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Account can be opened in Sukanya Samriddhi Yojana with just Rs 250. With this small savings can be deposited in Sukanya Samriddhi Yojana for the marriage or higher education of the child.

The Central Government’s Sukanya Samriddhi Yojana is a good investment plan for a child below 10 years of age to save for higher education and marriage. Putting money in this investment option also helps you to save income tax.

Sukanya Samriddhi Yojana

The Central Government’s Sukanya Samriddhi Yojana is a good investment plan for a child below 10 years of age to save for higher education and marriage. Putting money in this investment option also helps you to save income tax.

The Central Government’s सुकन्या समृद्धि योजना is a good
investment plan for a child below 10 years of age to save for higher education and marriage.

Putting money in this investment option also helps you to save income tax.
Sukanya Samriddhi Yojana can be a great step for those who want to stay away from stock market risk and are worried about falling interest rate in fixed deposits (FD).

What is S.S.Y.?


Sukanya Samriddhi Yojana (SSY) is a small savings scheme of the central government for daughters, launched under the Beti Bachao-Beti Padhao scheme.

Sukanya is the best interest rate scheme in the small savings scheme.
In the year 2016 -17, interest was being paid at 9.1 percent in SSY which is with income tax exemption.

Earlier, it also got interest up to 9.2 percent. Sukanya Samriddhi Yojana Account opened with very small amount has been started keeping in mind the families who want to deposit money for child’s marriage or higher education through small savings.

Certified Financial Planner Deepali Sen said, ‘Sukanya Samriddhi Yojana is a very good scheme for those who have low income and who do not believe in investing in the stock market.

Security of capital with fixed income is the specialty of this scheme.

How to open Sukanya Samriddhi Yojana account?

Under Sukanya Samriddhi Yojana, an account can be opened after the birth of a girl child with a deposit of at least 250 rupees before the age of 10 years.

In the current financial year, a maximum of Rs 1.5 lakh can be deposited under सुकन्या समृद्धि योजना.

How long will सुकन्या समृद्धि योजना account run ?

After opening Sukanya Samriddhi Yojana account, this girl child can be run till the age of 21 years or her marriage after the age of 18 years.

What is the use of Sukanya Samriddhi Yojana?

After Sukanya Samriddhi Yojana, up to 50 percent of the amount can be withdrawn for the higher education of a child after the age of 18 years.
Sukanya Prosperity Plan rules open account Sukanya prosperity plan account the child’s parent or can be opened by legal guardian
girl before the age of his 10 years with the child’s name.

According to this rule, only one account can be opened for a girl child and money can be deposited in it. Two accounts cannot be opened for one girl child.
The documents required for Sukanya Samriddhi Yojana, while opening Sukanya Samriddhi Yojana account, it is necessary to give the girl’s birth certificate to the post office or bank.

Along with this, proof of identity and address of the girl and guardian is also required to be given. Know more about personal finance,

Sukanya Samriddhi Yojana
Sukanya Samriddhi Yojana

How much amount is necessary in Sukanya Samriddhi Yojana ?

250 rupees is enough to open Sukanya Samriddhi Yojana account, but later money can be deposited in multiples of 100 rupees. At least Rs 250 should be deposited in any one financial year.

In a single financial year, no more than Rs 1.5 lakh can be deposited in an
SSY account or once. The amount can be deposited in Sukanya Samriddhi Yojana account for 15 years from the day of opening the account.

In the case of a 9-year-old girl, when she turns 24, the amount can be deposited. By the time the child is 24 to 30 years old, when the Sukanya
Samriddhi Yojana account matures, interest will be paid on the amount deposited in it.

Could not deposit the Sukanya Samriddhi Yojana then?


Where minimum amount has not been deposited in an irregular Sukanya Samriddhi Yojana account, it can be regularized by paying a penalty of Rs 50 annually. Along with this, the amount to be deposited at least for every year will also have to be put in Sukanya Samriddhi Yojana account.

If the penalty is not paid, then the amount deposited in Sukanya Samriddhi Yojana account will get interest equal to the post office saving account, which is currently about four per cent.

If the interest on Sukanya Samriddhi Yojana account has been paid more
then it can be revised. Spend but thoughtfully, useful tips

How will the mount be deposited in Sukanya Samriddhi Yojana account?

Money can also be deposited in Sukanya Samriddhi Yojana account by cash, check, demand draft or any such instrument which the bank accepts. For this, it is necessary to write the name of the depositor and the name of the account holder.

Funds in Sukanya Samriddhi Yojana account can also be made through electronic transfer mode, if the core banking system is present in that post office or bank.

for more info check Official Website https://www.indiapost.gov.in/VAS/Pages/PMODashboard/SukanyaSamriddhiAccount.aspx

Eligibility

  1. An account can be opened in the name of a girl child until she attains the age of 10 years from the birth of a girl child by a natural or legal guardian.
  2. The depositor can open and operate only one account in the name of a girl child under the scheme rules.
  3. The natural or legal guardian of a girl child may be allowed to open an account for only two girl babies. In the name of the girl child, a third account can be opened on the birth of twin girls in the second birth or if there are three girls born in the first birth itself.

