Sukanya Samriddhi Yojana Account

Sukanya Samriddhi Yojana Account Introduction

Sukanya Samriddhi Yojana Account is a girl child Prosperity scheme which is a small deposit savings scheme for girl child. Sukanya Samriddhi Yojana Account has started with a vision to provide better girl child Education and for her marriage expenses. This Sukanya Samriddhi Yojana Account provides income tax deduction benefits and provides yearly higher interest rates. Under this Sukanya Samriddhi Yojana Account government has declared interest rate of 9.1% for financial year of 2014-15.

Sukanya Samriddhi Yojana Account Key features

• A legal guardian or natural guardian can open account in name of girl child.
• Guardian will be called as “Depositor” and girl child is “Account holder”
• This Sukanya Samriddhi Yojana Account can open in post office or any Nationalized banks.
• Natural or legal guardian of a girl child allowed to open one account each for two girl children’s.
• Note: If twins are born on 2nd delivery or triples are born on 1st delivery in such cases 3 accounts are applicable.
• If account is not closed after maturity, balance will continue to earn interest as specified for the scheme from time to time.

Terms and Eligibility Conditions of Sukanya Samriddhi Yojana Account

Benefits of Sukanya Samriddhi Yojana Account

• Higher Interest rate.
• Interest will be compounded yearly.
• If account is not closed even after maturity the interest rates are applicable under this Sukanya Samriddhi account.
• Account is transferable anywhere in India.
• Tax Benefits are applicable under section 80C. For more information regarding Income Tax Benefits, visit www.taxqueries.in.
• Payment on maturity to Girl child.
• Flexibility in making number of deposits in multiples of 100 up to a maximum limit of Rs.1,50,000 per year.
• Even girl child can operate the account after she attains the age of 10 years.

Sukanya Samriddhi Yojana Account Opening forms

Documents required for opening this Sukanya Samriddhi Yojana are listed below

• Date of Birth certificate of girl child
• Identity proof
• Address proof

Sukanya Samriddhi Yojana Account Tax Benefits

• Tax Benefits are applicable under section 80C.
• The amount deposited towards Sukanya Samriddhi Account is deductible under section 80C of Income tax Act,1961 up to Rs.1.5 lakhs.
• Amount deposited in this account will be counted in overall limit of Rs. 1.50 Lakh under section 80C.
• Interest earned in this scheme as well as maturity amount is exempt from Income Tax.

Sukanya Samriddhi Yojana Account Interest Rates

• Interest rates are applicable under Sukanya Samriddhi Yojana Account scheme.
• According to this Sukanya Samariddhi Yojana scheme interest rate will be declared on yearly basis and this interest rates are not fixed.
• For this year 2014-2015 Government had declared 9.10% interest rate under this Sukanya Samriddhi Account scheme.
• Under this Sukanya Samriddhi Account Interest will be compounded yearly.

Sukanya Samriddhi Yojana Account Calculator

Additional Information of Sukanya Samriddhi Yojana Account

Nominations are not allowed under this Sukanya Samriddhi Yojana Account Scheme

Pass book: On opening an account, the depositor shall be given a pass book bearing

• The date of birth of the girl child
• Date of opening of account
• Account number
• Name and address of the account holder and
• The amount deposited.

At the time of depositing money in the account or receiving payment of interest or at the time of final closure of the account on maturity this pass-book shall be presented at the post office or bank.

Transfer of account: The account may be transferred anywhere in India if the girl child in whose name the account stands shifts to a place other than the city or locality where the account stands.

Withdrawal: To meet the financial requirements of the account holder for the purpose of higher education and marriage, a withdrawal up to fifty per cent of the balance at the credit, at the end of preceding financial year shall be allowed. The withdrawal shall be allowed only when the account holder girl child attains the age of eighteen years.

Closure on maturity: The account should be closed on completion of 21 years from the date of opening of the account. On maturity, the balance including interest outstanding in the account shall be payable to the account holder on production of withdrawal slip along with the pass book.

Taxation on maturity: No tax will be levied on the maturity amount.

The Sukanya Samriddhi Yojana account will cover both rural and urban areas in all districts in India.

Interest Rates: Under this Sukanya Samriddhi Yojana Account scheme, Interest rate is not fixed and Government will declare on yearly basis. For the Financial Year 2014-15 Govt. has declared Interest Rate of 9.10%

Depositor cannot open multiple or more than one account in the name of a Girl Child.

FAQ’s of  Sukanya Samriddhi Yojana Account

Can girl child can continue the account after her marriage?

The operation of the account shall not be permitted beyond the date of the girl’s marriage.

Is there any chance to continue the account after death of account holder?

In case of death of account holder the account shall be closed immediately on submitting death certificate. The balance at the credit of account shall be paid along with the interest to the guardian of account holder. The Sukanya Samriddhi Yojana scheme would mature on completion of 21 years of the girl child, from the date of opening of the account with an option of keeping the account till marriage.

How many accounts can be opened under this Sukanya Samriddhi Yojana account?

The depositor or guardian can open only one account in the name of Girl child and maximum of two accounts in the name of two different childs.

Can u provide list of banks to open this Sukanya Samriddhi account scheme?

List of banks to open Sukanya Samriddhi Yojana Account

• SBI (State Bank of India)
• SBI Subsidiaries (Patiala, Bikaner & Jaipur, Travancore, Hyderabad, Mysore)
• ICICI (PPF Account ICICI Bank)
• BOB – Bank of Baroda
• Central Bank of India
• BOI – Bank of India
• Union Bank of India
• IDBI
• Vijaya Bank
• Allahabad Bank
• Oriental Bank of Commerce
• Bank of Maharashtra
• Canara Bank
• Andhra Bank
• Corporation Bank
• Dena Bank
• Indian Bank
• IOB – Indian Overseas Bank
• PNB – Punjab National Bank
• United Bank of India
• UCO Bank
• IDBI Bank
• Axis Bank

Is there any loan facilities available under this scheme?

Loan facilities are not available under this Sukanya Samriddhi account  scheme.

Sukanya Samriddhi Yojana Account forms and Documents

Pdf Circulars sukanya samriddhi SB Order 2