Save for every girl child in India. Reinforcing this idea, Prime
Minister Narendra Modi launched ‘Sukanya Samriddhi Account Scheme’, a small
savings scheme as a part of the ‘Beti Bachao Beti Padhao’ campaign. It is also
considered a part of the government’s initiative to increase the percentage of
domestic savings, which has reduced from 38% of the GDP in 2008 to 30% in 2013.
This scheme will encourage parents to save for the education and future of
their girl child.
How to Open the
Sukanya Samriddhi Account?
1. Guardian to
open the account: The account can be opened only by parents or legal
guardians for upto two girl children. In case of twins or triplets, an
exemption will be made on production of a certificate from authorised medical
institutions.
2. Age
Eligibility: A Sukanya Samriddhi account can be opened for a girl child
till she attains the age of 10. The scheme started from 2 December, 2014. An
initial grace period of one year has been announced for convenience. A girl
child, who is born between 2 December, 2003 and 1 December, 2004, can open
account by 1 December, 2015.
3. Account in the
name of the beneficiary: Sukanya Samriddhi
Scheme can only be opened in the name of the girl child. The depositor
(guardian) will be an individual, who deposits amount in the account on behalf
of the minor girl child.
4. One Girl One
Account: Only one account can be opened per girl child.
5. Where to open
Account: Sukanya Samriddhi account can be opened in Post Offices or
authorised Banks (State Bank of India, Bank of Baroda, Punjab National Bank,
Bank of India, Canara Bank, Andhra Bank, UCO Bank, and Allahabad Bank, to name
the few).
More Information on
Sukanya Samriddhi Account
1. Account
Transferability: The account can be opened with an amount of Rs. 1000. It
can be transferred from the original location to anywhere in India as the girl
child relocates.
2. Minimum
Contribution: A minimum contribution of Rs. 1000 per account has to be
deposited per year. A maximum of Rs.1, 50,000 per account can be deposited.
There is no limit in the number of deposits in a financial year. The money can
be deposited through cash, cheque or draft.
3. Penalty: A
penalty of Rs.50 will be imposed if the account is not credited with the
minimum amount.
4. Rate of
Interest: The scheme is offering an interest rate of 9.1% per year.
However, it will be revised in April every year and the change will be communicated
subsequently. The interest will be compounded yearly and directly credited to
the account.
5. Term Period: The
guardian is expected to deposit amount in the account only till the completion
of 14 years. No deposits after that is required till the maturity of the
account.
6. Withdrawal: A
premature withdrawal (at the end of the previous financial year) of 50% of the
accumulated amount is allowed after the girl child turns 18.
7. Closure of
Account: The account can be closed only after the child turns 21.
If the money is not withdrawn even after that, it will continue to earn the
interest.
8. Taxation: As
per Section 80C of Income Tax Act, the investment (up to Rs.1.5 lakhs) under
the scheme, all the payments including the interest payment and the total
maturity amount will be fully exempted from taxation.
What Are the Documents
Required for Opening an Account?
1. Birth
Certificate of the girl child.
2. Address
and photo identity proof (PAN Card, Voter ID, Aadhar Card) of the guardian.
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