March 12, 2015

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Sukanya Samriddhi Account / Yojana - at a glance

Written By Admin on Mar 12, 2015 | March 12, 2015




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Sukanya Samriddhi Account / Yojana is a Small Savings Special deposit Scheme for girl child. This scheme is specially designed for girl’s higher education or marriage needs.

The Scheme launched for the welfare of the girl child, to save and educate the girl child.


·           Who can open the account? – Sukanya Samriddhi Account (or Khata) can be opened on a girl child’s name by her natural (biological) parents or legal guardian.

·           What is the Age limit? – SSA can be opened in the name of a girl child from the birth of the girl child till she attains the age of  10 years.  ( As per SB Order No. 2/2015 : The Girl child who is born on or after  02.12.2003 can open account upto 02.12.2015 )

·           How many accounts can be opened? – A depositor may open and operate only one account in the name of same girl child under this scheme. The depositor (or) guardian can open only two SSA accounts. There is one exception to this rule. The natural or legal guardian can open two or three accounts if twin girls are born as second birth or triplets are born in the first birth itself.

·           How to open a SSA account? Accounts in name of the girl child can be opened in post offices or in any branch of a commercial bank that is authorized by the Central Government to open an account under this scheme rules.

·          What is the minimum deposit to open the account? – The account may be opened with an initial deposit of one thousand rupees. The minimum contribution in any financial year is Rs 1000. Thereafter the contributions can in multiples of one hundred rupees.

·          What is the maximum deposit amount? – a minimum of one thousand rupees shall be deposited in a financial year but the total money deposited in an account on a single occasion or on multiple occasions shall not exceed Rs 1.5 Lakh in a financial year.

·          Deposits in an account may be made till the child completes fourteen years, from the date of opening of the account.

·           Is there any penalty? – If minimum (Rs 1000 pa) amount is not deposited, the account will be treated as an irregular account. This can be regularized/renewed on payment of Rs 50 per year as penalty. Along with this, the minimum specified subscription for the year (s) of default should be paid.

·          What is the mode of deposit? – The deposits in Sukanya Samruddhi scheme can be made in the form of Cash or Demand Draft or Cheque. Where deposit is made by cheque or demand draft, the date of encashment of the cheque or demand draft shall be the date of credit to the account. The cheque or DD should be drawn in favour of the postmaster of the concerned post office or the Manager of the concerned bank. The depositor (parents or guardian) has to write the account holder’s name (child’s name) and the account number on the backside of the instrument.

·          What is the Rate of Interest on Sukanya Samriddhi Account? – The applicable rate of interest on SSA for the financial year 2014-2015 is 9.1%. This is one of the highest rates of interest offered by Government on small savings scheme

·          Is interest rate fixed or variable? – The rate of interest is not fixed and will be notified by the central government on a yearly basis.
·           The account can be transferred anywhere in India if the girl shifts to a place other than the city or locality where the account stands.

·            Is Premature withdrawal allowed? – 50 % (half of the fund) of the accumulated amount in SSA can be withdrawn for girl’s higher education and marriage after she attains 18 years of age. The account’s balance at the end of preceding financial year is used for the calculation.

·           Can the girl child operate the account? On attaining age of ten years, the account holder that is the girl child may herself operate the account, however, deposit in the account may be made by the guardian or parents.

·          Is premature closure allowed? In the event of death of the account holder, the account shall be closed immediately on production of death certificate. the balance at the credit of the account shall be paid along with interest till the month preceding the month of premature closure of the account , to the guardian of the account holder.

·         The scheme would mature on completion of 21 years.

SSA Scheme Matures in 21 years or on Girl’s Marriage, whichever is earlier-
          The scheme gets matured on completion of 21 years from the date of opening of the account or as the girl child gets married, whichever is earlier. Please note that the girl attaining the age of 21 years has no relevance to maturity of this scheme.


·           Can the girl child continue the account after her marriage? – The operation of the account shall not be permitted beyond the date of the girl’s marriage.

·            What are the required documents to open Sukanya Samriddhi Account? – Birth certificate of the girl child has to be produced. The depositor (parents or guardian) has to submit his/her identity and address proofs.

·          On opening an account, the depositor shall be given a pass book. It will have date of birth of the girl child, date of opening of account, account number, name and address of the account holder and the initial amount deposited. The depositor has to present the passbook to the post office or bank at the time of depositing/receiving the interest/on maturity.

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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. But discussions are on to also exempt the interest income and withdrawal amount. We can expect a formal announcement on this in the coming Union Budget 2015-16.

