Sukanya Samriddhi Yojana (complete detais live interest rate etc): How to open Sukanya Samriddhi account, know its complete details
Sukanya Samriddhi Yojana (SSY) is a small savings scheme launched by the government under the ‘Beti Bachao, Beti Padhao’ initiative for a better future for the girl child. Through this, a parent or legal guardian of a girl child can open an SSY account like a savings account in the name of the girl child and earn a fixed interest (current rate of interest – 7.6% per annum) on the amount invested.
This scheme comes under section 80C and the returns from it are tax free. The scheme encourages parents to open a savings account in the name of the girl child for her education and marriage. If you also want to open Sukanya Samriddhi Yojana account, then we are going to give you detailed information related to it, which will definitely help you.
Who can open the account?
Only the parent or legal guardian of the girl child can open the account on her behalf. A family can invest only for a maximum of 2 girl children.
When can I open the account?
Sukanya Samriddhi Account can be opened at any time from the birth of the girl child till the age of 10 years. The account will remain operational for 21 years from the date of opening or till the girl gets married after she turns 18. Partial withdrawal of 50 per cent of the balance is also allowed after the girl child completes 18 years to meet her higher education expenses.
How much investment is required?
A minimum of Rs 250 and a maximum of Rs 1.5 lakh per year is required to be deposited in Sukanya Samriddhi account by the end of the 15th year from the opening of the account. If you want, you can deposit this amount once in a year or you can deposit it several times as per your need.
What documents are necessary?
Identification documents including birth certificate of the girl child, address proof of the guardian or parents of the girl child, and identity proof of the guardian or parents of the girl child have to be submitted for opening the account.
What happens if the minimum amount is not deposited?
If the minimum amount is not invested in a year, it is considered that the account is under default. In default, the account can be renewed before the completion of 15 years from the date of opening of the account by paying a minimum amount of Rs.250 and a penalty amount of Rs.50 for each year of default.
If the penalty is not paid, interest will accrue at the Post Office Savings Bank Account rate on the entire deposit including deposits made prior to the date of default.
Can the account be closed prematurely?
The account will be closed immediately in case of death of the account holder, for which death certificate has to be submitted. In such a case, the balance amount in the account is paid to the guardian of the account holder along with interest for the month preceding the month in which the account is closed.
Additionally, a request for premature closure of the account can be made even after completion of five years from the date of opening of the account. As per rules, medical assistance will be allowed on extreme compassionate grounds such as in life-threatening diseases. However, if the account has to be closed for any other reason, it will be allowed, but only Post Office Savings Bank account interest will be earned on the entire deposit amount.
How to open Sukanya Samriddhi Yojana account?
Sukanya Samriddhi Yojana (SSY) account can be opened in any authorized bank or post office branch. Follow these steps to open an account.
Step 1: Visit the nearest branch of an authorized bank or post office.
Step 2: Fill the Sukanya Samriddhi Account Form with the required details and submit the documents.
Step 3: Then you have to pay the first deposit, which can range from Rs 250 to Rs 1.50 lakh. This payment can be made through cash, demand draft or cheque.
Step 4: The Bank/Post Office will now process your application and payment.
Step 5: Your Sukanya Samriddhi Yojana account will open as soon as the application is successfully processed. And you will be issued a passbook.