Who Can Open Sukanya Samriddhi Yojana Account?
- An individual being the natural or legal guardian, may open an account in the name of a girl child up to ten years of age.
- Only one account can be opened in the name of a it child.
- Accounts may be opened for maximum two girl children in a family.
- More than two accounts may be opened where more than two girl children are born in the first and/or second order of birth, on production of ‘a certificate to this effect from the competent medical authorities.
- However where two or more girl children are born in the first order of birth, girl children born in second order of birth shall not be elgible.
Where to Open Sukanya Samriddhi Account?
- The Sukanya Samriddhi Yojana may be opened with a post office all public sector banks and ICICI Bank, Axis Bank and HDFC Bank authorised in this behalf
How to Open
- For opening Sukanya Samriddhi Yojana Account the depositor shall furnish the birth certificate of the girl child and the documents of identity and residence proof of the guardian.
- An applicant should furnish his Aadhaar Number or proof of enrolment for Aadhaar, at the time of application.
- Existing account holders are also required to furnish their Aadhaar Number latest by 31.3.2018.
- The Sukanya Samriddhi Account may be opened with an initial deposit of minimum Rs. 1000 and thereafter any amount in multiple of Rs. 100.
- Deposit of minimum Rs. 1000 and maximum Rs. 1,50,000 shall be required to be made in every financial year.
- Deposit may be made in lump sum or in instalments.
- Amount deposited in excess of Rs. 1,50,000 shall not earn any interest and may be withdrawn any time by the depositor.
- In case an account becomes irregular for failure to deposit the minimum amount as aforesaid, it may be regularised by depositing a penalty of Rs. 50 per year alongwith the said minimum deposit for the year(s) of default, at any time till the account completes 15 years.
- The deposit may be made either in cash or by cheque/demand draft in favour of the Postmaster/Manager of the bank concerned or through e-transfer.
The deposit in Sukanya Samriddhi Account shall earn interest at the notified rate as follows.
- 8.3% for 1.7.2017 to 31.12.2017,
- 8.4% for 1.4.2017 to 30.6.2017,
- 8.5% for 1.10.2016 to 31.3.2017,
- 8.6% for 1.4.2016 to 30.9.2016,
- 9.2% for F.Y. 2015-16
- 9.1% for F.Y. 2014-15 compounded yearly and credited to the account.
- Interest shall be calculated for each calendar month on the lowest balance during the 10th day and the end of month.
Operation of Account
- The Sukanya Samriddhi Account shall be operated by the guardian till the girl child attains the age of 10 years.
- On attaining the age of 10 years, the girl child herself may operate the account.
- On attaining the age of 18 years, the account shall be operated by the beneficiary herself.
- The Sukanya Samriddhi Yojana account may be transferred anywhere in In if the account holder girl child or guardian shifts to some other place, free of cost, on furnishing proof of shifting of residence.
- In other cases, the account may be transferred to another post office or bank in India on payment of fee of Rs.100.
- A Sukanya Samriddhi Yojana may be closed before maturity in the event of death of the account holder on production of death certificate.
- The balance alongwith interest till the death of death shall be paid to the guardian.
- In cases of extreme compassionate grounds such as medical support in life-threatening diseases of the amount holder or death of beneficiary, premature closure of account not before completion of 5 years) may be allowed after complete documentation and recording of reasons in writing.
- Premature closure of an account may be allowed at any time for any other reason, provided the whole deposit shall be eligible for interest at POSB rate only.
- Withdrawal from the Sukanya Samriddhi Yojana Account may be allowed only when the account holder girl attains 18 years or has passed class X, whenever is earlier, for the purpose of her higher education, up to 50% of the balance at credit at the end of the preceding financial year, restricted to the actual fee of the institution.
- The Sukanya Samriddhi Yojana Account shall mature on completion of 21 years from the date of opening of the account or on marriage of the account holder (not less than 18 years age), whichever is earlier.
- On maturity, the entire balance including interest shall be payable to the account holder. If the account is not closed, it shall not earn only interest.
- On opening an Sukanya Samriddhi Yojana Account, a pass book shall be issued bearing the date of birth, name and address of the girl child, date of opening account, account number, name, address and relationship of guardian and amount deposited.
- The guardian/account holder may opt for maintaining account record in electronic form only, where the post office/bank has the CBS facility.
- The annual deposit in the Sukanya Samriddhi Yojana up to Rs. 1,50,000 is eligible for deduction from the income of the depositor u/s 80C.