(Issue of making interest income and withdrawal exempt from taxation can be done by Department of Revenue (DoR) through legislative amendments. The matter is under examination of DoR)

Sukanya Samriddhi Account ( SSA ) deposits eligible for deduction u/s 80C of Income Tax Act, 1961 : Click Here

Sukanya Samriddhi Account vs Public Provident Fund (PPF)

Both Sukanya Samriddhi Account (SSA) and Public Provident Fund (PPF) aims to seed the savings habit but both schemes have their own pros and cons.

Stressing on the girls role in making the India competitive and prosperous nation, Prime Minister Shri Narendra Modi has today launched a new small savings account for the girl child “Sukanya Samriddhi Account” as an integral part of the “Beti Bachao-Beti Padhao” campaign.

Sukanya Samriddhi Account was initially introduced by Shri Arun Jaitely in his maiden budget speech but has been officially launched today by Prime Minister Shri Narendra Modi. He has handed over bank account details to five girls under the “Sukanya Samridhi Yojna” (girl child prosperity scheme).

Sukanya Samridhi Yojna is a special deposit scheme for girl child only but one another popular scheme to benefit child (irrespective of girl or boy) is Public Provident Fund (PPF).

Let’s see the difference between Sukanya Samriddhi Account and Public Provident Fund (PPF)

Points of Difference
Sukanya Samriddhi Account (SSA)
Public Provident Fund (PPF)
For whom
Only for Girl Child.
For every Indian Citizen.

Age Limit
From the birth till she attains age of 10 years.
No age limit.



By whom
By the girl child who has attained the age of 10 years or by the natural or legal guardian.
By the Individual but by the natural or legal guardian for the minor child.

Where to open
Post office and nationalized banks but not   private banks.
Post office and nationalized banks, including private banks.


Number of Account
One account for each girl child, maximum up to 2 or 3 accounts if twin girls are born in the second birth or triplets are born in the first birth.
Each Individual can hold only one account in   his name.

Minimum Contribution
    Rs.1,000
Rs.500

Maximum Contribution
   Rs.1.5 lakhs in all accounts.
Rs.1.5 lakhs in all accounts.
Interest Rate
9.1% per annum for fiscal year 2014-15.
8.70% per annum for fiscal year 2014-15.

Tax Benefit on the Contribution
Contributed Amount will be deductible u/s 80C.
Contributed Amount will be deductible u/s 80C.

Tax Benefit on the interest earned
At present no tax benefit is announced for the interest earned. A mere sum of Rs.1,5o0 will be deductible u/s 10(32) .
Interest Earned is tax free under PPF.

Time Period of contribution
Minimum tenure of contribution is 14 years from the date of opening of account.
Minimum 15 years and then in blocks of 5 years.


Maturity
21 years from the date of opening of account.
15 years from the fiscal year of opening of account.


Penalty
Rs.50 per year if minimum contribution is not made.
Rs.50 per year if minimum contribution is not made.

Mode of Deposit
Cash or Demand Draft or Cheque
Cash or Demand Draft or Cheque


Premature Withdrawal
Allowed up to 50% for the girl’s higher education and marriage after she attains 18 years of age
No premature withdrawal is allowed except in case of death of the account holder.


Loan
No loan can be taken on the SSA balance.
Loan can be taken from the third year of opening of account to the sixth year.
Taxation on Maturity
No tax will be levied on the maturity amount.
No tax will be levied on the maturity amount.

Note:

1.      Interest rate under both the schemes will be notified each year by the Government.
2.      Interest will be compounded yearly under both schemes.
3.      Loan on the PPF balance is restricted to 25% of the balance at the end of 2nd year.
4.      At present interest earned on SSA account is taxable in the hands of guardian but it may get tax rebate in the upcoming budget.
5.    Contributed amount get deduction u/s 80c up to Rs.1.5 lakhs including all other eligible investments.


Sukanya Samriddhi Calculator
Year
Age of Girl Child
Opening Balance
Monthly Contribution
Yearly Contribution
Intrest Rate @9.1%
Closing Balance
2015
1
-
1000
12,000
592
12,592
2016
2
12,592
1000
12,000
1,737
26,329
2017
3
26,329
1000
12,000
2,987
41,316
2018
4
41,316
1000
12,000
4,351
57,668
2019
5
57,668
1000
12,000
5,839
75,507
2020
6
75,507
1000
12,000
7,463
94,969
2021
7
94,969
1000
12,000
9,234
116,203
2022
8
116,203
1000
12,000
11,166
139,369
2023
9
139,369
1000
12,000
13,274
164,643
2024
10
164,643
1000
12,000
15,574
192,217
2025
11
192,217
1000
12,000
18,083
222,300
2026
12
222,300
1000
12,000
20,821
255,121
2027
13
255,121
1000
12,000
23,808
290,929
2028
14
290,929
1000
12,000
27,066
329,995
2029
15
329,995
-
-
30,030
360,024
2030
16
360,024
-
-
32,762
392,787
2031
17
392,787
-
-
35,744
428,530
2032
18
428,530
-
-
38,996
467,526
2033
19
467,526
-
-
42,545
510,071
2034
20
510,071
-
-
46,416
556,488
2035
21
556,488
-
-
50,640
607,128








