Sukanya Samriddhi Yojana Eligibility, Interest Rate, Benefits : In our country, daughter is considered as Lakshmi. With the birth of a daughter, a wave of happiness in the family fails. As soon as she stands on her feet and starts walking. You also start thinking how it will read when it grows up. How to marry her Where will the wedding cost come from ? All these questions start running in your mind. The declining sex ratio remains a major problem in this country today. It is increasing day by day as an epidemic. To reduce this effectively, the scheme has been implemented.
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Sukanya Samriddhi Account is a government-backed savings scheme. The plan is aimed at parents of the girl child. The plan secures the future education of the daughter to the parents. Simultaneously, it encourages daughters to create a fund for wedding expenses. This scheme was launched by Hon’ble Prime Minister Shri Narendra Modi on 22 January 2015 as a part of Beti Bachao, Beti Padhao campaign.
Also, this scheme is also under tax saving. This scheme comes under Section 80C of Income Tax. Currently, payments ranging from Rs 250 to Rs 150000 can be deposited under this scheme.
Sukanya Samriddhi Yojana Eligibility :-
- It is necessary to be a citizen of India.
- An account can be opened in the name of the girl child only from the birth of the girl child till she attains the age of 10 years by the parents or legally guardian.
- The depositor can open and operate only one account in the name of a girl child under the scheme rules.
- The parent or legal guardian of the girl child may be permitted to open an account for only two girl children.
- A third account in the name of a girl child can be opened if the twin girls are born as a second child or if three girls are born in the first birth itself.
Account opening in Sukanya Samriddhi Yojana :-
- The account will be opened by the guardian in the name of the girl child.
- The maximum age of the girl child should not be more than ten years from the date of opening the account.
- Each account holder will have a maximum of one account under this scheme.
- The application for opening the account in Form-1 will be accompanied by the birth certificate of the girl child.
- In whose (Girl) name the account is to be opened. Necessary documents of the guardian will also be attached to it.
- According to this scheme, accounts can be opened for a maximum of two girls / daughter children in a family.
- You can open an account in any national bank or post office.
Documents required for Sukanya Samriddhi Yojana : –
- Prescribed form of opening account of Sukanya Samriddhi Yojana
- Birth certificate of girl child
- Proof of Identity – Proof (As per KYC guidelines)
- Proof of Residence
- Latest photo
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Features of the scheme : –
- The attractive interest rate is regulated from time to time by the Ministry of Finance.
- Minimum Rs. In a financial year Up to 1,000 can be invested by you.
- Rs in a financial year You can invest up to 1, 50,000 maximum.
- Money can be deposited in the account from the date of opening the account till the completion of 14 years.
- The account will mature on completion of 21 years from the date of account opening.
- There is a condition here that if the girl child of the account holder gets married before the completion of 21 years, it should be done.
- Permission to operate the account will not be granted beyond the date of her marriage.
Benefits of the scheme : –
Investment in Sukanya Samriddhi Yojana is also exempt from income tax under Section 80C. This section offers tax benefits under the triple tax exemption regime under the scheme. That is, in this scheme principal, interest and outflow are all exempted from tax.
Withdrawal facility :-
To meet the financial requirements of the account holder (Girl Child) for the purpose of higher education and marriage, the account holder (Girl Child) can avail partial withdrawal facility under this scheme after attaining the age of 18 years.
Deposit in the scheme : –
- Account can be opened under the scheme with a minimum initial deposit of Rs 250.
- After that, you can deposit any amount in multiples of fifty rupees. There are no separate rules for this. But for the minimum deposit, the total amount subject to the condition will be Rs 250.
- It is necessary to deposit at least once in an account in a financial year. So that the account can be continued.
- The total amount deposited in an account will not exceed one lakh fifty thousand rupees in a financial year.
- The amount can be deposited in the account from the date of opening of the account till the completion of fifteen years.
An account in which the specified minimum amount is not deposited. It will be considered as the following accounts –
- Provided that an account can be regularized by you at any time under default. After the completion of the fifteen-year period, it will be permissible to open an account on payment of an economic penalty of fifty rupees and the total minimum amount for each year of default.
- In case of an account under default, the entire deposit amount, including deposits made before the date of default, will be eligible for interest at the rate if it is not regularized within the time specified under the condition above.
Interest on deposits under the scheme : –
- Interest will be calculated for each calendar month on the lowest balance deposited in the account between the end of the fifth day and the end of the month.
- Interest will be deposited in your account at the end of every financial year.
Till date the rates of interest under the scheme have been as follows –
|1 April 2014 to 31 March 2015||9.1 %||1000||150000|
|1 April 2015 to 31 March 2016||9.2 %||1000||150000|
|1 April 2016 to 30 Sep 2016||8.6 %||1000||150000|
|1 Oct 2016 to 31 Mar 2017||8.5 %||1000||150000|
|1 April 2017 to 30 June 2017||8.4 %||1000||150000|
|1 July 2017 to 31 December 2017||8.3 %||1000||150000|
|1 January 2018 to 31 March 2018||8.1 %||1000||150000|
|1 April 2018 to 30 September 2018||8.1 %||250||150000|
|1 October 2018 to 31 March 2019||8.5 %||250||150000|
|1 April 2019 to 30 June 2019||8.5 %||250||150000|
|1 July 2019 to 31 March 2020||8.4 %||250||150000|
Operation of Account : –
The account holder will be operated by the account guardian till the girl attains the age of eighteen years. The account itself will be operated after attaining the age of eighteen by submitting the required documents by the account holder.
Premature closure of accounts in the plan : –
- In the event of death of the account holder, the account will be closed immediately on application in Form-2. A copy of the death certificate issued by the competent authority is required to be attached. The balance on the credit of the account and the interest thereon will be paid to the guardian till the date of death.
- Interest will be paid for the balance held in the account at the rate applicable to the post office savings account for the period between the death of the account holder and the date of closure of the account.
- The account holder has to face undue hardship for medical assistance in life-threatening diseases of the account holder or due to the operation or continuation of the account due to the death of the guardian. For such closure, the account may be allowed to prematurely close the account after establishing full documentation for reasons to be recorded and in writing.
- Here also the upper conditions will be effective for interest.
- Under this condition, the account will not be closed before the completion of five years from the date of account opening.
Withdrawal of money : –
- With an application in Form-3, withdrawal of deposits up to a maximum of fifty percent will be possible.
- The balance in the account at the end of the financial year before the year of application for withdrawal will be considered as Aadhaar.
- Here the account holder will be allowed to withdraw, after attaining the age of eighteen years or passing the tenth standard, whichever is earlier.
- The application for withdrawal will be made on confirmation of the admission of the account holder in an educational institution or by giving evidence in the form of a fee-slip from the institution indicating such financial requirements.
Maturity of the account : –
- Will mature upon completion of a period of twenty one years from the date of opening of account.
- For this, the outstanding amount along with the applicable interest will be payable to the account holder if the account holder applies in Form-4.
- Permission to close an account in the scheme can be given even before twenty one years. If the account holder is married. He presents a declaration to this effect. With this, we request to close the account.
- The declaration form should be on non-judicial stamp paper, verified by a notary of proof of age. In which it would mean that the applicants are not less than eighteen years of age on the date of marriage.
- Permission to close any such account will not be allowed before one month from the date of marriage and three months from the date of marriage.