Sukanya Samriddhi Account Scheme

Features 

• Account can be opened in Post office and branches of authorized banks.
• Cash
• Cheque
• Demand Draft
• Transfer/ online transfers through internet Banking
• To promote the welfare of Girl Child
• A natural/ legal guardian on behalf of a girl child
• Up to two girl children or three in case of twin girls as second birth or the first birth itself results in three girl children
• Min. 250 of initial deposit with multiple of one Fifty rupees thereafter with annual ceiling of Rs.150000 in a financial year
• Tenure of the Deposit is 21 years from the date of opening of the account
• Maximum period up to which deposits can be made 15 years from the date of opening of the account.
• As notified by the GOI, compounded annually with option for monthly interest pay-outs to be calculated on balance in completed thousands. (Current rate 7.60% w.e.f 1st Jan, 2022)
• 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extended Triple exempt benefits i.e. there will be no tax on the amount invested, amount earned as interest and amount withdrawn.
• Irregular Payment/ Revival of account by payment of penalty of Rs.50 per year along with the minimum specified amount per year
• A depositor can open and operate only one account in the name of a girl child under the scheme rules.
• Passbook will be issued to customers.
• The account can be transferred anywhere in India from one post office/bank to another. 

Withdrawal Facility

To meet the financial requirements of the account holder for the purpose of higher education and marriage, account holder can avail partial withdrawal facility after attaining 18 years of age. If the beneficiary is married before maturity of account, account has to be closed.

Documentation 

• SSY Account Opening Form
• Birth Certificate of girl child (mandatory)
• Identity proof (as per RBI KYC guidelines)
• Residence proof (as per RBI KYC guidelines)

Premature closure of Sukanya Samriddhi Account 

Premature closure can only be done by a girl child on attaining the age of 18 years for the purpose of marriage expenses. However, there are some special cases under which the account can be closed and the respective amount can be withdrawn.

Untimely death of the account holder -

• In case the registered girl child unfortunately dies, the parents or the legal guardian are eligible to claim the final amount on the account and accrued interest as well. The amount will be handed over to the nominee of the account immediately. Also, the parents or legal guardian are required to submit the relevant documents verifying the death of the account holder duly attested by the concerned authorities.

Inability to continue the account - 

• The Sukanya Samriddhi account can be prematurely closed if there is any kind of direction from the Central Government regarding the inability of the depository to carry forward the account. The closure can also be processed in case the contribution towards the account is causing any kind of financial stress to the depositor. Moreover, proper permission from the competent authorities must be generated to process the closure and settlement of the account.