SUKANYA SAMRIDDHI ACCOUNT FEATURES

SUKANYA SAMRIDDHI ACCOUNT

Sukanya Samriddhi Account has been introduced vide Government of India Notification No. G.S.R.863(E) dated December 02, 2014 and circulated to Banks by Reserve Bank of India vide their letter No.RBI/2014-15/494/IDMD(DGBA).CDD/No.4052/15.02.006/2014-15 dated 11th March 2015. Facility to open accounts under the scheme is now available at all bank branches and Post Office.

Objective: To promote the welfare of Girl Child

Who can open the account: A natural/ legal guardian on behalf of a girl child (age should be less than 10 years)

Maximum number of accounts: Upto two girl children or three in case of twin girls as second birth or the first birth itself results in three girl children

Minimum and Maximum Amount of Deposit: Min.1000 of initial deposit with multiple of one hundred rupees thereafter with annual ceiling of Rs.150000 (maximum) in a financial year

Tenure of the Deposit: 21 years from the date of opening of the account

Maximum period upto which deposits can be made: 14 years from the date of opening of the account.

Interest on Deposit: As notified by the GOI, compounded annually with option for monthly interest pay-outs to be calculated on balance in completed thousands.( Current rate 8.30%w.e.f 1st January, 2018)

Tax Rebate: As applicable under section 80C of the IT Act, 1961. In the latest Finance Bill, the scheme has been extended Triple exempt benefits i.e. there will be no tax on the amount invested, amount earned as interest and amount withdrawn.

Premature Closure: Allowed in the event of death of the depositor or in cases of extreme compassionate grounds such as medical support in life threatening diseases to be authorized by an order by the Central Government

Irregular Payment/ Revival of account: : By payment of penalty of Rs.50 per year alongwith the minimum specified amount per year

Mode of Deposit: Cash / Cheque / Demand Draft / Transfer / online transfers through internet Banking .

Note: Standing Instructions can be given either at the Bank Branch or set through Internet Banking for automatic credit to Sukanya Samriddhi Account .

Withdrawal : 50% of the balance lying in the account as at the end of previous financial year for the purpose of higher education, marriage after attaining the age of 18 years.

FACILITY AVAILABLE AT ALL BANKS & POST OFFICE