Sukanya Samriddhi Yojana

Who can open the account: A natural/ legal guardian on behalf of a girl child

Maximum number of accounts: Upto two girl children or three in case of twin girls as second birth or the first birth itself results in three girl children

Minimum and Maximum Amount of Deposit: Min.1000 of initial deposit with multiple of one hundred rupees thereafter with annual ceiling of Rs.150000 in a financial year

Tenure of the Deposit: 21 years from the date of opening of the account

Maximum period upto which deposits can be made: 14 years from the date of opening of the account.

Interest on Deposit: As notified by the GOI, compounded annually with option for monthly interest pay-outs to be calculated on balance in completed thousands. (Current rate 8.10% w.e.f 1st January, 2017)

Tax Rebate: As applicable under section 80C of the IT Act, 1961. In the latest Finance Bill, the scheme has been extended Triple exempt benefits i.e. there will be no tax on the amount invested, amount earned as interest and amount withdrawn.

Premature Closure: 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

Irregular Payment/ Revival of account: : By payment of penalty of Rs.50 per year along with the minimum specified amount per year

Mode of Deposit: Cash/Cheque/ Demand Draft/ Transfer

Withdrawal : 50% of the balance lying in the account as at the end of previous financial

More Details on Sukanya Samriddhi Yojana

1.    Account Transferability: The account can be opened with an amount of Rs. 1000. It can be transferred from the original location to anywhere in India as the girl child relocates.
2.    Minimum Contribution: A minimum contribution of Rs. 1000 per account has to be deposited per year. A maximum of Rs.1, 50,000 per account can be deposited. There is no limit in the number of deposits in a financial year. The money can be deposited through cash, cheque or draft.
3.    Penalty: A penalty of Rs.50 will be imposed if the account is not credited with the minimum amount.
4.    Rate of Interest: The scheme is offering an interest rate of 8.1 Per year. However, it will be revised in April every year and the change will be communicated subsequently. The interest will be compounded yearly and directly credited to the account.
5.    Term Period: The guardian is expected to deposit amount in the account only till the completion of 14 years. No deposits after that is required till the maturity of the account.
6.    Withdrawal: A premature withdrawal (at the end of the previous financial year) of 50% of the accumulated amount is allowed after the girl child turns 18.
7.    Closure of Account: The account can be closed only after the child turns 21. If the money is not withdrawn even after that, it will continue to earn the interest.
8.    Taxation: As per Section 80C of Income Tax Act, the investment (up to Rs.1.5 lakhs) under the scheme, all the payments including the interest payment and the total maturity amount will be fully exempted from taxation.
9.    Documents required at the time of closing account: An application for account closure, proof of identity, residence and citizenship
What Are the Documents Required for Opening an Account?
1.    Birth Certificate of the girl child.
2.    Address and photo identity proof (PAN Card, Voter ID, Aadhar Card) of the guardian

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