India Post Sukanya Samriddhi Account, Government of India Department of Posts has given Sukanya Samriddhi Account notification. The unabated decline in Child Sex Ratio since 1961 is a matter of grave concern.
This trend has to be reversed. To ensure survival, protection, and education of the girl child, the Government of India has launched Beti Bachao, Beti Padhao Abhiyaan, which seeks to change mindsets to celebrate the girl child.
A new small saving scheme ‘Sukanya Samriddhi Account’ has been notified for enabling the education of the girl child. A Bill to amend Juvenile Justice Act has been introduced in Parliament to reform the law relating to juvenile offences.
The Prime Minister Sri Narendra Modi has launched “Sukanya Samriddhi Yojana” for the benefit of the Girl Child or the welfare of a Girls Child as a part of “Beti Bachao-Beti Padhao” Campaign which would fetch yearly 7.6% per annum compounded on yearly basis.
Scheme Name: Sukanya Samriddhi Saving Account (SSA) Scheme for Girls/Sukanya Samriddhi Yojana for Girls/ Special Deposit Scheme for Girls. In English Girl Child Prosperity Account
Sukanya Samriddhi Yojana (SSY)
Sukanya Samriddhi Yojana is one of government backed small savings schemes that can help parents secure the future of their girl child.
This scheme can be easily opened in post offices and designated private or public banks in the form of a savings account in the name of the baby girl.
Like other government savings schemes, the interest rates for Sukanya Samriddhi Yojana are declared quarterly.
Who Can open the SSA Account?: Sukanya Samriddhi Saving Account can be opened on a girl child’s name by her legal Guardian or Natural biological Guardian.
Eligibility/ Age Limit:
Girl child below the age of 10 years to be opened by the natural or legal guardian. So, The age of the girl child at the time Opening of SSA account should not be more than 10 years as per SB Order No.2/2015.
For the child (account holder): Only a girl child can open this account. The maximum age of this child should be 10 years. However a grace period of 1 year is granted.
For the parents: Only biological parents of legal guardians of the child can open the account on the child’s behalf. One parent or legal guardian can open up to two accounts for their girl children. In case of twins or triplets the parent or legal guardian can open up to three accounts.
Eligibility criteria for opening a Sukanya Samriddhi Yojana Account:
- Only parents or legal guardians of the girl child can open a Sukanya Samriddhi account in the name of the girl.
- The girl child should be less than 10 years at the time of account opening. The account can be operational till the girl reaches the age of 21 years.
- The initial investment can start from Rs.250 and a maximum of Rs.1,50,000 annually with further deposits in the multiples of Rs.100.
- A single girl child cannot have multiple Sukanya Samridhhi accounts.
- Only two Sukanya Samriddhi Yojana accounts are allowed per family i.e., one for each girl child.
One year of relaxation available this year:
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.
1. Birth Certificate of Girl child
2. Address proof/Identity proof of Guardian
1. The initial deposit of Rs.1000/-
2. Subsequent deposits in multiples of Rs.100/- & Minimum of Rs.1000/- in a financial year.
3. Maximum contribution/deposit per financial year Rs.1,50,000/-
4. The contribution is allowed up to 14 years from the date of opening
5. No limit on the number of deposits either in a month or in a Financial year.
6. Income Tax rebate
No Deposit for the period from 15th – 21st year of a/c. 7. 50% of money can be partially withdrawn when Girl reaches 18 years for education or marriage.
8. If minimum Rs.1000/- is not deposited in a financial year, the account will become discontinued and can be revived with a penalty of Rs.50/- per year with the minimum amount required for deposit for that year.
9. Partial withdrawal, 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.
10. The account can be closed after the completion of 21 years.
11. If the account is not closed after maturity, balance will continue to earn interest as specified for the scheme from time to time.
12. Normal Premature closer will be allowed after completion of 18 years /provided that girl is married.
Sukanya Samriddhi Yojana (SSY) Parameters
|Parameters||Sukanya Samriddhi Yojana (SSY)|
|Gender/Age Restriction||Only for girl child below 10 years of age|
|Withdrawal||Withdrawal up to 50% allowed, only when girl child reaches the age of 18|
Interest payable: Rate of interest 7.6% Per Annum (2020-21), calculated on a yearly basis, Yearly compounded.
Interest rates revisions of Sukanya Samriddhi Account
|Financial Year||Date Range||Interest Rate||Minimum Investment||Maximum Investment|
|2014-15||1 April 2014 to 31 March 2015||9.1 %||1,000||1,50,000|
|2015-16||1 April 2015 to 31 March 2016||9.2 %||1,000||1,50,000|
|2016-17||1 April 2016 to 30 Sep 2016||8.6 %||1,000||1,50,000|
|2016-17||1 Oct 2016 to 31 Mar 2017||8.5 %||1,000||1,50,000|
|2017-18||1 April 2017 to 30 June 2017||8.4 %||1,000||1,50,000|
|2017-18||1 July 2017 to 31 December 2017||8.3 %||1,000||1,50,000|
|2017-18||1 January 2018 to 31 March 2018||8.1 %||1,000||1,50,000|
|2018-19||1 April 2018 to 30 September 2018||8.1 %||250||1,50,000|
|2018-19||1 October 2018 to 31 March 2019||8.5 %||250||1,50,000|
|2019-20||1 April 2019 to 30 June 2019||8.5 %||250||1,50,000|
|2019-20||1 July 2019 to 31 March 2020||8.4 %||250||1,50,000|
|2020-21||1 April 2020 to 31 December 2020||7.6 %||250||1,50,000|
Tax Benefits on Sukanya Samriddhi Account Scheme: The amount that is deposited under the Sukanya Samriddhi Account will be eligible for income tax exemption under Section 80C of Income Tax Act, 1961. At present, only the contribution of up to Rs 1.5 lakh toward Sukanya Samridhi Yojana is eligible for tax deduction under Section 80C.
Maturity: The account shall mature on completion of 21 years from the date of opening of the account. Amount generated in 21 years if the account is opened at the moment of girl child is born with a yearly investment if Rs. 12000/- will be Rs.6,07,128/- and Rs.1,50,000/- for 14 years will be Rs. 7200000/- Please contact Nearest Post Office to Open Account and get more details
Transfer of account
The Account may be transferred anywhere in India and from or to post offices and from or to Banks and between post office and Bank, free of cost on furnishing of proof of shifting of residence of either the guardian or the Account holder and otherwise, on payment of a fees of one hundred rupees to the post office or the Bank to which the transfer is made.
The process of transfer of the account shall be effected electronically if the post office or the Bank concerned, has access to the facility of CBS.
- What is Sukanya Samriddhi Yojana?
Sukanya Samriddhi Yojana is a small deposit scheme of the Government of India meant exclusively for a girl child and is launched as a part of Beti Bachao Beti Padhao Campaign. The scheme is meant to meet the education and marriage expenses of a girl child.
- What is Sukanya Samriddhi Account?
The Sukanya Samriddhi Account is designed to provide a bright future for your girl child. It offers a high interest rate of 7.6% and tax benefits under 80c.
- What is eligibility criteria for opening of Sukanya Samriddhi Account?
The account can be opened by the natural or legal guardian for a girl child of age below 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 are allowed to open the account for two girl children only.