Sukanya Samridhi Yojna – A Quick Snapshot

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Quick Points :

Depositor– For this scheme Depositor is an individual who on behalf of a minor girl child of whom he or she is the guardian and deposits amount in account opened under this scheme.

 Who can be ‘Guardian’ under this Scheme – In relation to a minor girl Child Guardian means

(i) either father or mother; and

(ii) where neither parent is alive or is incapable of acting, a person entitled under the law for the time being in force to have the care of the property of the minor.

One Girl One Account Depositor cannot open multiple or more than one account in the name of a Girl Child.

Can be opened for Maximum two girls – Natural or legal guardian of a girl child   allowed to open one account each for two girl children’s.

Account opening for third Girl – Under this scheme natural or legal guardian of the girl child shall be allowed to open third account in the event of birth of twin girls as second birth or if the first birth itself results into three girl children, on production of a certificate to this effect from the competent medical authorities where the birth of such twin or triple girl children takes place.

Age Restriction – 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

Where one can open account?   At any post office in India doing savings bank work and Branch of a commercial bank authorised by the Central Government to open an account under ‘Sukanya Samriddhi Account Rules, 2014’

Maximum and Minimum Deposit- The account may be opened with an initial deposit of one thousand rupees and thereafter any amount in multiple of one hundred rupees may be deposited subject to the condition that 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 one lakh fifty thousand rupees in a financial year.

Minimum – Rs, 1000/- Per Year

Maximum- Rs. 1,50,000/- Per Year

Mode of Deposit Deposit can be made in cash; or   by cheque or demand draft. 

Pre-Mature Withdrawal- To meet the financial requirements of the account holder for the purpose of higher education and marriage withdrawal up to fifty per cent of the balance at the credit, at the end of preceding financial year shall be allowed but such withdrawal shall be allowed only when the account holder girl child attains the age of eighteen years

Payment of Interest and Principal on Maturity- On maturity or pre maturity withdrawal due to marriage of girl child, the balance including interest outstanding in the account will be paid to the account holder on production of withdrawal slip along with the passbook

Tax Benefits: Like PPF its under EEE Category upto 1.5 Lacs.

Benefits of Sukanya Samriddhi Account Scheme- 

1) Higher Interest

2) Payment on Maturity to Girl Child

3) Interest Payment even after Maturity if account is not closed

4) Flexibility in Deposits- Any Number of time amount can be deposits in Multiple of Rs. 100 subject to Maximum Limit of Rs. 1.50 Lakh per year

5) Transferable Anywhere in India,

6)Even Girl Child can operate after she attains the Age of 10 Year

7) Tax Benefits under section 80C

Some Drawbacks  of Sukanya Samriddhi Account Scheme- 

1) High Lock-In Period

2) Scheme do not provide for online transfer of Amount in this account. It allows only payment by Cash, Cheque and Demand Draft

3) No Clarity on Future Interest Rate for this

Important : Rate of interest on Sukanya samridhi yojana has been increased to 9.2% from 9.1% (currently)for financial year 2015-16 

Regards

Finance Doc

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