Suknya Samriddhi Account Yojana

All about Sukanya Samriddhi Account Yojana

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Brief of Sukanya Samriddhi account YojAna

Some of Indian think daughter as burden. To change this Centre and State government start plenty of schemes to benifit girl child in education, loan and marriage. One of the recent scheme which have very good response is Sukanya Samriddhi Account Yojana Lanched by Prime minister Modi on 22nd January 2015 with higher interest rate under beti bachoo beti padoo campaign. Prime Minister Vision behind this is to save money for girl child for her marriage and education. The scheme attract lots of attention from girl parents not just because of its attractive Sukanya Samriddhi Account Yojana interest rate but also from ‘EEE’ (Exempt, Exempt, Exempt) tax saving feature of scheme. The government, via Notification No. G.S.R.863(E) dated December 2, 2014, has notified the Sukanya Samriddhi Account Rules, 2014, which came into force with effect from the same day.
A Sukanya Samriddhi Account can be opened any time after the birth till girl turn 10 with minimum deposit in any authorized PSU Bank or Private Bank and Post Office. Minimum Deposit is Rs 1000 and max is 1,50,000 in any financial year. Deposit can be made for 15 years from date of opening of account. Account will remain operative for 21 year.
Sukanya Samriddhi Account Yojana

Who is eligible for opening Sukanya Samriddhi Account

The Sukanya samriddhi account can be opened by parent or legal guardian of girl child.
Only girl Children are egligible to hold Sukanaya Samriddhi Account.
Maximum age of girl should not be more than 10 years.
One legal guardian/ parent is eligible to open maximum two accounts.
NRI(Non-Resident Indian) are not allowed to open Sukanya Samriddhi Account but OCI/PIO can open Sukanya Samriddhi account when they are in India.

Where to open Sukanya Samriddhi Account Yojana

You can open Sukanya Samriddhi Account in your nearest Post Office or Authorized banks. Some of major Authorized bank for sukanya samriddhi like SBI, BOB, ICICI.

Document Required in Suknaya Samriddhi Account

To Open Sukanaya Samriddhi Account one can required 3 document along with Sukanya Samriddhi Account Form and 2 sets of photograph of Parent and Girl
1. Birth Certificate of the girl child having name on it
2. Identity Proof of the parent or Legal Guradian
3. Address Proof of the parent or Legal Guradian
In absence of Birth Certificate you can submit Date of Birth certificate from School or Certificate of date of birth from hospital where the child was born.

Deposits in Sukanya Samriddhi Account

The deposit in the account can be made in cash or by cheque or demand draft and an endorsement on the back of such instrument has to be made and signed by the depositor, indicating the name of the account holder and the account number in which the deposit is to be credited. The account can be opened with initial deposit of Rs 1000 and there after any amount can be deposited in multiple of 100.
Minimum deposit in Financial year is Rs 1,000 and maximum Deposit is Rs 1,50,000.
Deposit in account can be made till completion of 15 year from date of account opening.
If minimum amount that is Rs1,000 is not deposited in Sukanya Samriddhi account, account become irregular. Account may be regularized on payment if Rs 50 per year with minimum specified subscription deposit. If penalty is not paid account receive interest rate applicable to bank or post office.

Interest of Sukanya Samriddhi Account Yojana

Interest rate is 8.4 percent p.a. Below is complete summary of revision in interest rate and its effect in maturity if you deposit 1000 Rs in one financial year.
From April 1, 2014: 9.1%. Now lets take example of Rs 1000 is deposited in SSA account every financial year .the value on maturity is Rs 54444.9
From April 1, 2015: 9.2%. For same example maturity value Rs 55228.07
From April 1, 2016 -June 30, 2016: 8.6% . Maturity value for this for above example 50693.57
From July 1, 2016 -September 30, 2016: 8.6% Maturity value is  Rs 50693.57
From October 1, 2016- Till now: 8.5% Maturity value for example of Rs 1000 deposit every financial year is Rs 49975.13
For current Sukanya Samriddhi Account Yojana Interest rate the maturity value is Rs. 49266.95.