Documentation

  1. Sukanya Samriddhi Yojana Account Opening Form
  2. Birth certificate of girl child
  3. Proof of identity (as per Know Your Customer (KYC) guidelines of Reserve Bank of India)
  4. Proof of Residence (As per RBI’s Know Your Customer (KYC) guidelines)

All Features of SSY

  1. Attractive interest rate of 8.5%. The rate of interest is regulated from time to time by the Ministry of Finance.
  2. Minimum Rs. In a financial year 1,000 can be invested.
  3. Rs in a financial year A maximum investment of Rs 1, 50,000 can be made.
  4. Money can be deposited in the account till the completion of 14 years from the date of opening the account.
  5. The account will mature on completion of 21 years from the date of opening of the account, the condition being that if the account holder marries before the completion of this 21-year period, the account will not be allowed to operate beyond his marriage date.

Benefit

  1. Tax exemption:
    Investment in Sukanya Samriddhi Yojana scheme is exempted from income tax under Section 80C. It offers tax benefits under the triple tax exemption regime under the scheme. That is, principal, interest and outflow are all exempt from tax.
  2. Withdrawal Facility
    To meet the financial requirements of the account holder for the purpose of higher education and marriage, the account holder can avail partial withdrawal facility after attaining the age of 18 years.

Transfer Existing Sukanya Samriddhi Yojana Account

Customers can transfer their existing Sukanaya Samriddhi Yojana account held with other bank/ Post Office to Any Bank/Post Office

SSY transfer process

  1. Customer needs to submit SSY Transfer Request at existing bank/ Post Office mentioning address of Bank branch Which you Transfer your A/C.
  2. The existing bank/ Post Office shall arrange to send the original documents such as a certified copy of the account, the Account Opening Application, specimen signature etc. to Any Bank branch address, along with a cheque/ DD for the outstanding balance in the SSY account

Process at Bank Branch When Transfer SSY.

Once transfer documents are received at Bank branch, the customer is required to submit new SSY Account Opening Form along with fresh set of KYC documents.

 Closure of the Account

  • In the event of death of the Beneficiary, the Account shall be closed immediately on production of death certificate issued by the competent authority, and 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.
  • The Account shall mature on completion of 21 (twenty one) years from the date of opening of the Account. However, if the Beneficiary is married before completion of such 21 (twenty one) years, the operation of the Account shall not be permitted beyond the date of her marriage. It shall be responsibility of Beneficiary or guardian to inform Any Bank/Post Office regarding the marriage of the Beneficiary within 30 days of such marriage in writing and shall not operate the Account after such marriage. Upon marriage of the Beneficiary, the Account shall mature and the amount therein shall be given to the Beneficiary upon production of affidavit as per the Rules.
    6.3. On maturity, the balance including interest outstanding in the account shall be payable to the Beneficiary on production of withdrawal slip along with the pass book and proof of identity.

7. The Guardian shall be entitled to receive a passbook carrying details of the Account. The Guardian/ Beneficiary shall be required to present the passbook to the Bank at the time of depositing or withdrawing any amount from the Account or the closure of the Account.

8. Once the Beneficiary attains the age of 18 (eighteen) years, withdrawal up to fifty per cent of the balance at the credit in the Account, at the end of preceding financial year shall be allowed for the purposes of higher education or marriage of the Beneficiary.

9. The Guardian hereby irrevocably authorises Any Bank to disclose, as and when Any Bank is required to do so by applicable law or when Any Bank regards such disclosure as necessary or expedient (including but not limited to disclosures for the purpose of credit review of any Account, service/s or credit facilities received by the Guardian from Any Bank whether singly or jointly with others or otherwise), any information relating to the Guardian, his/her Account(s) or other assets or credit facilities whatsoever held on the Customer’s behalf to Any Bank’s affiliates, subsidiaries, agents, advisors, employees, contractor, third party service provider in respect of the Account.

10. All notices in connection with the Account shall be in writing and sent to the address as provided below and all notices shall be deemed to be received by Any Bank only upon acknowledgment of receipt of the same in writing by Any Bank.

11. No failure or delay by Any Bank in exercising any right, power or privilege hereunder shall operate as a waiver thereof nor shall any single or partial exercise of any other right, power or privilege. The rights and remedies of any Bank as stated herein shall be cumulative and not exclusive of any rights or remedies provided by law.

12. The Guardian hereby agrees that the Guardian shall, at his/her own expense, indemnify, defend and hold harmless Any Bank from and against any and all liability any other loss/ claims that may occur, arising from or relating to the operation or use of the Account or the services of Any Bank or breach, non-performance or inadequate performance by the Guardian of any of these Terms or the acts, not-errors, representations, misrepresentations, misconduct or negligence of the Guardian in performance of its obligations.

13. Any Bank reserves the right to make changes to the Terms after giving prior due intimation.

14. The Guardian hereby undertakes to comply with all the specified conditions under the Primary Terms and these Terms.

15. All other terms not specifically mentioned herein shall be governed solely by the Primary Terms and Rules. By applying for the Account and availing Services thereof, the Guardian hereby acknowledges that he / she has read, understood and accepted these Terms, Primary Terms, Rules and undertake to continue to be governed by and abide by such Terms/ Primary Terms.

16. Any Bank may, at its sole discretion, utilize the services of external service provider/s or agent/s and on such terms as required or necessary, in relation to its products/services.

17. The laws of India shall govern these Terms. Any Bank and the Guardian hereby agree that any legal action or proceedings arising out of the Terms shall be brought in the courts or tribunals at Mumbai, India and irrevocably submit themselves to the jurisdiction of such courts and tribunals.

18. Any Bank may, however, in its absolute discretion, commence any legal action or proceedings arising out of the Terms in any other court, tribunal or other appropriate forum, and the Guardian hereby consents to that jurisdiction. Any provision of these Terms, which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of prohibition or unenforceable but shall not invalidate the remaining provisions of the Terms or affect such provision in any other jurisdiction.