Maturity Value :
Amount of Deposit : 14 Years x 12 Months x Rs. 1000 = 1,68,000 + Interest= 4,39,128 = 6,07,128 ( Approximately


SB Order 02/2015 : Introduction of new scheme "Sukanya Samriddhi Account" under Small Savings Scheme from 22.01.2015. : View

Addendum to SB Order No. 2/2015 on Sukanya Samriddhi Account (SSA)

Source :  http://sapost.blogspot.in/
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February 03, 2015

PPFwdl after 7 yr. allowed.pl check
B.Rajasekaran APM,Tiruturaipoondi

February 08, 2015

Whether SSA accounts may be opened in Branch Office?

February 11, 2015

This scheme is not given fixed returns(guaranteed interest rate). If Contributed Amount will be deductible under taxable income, it is very benefit for Govt. Employees with girl child.

February 19, 2015

@RAMESH YADAV
As SB Rules 1981 applies it is assuned
it applies to all.There is no provision
it is not to be accepted in B.O.s.
Many Points are not clearly mentioned.
If married,account has to be closed.How can marriage fact/date be confirmed?If not closed on marriage what will be the interest thereafter? i.e whether SB rate or as in continued SSA in unmarried cases(9.1) There is mention about monthly interest which is vague

February 22, 2015

the circular is not clear. whether deposits can be made for 14 years from the date of opening of the account or till the girl child attains 14 years of age? if it is the former then deposits can be made till the child attains 24 years of age if the account is opened at the age of 10. some one pl clarify

February 23, 2015

I have one question about this suknya scheme, when will this account actually mature? at the age of 21 years of girl? or after completion of 21 years of account from the date of opening?

February 23, 2015

is it rate of itrest 9.1 will be fixed till meturity or decleyer every year ??

February 23, 2015

who can claim matured amount father or girl child?

February 25, 2015

wheather the paternal father or mother can able to open ssa account for their nephew or others.

February 26, 2015

If account opens at the age of 10years of child, more 14years to be deposited (10+14=24years of child).. More 7years to be matured (10+14+7=31years)
Is that clear?

February 26, 2015

@Supervisor Sbco
This scheme matures on the completion of 21 years (14years deposit + 7years) not 21 year age.

February 27, 2015

YES.BUT IF MARRIED IT HAS TO BE CLOSED AT THAT TIME

February 27, 2015

PL GET THE SIGNATURE OF A PARENT/GUARDIAN IN THE OPENING FORM. YOU CAN CONTINUE DEPOSIS. AFTER 10YRS THE CHILD CAN OPERATE THE A/C AS IN SB

February 27, 2015

@B.RAJASEKARAN SEKARAN
IN PPF WDL IN 7TH F.YEAR IS ALLOWED

February 27, 2015

the circular is not clear. whether deposits can be made for 14 years from the date of opening of the account or till the girl child attains 14 years of age? if it is the former then deposits can be made till the child attains 24 years of age if the account is opened at the age of 10. some one pl clarify

February 28, 2015

My Daughter is born 09/07/2014, i can opening SSA
Please suggest.

February 28, 2015

Please any one clarify, What is the minimum contribution 100 or 1000 ?, And how many years need to deposit 14 yrs or 21 yrs ?

Can I open this account for my sister's daughter as a guardian & claim tax benefits for the deposits made?

February 28, 2015

Would Central Govt. contribute any amount in SSA ?

March 01, 2015

Is there any government contribution if not open RD account in any bank u will get more after 21 years

March 03, 2015

Can we pay Yearly Premium on the basis of quarterly/half yearly

is interest received on SSA is TDS

March 04, 2015

This will actually mature at the age of 21 years of girl child.

March 07, 2015

who can claim matured amount father or girl child?

March 08, 2015

what is age of child to open account?

March 09, 2015

If we deposit 12000 in the first year then interest will be 12000 X 9.1/100 = 1092. But in the above table it is showing that the 9.1% interest will 592. I can't understand it clearly. Can anybody give a clarification on it. When I calculated the interest in every year there is a difference of 500. So help me pls. (May be my mistake)

March 10, 2015

if the child is below 1 year then the scheme is eligible or not

March 11, 2015

@Shiv Pratap Tomar
It is not fixed and subject to change every year. Benchmarked on the govt. bond yield.

