Sukanya Samriddhi Yojana | Sukanya Dhan Yojana

Government of India’s Beti Bachao, Beti Padhao Abhiyaan is definitely one of the noblest
steps ever taken. Considering the low female to male ratio in most of the Indian states and the
deprived economic and educational conditions faced by females, the Beti Bachao, Beti Padhao
Abhiyaan is a welcome step that every Indian should support. The Sukanya Samriddhi Yojana is
a part of the abhiyaan under which the government aims to lure parents or legal guardians of a
girl child to deposit money for a better and secure future of their girl children. Let us take a quick
look at some of the key features of the Yojana in a tabular format and try to understand what it is
all about.

Key Features Details

Target audience Only female children.
New born infants to the maximum of 10 years
Entry age
of age.
Girls born between December 2, 2003 and
Age relaxation, if any December 1, 2004 can be registered under this
scheme within December 1, 2015.
Number of account allowed 1 account per girl child.
2 girls per family. 3 in case of twins born after
Number of girls from a family allowed
first girl child.
Who can open the account Parents or legal guardian.
Who will deposit money Parents or legal guardian.
Government contribution to deposited fund NIL. Government makes no deposits at all.
Charges for opening account ₹ 1,000 for opening account.
 A minimum of ₹ 1,000 per fiscal year. A
maximum of ₹ 1,50,000 per fiscal year.
Minimum and maximum deposit
Deposits should be made in multiples of 100
only.
In case the minimum per year is not deposited,
Penalties, if any the account closes. It can be reactivated with a
penalty of ₹ 50.
The Yojana matures when the account
Maturity period completes 21 years counting from the date of
account opening.
A girl is allowed to continue depositing funds in
Beyond maturity
the account even after maturity of the Yojana.
At the rate of 9.2% annual interest. This is
Interest earnings however variable and rate of interest can change
if market interest rates change.
Compound interest using the formula:Where
‘A’ is the amount of interest earned, ‘P’ is the
principal amount present at the beginning of
Interest type each financial year, ‘r’ is the rate of interest per
year, ‘n’ is the number of times interest is paid
in a year and ‘t’ is the number of years the
interest is paid.
Account can be opened with any bank or post
Account opening provisions
office authorized by government.
In case the girl relocates to a different place, the
Account transfer account can be transfer to any of the eligible
post offices or banks in the relocated area.
Parents or legal guardian to operate the account
Account operation at least till the girl grows to the age of 10. After
that the girl is free to operate the account.
Birth certificate of the girl and identity and
Documents required
address proofs of parents or legal guardian.
Not allowed legally. But one can stop paying.
In such a case, the money deposited and
interests earned are not refunded. If however,
Premature exit the account holder dies, premature exit is
allowed on furnishing the death certificate. All
deposits and interest earnings will be given to
parents or guardian.
50% of total deposited fund can be withdrawn
Premature withdrawal from account only when the girl turns 18. The withdrawal
should be for higher education or marriage.
If that happens, the account can be closed but
Closure after marriage at 18
proper proof has to be furnished that she is
 married and that she is at least 18 years old.
Yes! Any amount deposited in the account is
free of taxes under Income Tax Act’s Section
80C. Even all interest earnings are also tax-free.
Tax benefits, if any
However tax exemptions is allowed to a
maximum amount of ₹ 1,50,000. Any amount
above that will be taxed.
Allowed if the first birth result in a triplet or the
Account for 3 girls in a family
second birth resulted in twin girls.
A separate pass book will be provided to the
Pass Book
account holder.

That’s more or less the basics of the Sukanya Samriddhi Account. In case you need further
details, feel free to drop a message.

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Know about pardhan mantri Sukanya Samriddhi yojana

Pradhan mantri Sukanya Samriddhi yojana Accounts

Prime Minister Narendra Modi launched a small deposit Scheme sukanya Samariddhi
Account in January 2015 for girl child, as a part of “Beti Bachao Beti Padhao” campaign. This
scheme is specially designed for girl’s higher education and marriage needs.

Who can open Pradhan mantri Sukanya Samridhi Account: - This account may be opened
by the girl’s parents or guardian in the name of girl child, till she attains the age of ten years. For
initial operations of Scheme, one year grace has been given. With the grace, Girl child who is
born between 2.12.2003 &1.12.2004 can open account up to1.12.2015.
Only one account can be opened in the name of a single girl child. Parents can open this
account for maximum of two children in case of twins or more the twins this facility will be
extended to the third child. This sukanya Samridhi Account can be opened in posts offices or
Authorized banks.

How to open Pradhan mantri Sukanya Samridhi Account: Birth Certificate of the girl child,
along with the identity proof (passport, voter id card, pan card, Adhaar card) and residence proof (Ration
card, Adhaar card, bank pass book and tale phone bill) of the guardian, are the mandatory documents
required to open an account under this scheme.we can open pradhanmantri sukanya samriddhi yojana
account for girl child in any branch of indian post office or any branch of State Bank Of India.
Know benefit of this Pradhan mantri Sukanya Samridhi yojana account: - Government will
every year declare Compounded rate of interest for this scheme. For this year (2014-15) rate of
interest is 9.1% compounded.

