Published on Mar 04, 2023
Sukanya Samriddhi Account ( Girl Child Prosperity Account) is a Government of India backed saving scheme targeted at the parents of girl children. The scheme encourages parents to build a fund for the future education and marriage expenses for their female child.
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.
To promote the welfare of Girl Child
A natural/ legal guardian on behalf of a girl child
Upto two girl children or three in case of twin girls as second birth or the first birth itself results in three girl children
Min.1000 of initial deposit with multiple of one hundred rupees thereafter with annual ceiling of Rs.150000 in a financial year
21 years from the date of opening of the account
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 8.60%w.e.f 1st April, 2016)
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extended Triple exempt benefits i.e. there will be no tax on the amount invested, amount earned as interest and amount withdrawn.
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
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 .
Standing Instructions can be given either at the Branch or set through Internet Banking for automatic credit to Sukanya Samriddhi Account .
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.
As this is a Govt. of India scheme, customers are advised to visit www.nsiindia.gov.in for latest instructions/ modification in the scheme.
At the time of launch, only the deposits in the account were eligible for tax deduction under Section 80C of the Income Tax Act, which is Rs 150,000 in 2015-16. However, Finance Minister Arun Jaitley announced, during the 2015 Union Budget, tax exemption on the interest from the account and on withdrawal from the fund after maturity, making the tax benefits similar to that of the Public Provident Fund. These changes were applied retrospectively from 1 April 2015. These benefits will be reassessed annually
(1) The Account shall mature on completion of a period of twenty-one years from the date of its opening: Provided that the final closure in the Account may be permitted before completion of such period of twenty one years, if the account holder, on an application, makes a request for such premature closure for reasons of intended marriage of the Account holder and on furnishing of age proof confirming that the applicant will not be less than eighteen years of age on the date of marriage:
Provided that no such premature closure shall be made before one month preceding the date of the marriage or after three months from the date of such marriage.
(2) On maturity, the balance including interest outstanding in the Account shall be payable to the Account holder, on an application by the Account holder for closure of the Account, and on furnishing documentary proof of her identity, residence and citizenship.
(3) No interest shall be payable once the Account completes twenty-one years from the date of its opening
• If parent or guardian intentionally arrange a marriage after the girl child attains the age of 18 years, then need to file an application before 1 months of marriage or after 3 months of marriage along with her age proof documents.
• Girl child pass away on production of death certificate and balance in the SSA will be paid to the guardian.
• If girl child becomes non-resident or non-citizen of India, then this status shall be communicated by the girl child or guardian within 1 months.
• After completion of 5 years, if Post office or bank satisfied that operation or continuation of SSA is causing an undue hardship to the girl child (such as death of guardian or medical emergency etc.) may arrange for early closure.
• For any other reasons, if SSA to be closed any time after the opening of SSA, then it will be allowed, but the Whole deposit could make interest rate applicable to post office savings bank
