Thursday, 6 April 2017

Sukanya Samriddhi Account (सुकन्या समृद्धि योजना)

The Scheme
A Govt of India Deposit Scheme for Individuals on behalf of Minor Girl Child

        The account may be opened by the natural or legal guardian in the name of a girl child from the birth of the girl child till she attains the age of ten years and any girl child, who had attained the age of ten years, one year prior to the commencement of these rules, shall also be eligible for opening of the account under these rules.
         Natural or legal guardian of a girl child shall be allowed to open the account for two girl children only or 3 accounts if twin girls are born in the second birth or triplets are born in the first birth.
Monetary Limits
Initial Minimum Deposit  Rs1000/-in a F.Y. Maximum Rs150000/-in F.Y.
Birth Certificate of Girl child; Address proof of parents/guardians; Identity Proof of the parents/guardian
Subscription Limits
Minimum tenure of contribution is 14 years from the date of opening of account.
21 years from the date of opening of account.
Withdrawal  allowed up to 50% for the girl’s higher education and marriage after she attains 18 years of age
Rate of Interest
As declared by Central Government from time to time
At present 8.60%p.a.
Tax Benefits
Annual subscription during F.Y. eligible for tax exemption under Sec 80 C of I.T. Act.
Interest earned on the deposit amount under the scheme is tax free.
No tax will be levied on the maturity amount.
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.
Mode of Deposit
Cash/Cheques/ Demand Draft
50% of the balance lying in the account as at the end of previous financial year for the purpose of higher education, marriage after attaining the age of 18 years.
Closure on Maturity
Completion of 21 years from the date of opening of the account & where the marriage of the account holder takes place before completion of such period of 21 years. (Affidavit verifying Account Holder’s 18 years of age as on date of closing of account)

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