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Friday, August 23, 2019

Unlabelled SUKANYA SAMRIDDHI SCHEME| All you need to know about the Sukanya Samriddhi scheme

SUKANYA SAMRIDDHI SCHEME| All you need to know about the Sukanya Samriddhi scheme

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Sukanya Samriddhi Accounthas 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 SBI branches.
Objective: To promote the welfare of Girl Child
Who can open the account: A natural/ legal guardian on behalf of a girl child
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 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: 15 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 8.60%w.e.f 1st April, 2016)
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extended Triple exempt benefits i.e. there will be no tax on the amount invested, amount earned as interest and amount withdrawn.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 .
SIP : Standing Instructions can be given either at the 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.
NOTE: As this is a Govt. of India scheme, customers are advised to visit www.nsiindia.gov.in for latest instructions/ modification in the scheme.



Sukanya Samriddhi Yojana

Sukanya Samriddhi Yojana (SSY)

ICICI Bank is authorized by Ministry of Finance for offering Sukanya Samriddhi Yojana (SSY) Accounts. Customers can open the account by submitting account opening documents at any ICICI Bank branch. The account will be opened in one of the 42 designated branches.

Eligibility


  1. The account can be opened by the natural or legal guardian in the name of a girl child from the birth of the girl child till she attains the age of 10 years
  2. A depositor can open and operate only one account in the name of a girl child under the scheme rules
  3. Natural or legal guardian of a girl child can be allowed to open the account for two girl children only. The third account in the name of the girl child can be opened  in the event of birth of twin girls, as second birth or if the first birth itself results into three girl children

Documentation

  1. SSY Account Opening Form
  2. Birth Certificate of girl child (mandatory)
  3. Identity proof (as per RBI KYC guidelines)
  4. Residence proof (as per RBI KYC guidelines)

Features

  1. Attractive interest rate of 8.4%. Interest rate is regulated by Ministry of Finance from time to time
  2. Minimum Rs. 1,000 can be invested in one financial year
  3. Maximum investment of Rs. 1,50,000 can be made in one financial year
  4. Deposits in an account can be made till completion of 14 years, from the date of opening of the account
  5. The account shall mature on completion of 21 years from the date of opening of the account, provided that where the marriage of the account holder takes place before completion of such period of 21 years, the operation of the account shall not be permitted beyond the date of her marriage

Benefits

  1. Tax Exemption
    Investment in Sukanya Samriddhi Yojana scheme is exempted from Income Tax under section 80C. The scheme offers Tax Benefit under TripleE regimen ie. Principal, interest and outflow all are tax exempted
  2. 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





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