Sukanya Samridhi Yojana
Launched by PM Narendra Modi under BBBP campaign 22 January 2015
Main Features:
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Who can open the account?
On a girl child’s name by her natural (biological) parents or legal
guardian.
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What is the Age limit?
From the birth of the girl child till she attains the age of 10 years.
( As per SB Order No. 2/2015 : The Girl child who is born on or
after 02.12.2003 can open account )
The account will remain operative for 21 years from the date of opening of
the account or marriage of the girl child after attaining 18 years of age.
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How many accounts can be opened?
A depositor may open and operate only one account in the name of same
girl child under this scheme. The depositor (or) guardian can open only two
SSA accounts. There is one exception to this rule. The natural or legal
guardian can open two or three accounts if twin girls are born as second
birth or triplets are born in the first birth itself.
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How to open a SSA account?
Accounts in name of the girl child can be opened in post offices or
in any branch of a commercial bank that is authorized by the Central
Government to open an account under this scheme rules.
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What is the minimum deposit to open the account?
The account may be opened with an initial deposit of one thousand
rupees. The minimum contribution in any financial year is Rs 1000. Thereafter
the contributions can in multiples of one hundred rupees.
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What is the maximum deposit amount?
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 Rs 1.5 Lakh in a financial year.
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Is there any penalty?
If minimum (Rs 1000 pa) amount is not deposited, the account will be
treated as an irregular account. This can be regularized/renewed on payment
of Rs 50 per year as penalty. Along with this, the minimum specified
subscription for the year (s) of default should be paid.
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What is the mode of deposit?
Cash or Demand Draft or Cheque.
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What is the Rate of Interest on Sukanya Samriddhi Account?
The applicable rate of interest on SSA for the financial year
2014-2015 is 9.1%. This is one of the highest rates of interest offered by
Government on small savings scheme.
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Is interest rate fixed or variable?
The rate of interest is not fixed and will be notified by the central
government on a yearly basis.
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Is Premature withdrawal allowed?
50 % (half of the fund) of the accumulated amount in SSA can be
withdrawn for girl’s higher education and marriage after she attains 18 years
of age. The account’s balance at the end of preceding financial year is used
for the calculation.
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Can the girl child operate the account?
On attaining age of ten years, the account holder that is the girl
child may herself operate the account, however, deposit in the account may be
made by the guardian or parents.
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Can the girl child continue the account after her marriage?
The operation of the account shall not be permitted beyond the date
of the girl’s marriage.
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What are the required documents to open Sukanya Samriddhi Account?
Birth certificate of the girl child has to be produced. The depositor
(parents or guardian) has to submit his/her identity and address proofs.
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Tax Benefits on Sukanya Samriddhi Account Scheme?
The amount that is deposited under Sukanya Samriddhi Account will be
eligible for income tax exemption under Section 80C of Income Tax Act, 1961.
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