New Delhi: A savings scheme supported by the Center for the parents of a daughter, the
For the current quarter, i.e. the quarter from January to March 2022, the Yojana offers an interest rate of 7.6%. The scheme, as the name suggests, is for one girl only and can be opened for 2 girls or 3 in case of twins.
Correspondent accounts can be opened in banks and authorized post offices. This is how parents can create a Sukanya Samriddhi account with the
Necessary documents :
-SSY Account Opening Form – https://sbi.co.in/documents/16012/9067486/01032021_New+forms+of+SSA.pdf/4c7be90c-81fe-9276-6c14-e8bca6cbbe66?t=1614605064573
– Beneficiary’s birth certificate
– Proof of address and identity document of the beneficiary’s guardian or parents
To open an account, parents or guardians must complete the account opening form with the address and proof of identity of the parents or guardians with the initial amount and submit it to the nearest SBI branch.
They also need to make a starting deposit of Rs 250 to open the account. Currently, there is no online account opening system for the Yojana.
Main strengths of the scheme:
- The minimum deposit in a fiscal year is Rs 250 and the maximum deposit is 1.5 lakh.
- A girl’s account can be opened until she reaches the age of 10.
- Only one account can be opened in the name of a girl.
- Account opening facility is available at banks and licensed post offices.
- Withdrawals will be permitted to pay for the account holder‘s higher education.
- The account can be closed prematurely if the girl marries before the age of 18.
- The account can be transferred from one post office/bank to another anywhere in India.
- It will mature once a period of 21 years has passed after opening.
- The deposit is deductible under Section 80C of the Computer Act.
- Section 10 of the Information Technology Act exempts interest earned on the account from income tax.
- Deposits can be made for a maximum of 15 years from the date the account is opened.
- The account may be closed early in the event of the death of the account holder or in the event of exceptional humanitarian reasons.
It can be noted that the SSY is classified as exempt-exempt-exempt (EEE). Annual contributions are tax deductible under Section 80C, but maturity benefits are not.
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