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 9.1% per annum compounded on yearly basis.
1. Sukanya Samriddhi Saving Account(SSA) Scheme/Sukanya Samriddhi Yojana/ Special Deposit Scheme for Girls
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
Girl child below 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. The Girl, who is born on or after 02-12-2003.
One year 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. 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. Contribution is allowed up to 14 years from date of opening
5. No limit on 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7. 50% of money can be partially withdrawn when Girl reaches 18 years for education or marriage.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, 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.
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. Account can be closed after completion of 21 years.
11. If 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.
Rate of interest 9.1% Per Annum(2014-15), calculated on yearly basis ,Yearly compounded.
Tax Benefits on Sukanya Samriddhi Account Scheme:
The amount that is deposited under 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.
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/-
Govt.Of India The Sukanya Samriddhi Account Rules 2014 and SSA Features