SUKANYA SAMRIDDHI ACCOUNT
Sukanya Samriddhi Account Scheme is a small deposit scheme for girl child, as part of ‘Beti Bachao Beti Padhao’ campaign, announced by the government, would fetch yearly interest rate of 9.1 per cent and provide income tax deduction Under section 80C of the Income Tax Act,1961.
For this scheme, Depositor is an individual who on behalf of a minor girl child of whom he or she is the guardian and deposits amount in account opened under this scheme.
Documents to Open the Account and how to open the account- Birth certificate of a girl child in whose name the account is opened shall be submitted by the guardian at the time of opening of the account in post office or bank along with other documents relating to identity and residence proof of the depositor.
List of Banks Authorized to Open account under Sukanya Samriddhi Yojana:
- State Bank of India
- State Bank of Patiala
- State Bank of Bikaner & Jaipur
- State Bank of Travancore
- State Bank of Hyderabad
- State Bank of Mysore
- Andhra Bank
- Allahabad Bank
- Bank of Baroda
- Bank of India
- Punjab & Sind Bank
- Bank of Maharashtra
- Canara Bank
- Central Bank of India
- Corporation Bank
- Dena Bank
- Indian Bank
- Indian Overseas Bank
- Punjab National Bank
- Syndicate Bank
- UCO Bank
- Oriental Bank of Commerce
- Union Bank of India
- United Bank of India
- Vijaya Bank
- Axis Bank Ltd.
- ICICI Bank Ltd.
- IDBI Bank Ltd.
Document required for opening Sukanya Samriddhi account are:-
- Birth documents of girl child(Birth certificate)
- Address proof [ Who is opening the account on child’s behalf ]
- Identity proof [ Who is opening the account on child’s behalf ]
- 3 Photos of parents and 3 photos of the child
- Pan card and Aaadhar card copies of parents
SALIENT FEATURES OF SUKANYA SAMRIDDHI ACCOUNT:
- Account can be opened in the name of a girl child she attains the age of 10 years.
- Only one account can be opened in the name of a girl child.
- Account can be opened in Post Offices and notified branches of commercial banks.
- Birth Certificate of the girl child in whose name the account is opened must be submitted.
- Account can be opened with a minimum of Rs. 1000/- and thereafter any amount in multiple of Rs. 100/- can be deposited. A minimum of Rs. 1000/- must be deposited in a financial year.
- Interest @ as may be notified by the government from time to time will be calculated on yearly compounded basis and credited to the account.
- Maximum Rs. 1,50,000/- can be deposited in a financial year.
- One withdrawal shall be allowed on attaining the age of 18 years on account holder to meet education/marriage expenses at the rate of 50% of the balance at the credit of preceding financial year.
- The account can be transferred anywhere in India from one Post Office/Bank to another.
Benefits of Sukanya Samriddhi Account Scheme-
- Higher Interest Rate
- Tax Benefit Under Section 80C
- Payment on Maturity to Girl Child.
- Interest Payment even after Maturity if account is not closed.
- Flexibility in Deposits- Any Number of time amount can be deposits in Multiple of Rs. 100 subject to Maximum Limit of Rs. 1.50 Lakh per year.
- Transferable Anywhere in India.
- Even Girl Child can operate after she attains the Age of 10 Year.