Simple steps to open Sukanya Samriddhi Yojana account – here’re rules
Sukanya Samriddhi Yojana (SSY) offers a generous interest rate with several other benefits. PM Narendra Modi launched the scheme on January 22, 2015, as part of his Beti Bachao, Beti Padhao campaign.
For the present quarter i.e. the January-March 2022
quarter, the Yojana is offering an interest rate of 7.6 per cent. The scheme, as the name suggests, is only for a girl child and can be opened for 2 girl children or 3 in case of twin girls.
The accounts for the same can be opened at authorised banks and post offices. Here’s how parents can start a Sukanya Samriddhi Account with the State Bank of India:
-SSYaccountopening 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
-Address proof and ID proof of the beneficiary’s guardian or parents
To open an account, parents or guardians should fill out the account opening form along with address and ID proof of parents or guardians with the initial amount and submit it at the nearest SBI branch.
They also need to make a starting deposit of Rs 250 to open the account. At present, there is no online account opening system for the Yojana.
Key highlights of the scheme:
- The minimum deposit In a financial year is Rs 250 and the maximum deposit is 1.5 lakh.
- A girl child’s account can be opened till she reaches the age of 10 years.
- Only one account can be opened the name of a girl child.
- Account opening facility is available at authorised banks and 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 anyplace in India.
- It will mature once a period of 21 years has passed after being opened.
- The deposit is deductible under Section 80C of the IT Act.
- Section -10 of the IT Act exempts interest earned in the account from income tax.
- Deposits can be made for a maximum of 15 years from the day the account was opened.
- The account can be closed early if the account holder dies or in case of exceptional humanitarian reasons.
It may be noted that the SSY is classified as exempt-exempt-exempt (EEE)…Read more>>