New Delhi. If you have a small girl child in your house, then you can invest in the Sukanya Samriddhi Yojana of the Central Government to get lump sum help at the time of her studies or marriage. Central Government’s Sukanya Samriddhi Yojana is a good investment scheme to save for higher education and marriage of a daughter below the age of 10 years. Investing money in this great investment option also helps you save income tax.
Those who want to stay away from the risks of the stock market and are troubled by the falling interest rate in Fixed Deposit (FD), Sukanya Samriddhi Yojana can prove to be a great step for them.
What is Sukanya Samriddhi Yojana?
Sukanya Samriddhi Yojana (SSY) is a small savings scheme of the central government for daughters, which has been launched under the Beti Bachao-Beti Padhao scheme. Sukanya is the best interest rate scheme in small savings scheme.
At present, interest was being given in SSY at the rate of 7.6%, which is with income tax exemption. Earlier it also got tax free interest up to 9.2 percent. The Sukanya Samriddhi Yojana account, which can be opened with a very small amount, has been started keeping in mind those families who want to deposit money for the marriage of their child or higher education through small savings.
Certified Financial Planner Deepali Sen said, “Sukanya Samriddhi Yojana is a very good scheme for those people who have low income and who do not believe in investing money in the stock market. The security of capital along with fixed income is the specialty of this scheme.
How to open Sukanya Samriddhi Yojana Account?
The account under Sukanya Samriddhi Yojana can be opened after the birth of a girl child before the age of 10 years with a minimum deposit of Rs 250. In the current financial year, a maximum of Rs 1.5 lakh can be deposited under Sukanya Samriddhi Yojana.
Where will the Sukanya Samriddhi Yojana account be opened?
Under Sukanya Samriddhi Yojana account can be opened in any authorized branch of post office or commercial branch.
For how long the Sukanya Samriddhi Yojana account will have to run ?
After opening the Sukanya Samriddhi Yojana account, it can be run till the girl child attains the age of 21 years or till she gets married after the age of 18 years.
What is the use of Sukanya Samriddhi Yojana?
Up to 50 percent of the amount can be withdrawn from the Sukanya Samriddhi Yojana account after the age of 18 in the case of expenses for the higher education of the child.
Sukanya Samriddhi Yojana Account Opening Rules
Sukanya Samriddhi Yojana Account can be opened by the parents or legal guardian of the girl child in the name of the girl child before she attains the age of 10 years. According to this rule, only one account can be opened for a girl child and money can be deposited in it. Two accounts cannot be opened for one girl child. Documents required
for Sukanya Samriddhi Yojana At the time of opening Sukanya Samriddhi Yojana account, it is necessary to give the birth certificate of the girl child to the post office or bank. Along with this, it is also necessary to provide proof of identity and address of the girl child and the guardian.
In Sukanya Samriddhi Yojana ?
250 rupees is enough to open a Sukanya Samriddhi Yojana account, but later money can be deposited in multiples of 100 rupees. At least Rs 250 must be deposited in any one financial year. In any one financial year, no more than Rs 1.5 lakh can be deposited in the SSY account at one time or several times.
The amount in Sukanya Samriddhi Yojana account can be deposited for 15 years from the day of account opening. In the case of a 9-year-old girl, the amount can be deposited till she turns 24. Till the girl child attains the age of 24 to 30 years, when the Sukanya Samriddhi Yojana account matures, interest will continue to accrue on the amount deposited in it.
When the amount could not be deposited in Sukanya Samriddhi Yojana ?
In an irregular Sukanya Samriddhi Yojana account where the minimum amount has not been deposited, it can be regularized by paying a penalty of Rs 50 per annum. Along with this, the minimum amount deposited for every year will also have to be deposited in the Sukanya Samriddhi Yojana account.
If the penalty is not paid, then the amount deposited in the Sukanya Samriddhi Yojana account will get interest equal to the savings account of the post office, which is currently about four percent. If interest has been paid more on Sukanya Samriddhi Yojana account then it can be revised.
Spend but wisely, useful tips How will the amount be deposited in the
Sukanya Samriddhi Yojana account?
The amount can also be deposited in the Sukanya Samriddhi Yojana account by cash, cheque, demand draft or any such instrument which the bank accepts. For this, it is necessary to write the name of the depositor and the name of the account holder.
The amount in Sukanya Samriddhi Yojana account can also be done through electronic transfer mode, if the core banking system is present in that post office or bank.
If the amount in the Sukanya Samriddhi Yojana account is paid by check or draft, then interest will be paid on the amount after the amount is cleared in the account, whereas in case of e-transfer, it will be calculated from the day of deposit. How is the interest calculated
On Sukanya Samriddhi Yojana account ?
Under what circumstances Sukanya Samriddhi Yojana account can be closed before maturity ?
If the Sukanya Samriddhi Yojana account holder dies, then the account can be closed by showing the death certificate. After this, the amount deposited in the Sukanya Samriddhi Yojana account can be given back to the guardian of the girl child along with interest.
In other cases, the SSY account can be closed after five years from the date of opening. This can also be done in many circumstances, such as in case of life threatening diseases.
Even after this, if the account is being closed for any other reason, then it can be allowed, but the interest on it will be according to the savings account.
Sukanya Samriddhi Yojana Account Transfer
Sukanya Samriddhi Yojana account can be transferred anywhere in the country, if the account holder has shifted from the original place of opening the account. Account transfer is free of cost, however, for this the account holder or his/her parent/guardian will have to show proof of shifting.
If no such proof is shown, then a fee of Rs 100 will have to be paid for the account transfer to the post office or the bank where the account has been opened.
Sukanya Samriddhi Yojana account transfer can be done electronically in the bank or post office which has the facility of core banking system.
Sukanya Prosperity Plan account partial sum withdrawals
Are likely to be partial withdrawal from Sukanya Prosperity Plan account to meet the financial needs of the account holder, including higher education and wedding work. In this, 50 percent of the amount deposited in the scheme till the end of the previous financial year can be withdrawn. This withdrawal from Sukanya Samriddhi Yojana is possible only when the account holder has crossed the age of 18 years.
To withdraw money from the account, a written application and admission offer or fee slip in any educational institution is required. In these cases, however, the amount to be withdrawn can be equal to the fee and other charges and not more than that. When will the
Sukanya Samriddhi Yojana account mature?
- The account will mature after the completion of 21 years from the day of account opening or the girl child gets married.
- it Sukanya prosperity plan anything wrong though
- If the account holder gets married before the completion of 21 years of account opening, then the amount cannot be deposited in the account.
- If the account is being closed before the completion of 21 years, then the account holder will have to give an affidavit that his age at the time of closure of the account is not less than 18 years. The deposit amount along with interest will be returned to the account holder on production of passbook and withdrawal slip at the time of maturity.
Under Sukanya Samriddhi Yojana, the account can be opened only of an Indian citizen, who is residing here and is also residing here at the time of maturity. Non-resident Indians cannot open an account under Sukanya Samriddhi Yojana. If the girl child after opening the account moves to another country and takes citizenship there, then from the day of taking citizenship, interest on the amount deposited in the Sukanya Samriddhi Yojana account will stop.
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