March 11, 2015

@hari gaddam
Yes it is, I am assuming child is a girl child.
(frjfinance.blogspot.in)

March 12, 2015

In case of SSA account holder opting for monthly interest, from which year monthly interest is eligible? (i.e) completion of 14 years or before 14 years

March 12, 2015

@Jayaraj G Nath Jayaraj : The first months's contribution earns 11 month interest. But, the 11 the month contribution earns only one month's interest. So, the average interest is only for 6 months (for the 12 month's contribution). Thats why the interest calculated in Rs 592 for contribution of Rs 1000 X 12 months. Hope you understand

1000x12x13x9.1
-------------- =591.50
1200x2
you have calculated as if 12000 is paid in lump for ayear

March 14, 2015

What is if paid the lumpsum amount in the first month itself for all year?. Will the interest for the first year calculated as 1092? and accordingly for subsequent years?

March 18, 2015

If the parents will die within the mean time , then how the account will be treated? How much amount will the account holder get and when?

March 18, 2015

But in the pass book it has clearly mentioned a maturity date which is 21 years from the date of opening the account. So which one is correct?

March 19, 2015


The government is doing a great job now a day's especially for urban area and common peoples. They announced so many schemes and plans in last 4 - 5 months like Jan Dhan Yojana, Swacchha Bharat Abhiyaan and the most important Sukanya Samriddhi Account under the mission of Beti Bachao Beto Padhao. The Sukanya Samriddhi Account can be an alternative for those who are thinking to invest some amount of money in Fixed deposit's or Provident fund's on their daughter's account, Because the Sukanya Samriddhi Yojana offers more interest rate 9.1 %.

For more information visit http://www.sukanyasamriddhiaccount.net

March 20, 2015

whether a suknaya samriddihi account can be opened in the name of adopted girl child. http://www.taxbaniya.com/

March 23, 2015

@RAMESH YADAVYES, U CAN OPEN SSA ACCOUNT IN BOS ALSO.

March 23, 2015

@Anish kumar.Nyou have to open this account with 1000,and then u can deposit 100 also.only while opening it is 1000.

April 02, 2015

what about 9 to 10 years age group ? If girls age is 9 or 10 as one date and she can withdraw money only after 21 years that mean she will be 30-31. what she will do with that money at the age of 30-31. she will need money at the age of 21 or 18 for education or marriage. i think age factor is not clear in this scheme.
pls suggest about said age group ???

April 03, 2015

If I open the account and can't continue after some time then what about the future of the scheme? We will get anything return?

April 06, 2015

Interest earned is also TAX FREE

April 07, 2015

Not to be worried any way my friend. I have read the article very deeply and confirmed that 50% of the deposited amount may be withdrawn at the age of 18 of the girl child and full amount may be withdrawn at/after the age of 21 of the girl child for marriage purpose only.Otherwise the account may be closed after 24 years from the opening date of the account. If some body wants the account may be continue after 24 years also.

April 13, 2015

can i pay Rs 100 monthly, quarterly, hafyearly?

April 17, 2015

Nomination facility not provided. In case of any unfortunate event (death/insanity) can claim the deposited amount by the guardian of the girl child

REPLY
NOMINATION IS NOT ALLOWED FOR MINORS
EVEN IN SB/RD SCHEMES.(NATURAL) GUARDIAN CAN ONLY CLAIM (BUT WITH
NOTARY'S SIGED ANNEXURES.)IF MARRIED
HUSBAND CAN ONLY CLAIM WHICH IS VERY RARE -
APM, TIRUTURAIPOONDI TN

April 25, 2015

int fr rd =(Total amount deposited*Rate of interest )/2

May 05, 2015

Sukanya Samriddhi Account Android App
Download :

https://play.google.com/store/apps/details?id=com.nemboolisoft.sukanyasamridhi&hl=en

September 18, 2015

i had deposited 100000 in SSY on 30.3.2015. can i claim 80C deduction in AY2015-16

February 02, 2016

The very first or initial deposit is Rs. 1000/- and next subsequent deposits can be made in the multiples of Rs. 100/-.
And you should have to deposit upto 14 years from the date of opening of the account and the next 7 years, the total amount kept in fixed deposit.
But you can withdraw 50% of the amount after attaining 18 to the girl-child or after marriage.

April 08, 2016

thank you sir,
good information.it is lot of useful for me

September 26, 2016

FROM WHERE I WILL GET THE CERTIFICATE FOR 80C DEDUCTION IN FY 2016-17

October 05, 2016

hello,
The Sukanya Samriddhi Yojana is as girl child prosperity scheme under Beti Bachao Beti padhao.Sukanya Samriddhi Account a Small Savings Special deposit Scheme for girl child.

December 14, 2016

बेटियों के भविष्‍य के लिए सुकन्‍या समृद्धि योजना की पूरी जानकारी in Hindisukanya-samriddhi-yojana

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