But if you invest maximum value this is Sukanya Samriddhi Account Yojana Calculator for you:

Year Rate Of Interest Opening Balance Investment Interest Earn Closing Balance
1 8.4% 0 150000 12600 162600
2 8.4% 162600 150000 26258.4 338858.4
3 8.4% 338858.4 150000 41064.11 529922.51
4 8.4% 529922.51 150000 57113.49 737036
5 8.4% 737036 150000 74511.02 961547.02
6 8.4% 961547.02 150000 93369.95 1204916.97
7 8.4% 1204916.97 150000 113813.03 1468729.99
8 8.4% 1468729.99 150000 135973.32 1754703.31
9 8.4% 1754703.31 150000 159995.08 2064698.39
10 8.4% 2064698.39 150000 186034.66 2400733.06
11 8.4% 2400733.06 150000 214261.58 2764994.63
12 8.4% 2764994.63 150000 244859.55 3159854.18
13 8.4% 3159854.18 150000 278027.75 3587881.94
14 8.4% 3587881.94 150000 313982.08 4051864.02
15 8.4% 4051864.02 150000 352956.58 4554820.6
16 8.4% 4554820.6 0 382604.93 4937425.53
17 8.4% 4937425.53 0 414743.74 5352169.27
18 8.4% 5352169.27 0 449582.22 5801751.49
19 8.4% 5801751.49 0 487347.13 6289098.61
20 8.4% 6289098.61 0 528284.28 6817382.9
21 8.4% 6817382.9 0 572660.16 7390043.06

As you see the maturity value become less than its launched but still higher than RD and Fixed deposit of Bank even higher than PPF with same EEE benefit.

When Sukanya Samriddhi Account Yojana Mature

Scheme matured on completion of 21 year from the date of opening of the account or as the girl child get married, which ever is earlier.

Tax Benefit in Sukanya Samriddhi Account Yojana

Now it is covered under ‘EEE’ (Exempt, Exempt, Exempt) category which means contribution towards this scheme is eligible for deduction under 80C. Also the interest earned and maturity amount will be exempt from tax.

Premature Closure and Partial Withdrawal from Sukanya Samriddhi Account Yojana

The rule is changed for premature and partial withdrawal from SSA account.
Partial withdrawal up-to 50 percent is allowed in case of girl attend age of 18 for higher studies or girl passed 10th standard.
Premature closure is also allowed in case of marriage of account holder.
In the event of death account is immediately closed on production of death certificate from commitment authority.
Now the account is closed at any time without seeking any permission from ministry of finance. In this case the whole amount is eligible for interest rate applicable to bank or post office.

Nomination in Sukanya Samriddhi Account Yojana

There is no nomination under Sukanya Scheme. In event of death of father mother can continue the account and vice-versa. In case of death of girl child account will be closed and amount is to the guardian/parent who is operating the account.

So. stop hiding money here there in house for your daughter marriage and education. Invest in Sukanya Samriddhi Account because it provide you much better even better from PPF account. In PPF account interest is 7.9 percent p.a and in sukanya samriddhi interest rate is 8.5 p.a. You can compare Sukanya Samriddhi Scheme and PPF.

To show you and create more interest in scheme I will have one example lets take example of Deepak (Fictional Name no relation with any person exist with same name) is worker in factory and hardly earned Rs 10,000 and have girl child (3year old) want to save for her. He decide to save for her girl marriage and education. So he opened SSA account and start depositing 1000 per month. So the total amount is 12000 per month.

lets have some interesting figures.
Yearly investment is Rs 1,2000.
Total amount invested in 15 year Rs1,68,000.
Now Closing balance if 16th year is Rs 3,46,132.
on maturity the value is Rs 5,18,070.

If you are parent of girl just to go to nearest bank or post office and open Sukanaya Samriddhi Account. Because, I give you lots of Sukanya Samriddhi Account Details to open it. Also suggest others.

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