of a month for that month.
- Where can I open this account ?
As per government documentation, account under this scheme can be opened in any public sector bank, or post office.
Once opened the account can be transferred to any city in India, wherever the girl child resides.
- Mode of Deposit/Investment ?
Cash, Cheque, Demand draft, Online payment. All methods are acceptable.
- What are the documents required to open the account ?
Birth certificate of the girl child.
Identity proof of the depositor.
Residence proof of the depositor.
- Is this come under Tax exemption ?
Yes.Sukanya Samriddhi Yojana is Fully Tax-Free. Deposit under this scheme is eligible for deduction u/s 80C. Maximum Rs 1,50,000/- p.a can be claimed as deduction u/s 80C.Maturity as well as Interest amount of the scheme will be paid to the girl child and will be entirely tax free in her hands.
- How much Maturity Amount your daughter will get ?
Use Sukanya Samriddhi Deposit Calculator
Sukanya Samriddhi Scheme Monthly Deposit Calculator
Sukanya Samriddhi Scheme Yearly Deposit Calculator
- Is Premature Withdrawal possible ?
Premature Withdrawal is not permitted fully.However, maximum up to 50% of deposit amount can be withdrawn for higher education of girl child, once she reaches 18 years of age, or passes 10th standard, whichever happens earlier. The actual withdrawal will be limited to the fees payable, and fee slip will have to be produced to make this withdrawal.
- When can be terminate this scheme ?
Scheme Tenure is 21 years from date of opening, or when the marriage of the girl child happens; whichever happens earlier.
Account can be continued after the marriage of girl child, if she wishes to do so; until 21 years from date of opening the account.
In case after maturity of the account (21 years) the account is not closed, balance will not earn any further interest.
- Is there any loan facility applicable ?
There is no loan facility under this scheme.
- Is this same as insurance feature ?
No. This scheme offers no insurance feature.
- What is the minimum amount need to pay yearly ?
Minimum Rs 1000 /- need to deposit in a financial year.
- If we are not able to pay on time then what is the penalty ?
If minimum Rs 1000/- is not deposited in a financial year, account will be considered as ‘Account under default’ and can be revived with a penalty of Rs 50/- per year with minimum amount required for deposit for that year. In case a ‘Account under default’ is not revived for 15 years from date of opening it, then all deposits in such a account, including those before date of default, will earn interest at the rate prescribed for post office saving bank at the time of maturity
- Is this plan amount can be deducted automatically or i will have to deposit every month by going bank or post office ?
Some banks like ICICI are offering auto deduct facility. Not all banks are offering this facility as of now.In SBI, write a letter to bank manager to link this account to your SBI saving account to do transactions.