Minimum /Maximum investment of pradhanmantri Sukanya Samridhi yajana Account:-

Minimum INR. 1000/-and Maximum INR. 1,50,000/- in a financial year. Subsequent deposit in
multiple of INR 100/- Deposits can be made in lump-sum No limit on number of deposits either
in a month or in a financial year.

we have given a table to make you understand how does this scheme work according your girl
child age

Year Age of Year Opening Monthly Yearly Interest rate Total

child Balance @ 9.1% P.M Balance
Deposit Deposit

1 1 2015-16 1,000 12,000 592 12,592

2 2 2016-17 12,592 1,000 12,000 1,737 26,329

3 3 2017-18 26,329 1,000 12,000 2,987 41,316

4 4 2018-19 41,316 1,000 12,000 4,352 57,668

5 5 2019-20 57,668 1,000 12,000 5,839 75,507

6 6 2020-21 75,507 1,000 12,000 7,462 94,969

7 7 2021-22 94,969 1,000 12,000 9,234 1,16,203

8 8 2022-23 1,16,203 1,000 12,000 11,166 1,39,369

9 9 2023-24 1,39,369 1,000 12,000 13,274 1,64,643

10 10 2024-25 1,64,643, 1,000 12,000 15,574 1,92,217

11 11 2025-26 1,92,217 1,000 12,000 18,083 2,22,300

12 12 2026-27 2,22,300 1,000 12,000 20,821 2,55,121

13 13 2027-28 2,55,121 1,000 12,000 23,808 2,90,929

14 14 2028-29 2,90,929 1,000 12,000 27,066 3,29,995

15 15 2029-30 3,29,995 - - 30,029 3,60,024

16 26 2030-31 3,60,024 - - 32,763 3,92,787

17 17 2031-32 3,92,787 - - 35,743 4,28,530

18 18 2032-33 4,28,530 - - 38,996 4,67,526

19 19 2033-34 4,67,526 - - 42,545 5,10,071

20 20 2034-35 5,10,071 - - 46,417 5,56,488

21 21 2035-36 5,56,488 - - 50,640 6,07,128

Maturity Value = Rs 6,07128

If unable to pay minimum amount any year:- If Account holder is unable to pay minimum
amount of 1000 in any financial year then account will be inactive and it could be revived only after
paying a penalty of Rs. 50 along with the minimum amount required to be deposited for that year, which
currently stands at Rs. 1,000

Maturity of Sukanya Samridhi account:- The account shall mature on completion of 21 years
from the date of opening of the account or the date of marriage of the girl child which ever is the
earlier.

Withdrawal: After the girl child attains the age of 18 years,50 per cent of the money can be
withdrawal from the account.

Tax benefits of Pradhanmantri Sukanya Samridhi account: Investments under sukanya

Samriddhi yojana gives tax benefit under Section 80c of income tax Act,

Sukanya Samriddhi Yojana: Benefits, 9.2% Interest, Features, Banks

Posted on February 10, 2015 by AllOnMoney.Com

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Sukanya Samriddhi Yojana Account

After the highly successful Pradhanmantri Jan Dhan Yojana which offered many benefits, Indian
government in January 2015 launched Sukanya Samriddhi Account, a special small deposit
savings scheme for a girl child. The main objective behind the launch of this scheme was to
secure financial future of the girl. In India there is still belief that having a girl means financial
burden (either marriage or education) and this scheme is an answer to all such people with this
insane mentality.

Sukanya Samriddhi Account for Girl Child

Here are the details:

 Eligibility: What should be the age of girl in order to open the account? This scheme is only for
girls who are ten years or below. You can also open the account after she’s born provided birth
certificate is produced. However you cannot open account for your girl child if she is more than
10 years old.
 Interest Rate: 9.1% for the financial year 2014-2015. For 2015-2016, interest rate has been
increased to 9.2%. Interest rate will keep on changing every year and Indian government will
notify on the same. Check out maturity amount calculated @9.2% interest rate. Investing Rs.
1,50,000 will earn you Rs. 80,06,463.
 Is the income earned taxable: The most important benefit of sukanya samriddhi yojana is that
the investments and returns are exempt from section 80C of Indian income tax act. This was
announced in the Union Budget on 28th Feb 2015.
 Full Withdrawal: The scheme matures when the girl reaches 21 years of age. After this, full
amount can be withdrawn.
 Is partial withdrawal possible: Yes. Once a girl reaches 18 years of age, she can withdraw 50%
of the amount. Condition is that the girl can opt for premature withdrawal only for her marriage
or higher study.
 Interest rate on early withdrawal: Interest rate at the time of premature withdrawal would be
applied. Note that interest rates would keep changing every year and government would decide
the rates similar to public provident fund.
 Who can open the account: Natural parents or legal guardian on the behalf of girl child are
authorized to open the account.
 Initial deposit amount: Initially Rs. 1,000 has to be deposited.
  For how many years deposit can be made: Till 14 years from the date of opening the account.
You can see a simple interest rate calculation for this scheme where investing Rs.10,000 every
year will get you Rs.5,26,051 on maturity.
 Where to open: You can open Sukanya Samriddhi Yojana Account at any Indian government
post office and notified commercial/PSU banks. Here’s the list of 28 banks to open this account.
Select post office have already started to open Sukanya Samriddhi Yojna account. Check out
detailed post on how to get this form.

 What if parents have more than 1 girl child: In such a case, parents can open another account
on the different name but only for 2 girl child. Only exception is that the parents have twins and
another girl child.
 Documents required to open the account: There is a minimal document requirement as follows
for sukanya samriddhi account:

1. Girl’s birth certificate

2. Identification and address proof of parents/guardian

 Minimum and Maximum Deposit: Minimum deposit is Rs. 1000 and maximum deposit is Rs.
1,50,000.
 When to deposit money: Anytime between every financial year i.e. April-March. And any
number of deposits can be made in a month/a financial year.
 Mode of payment: Cash/Cheque/Demand draft. There is no online payment facility available.
 What if deposit is not made in any particular year: Your account will lapse. And for revival of
the account, you will have to pay a small penalty of Rs.50 from the scheme will not carry any
tax.
 When can a girl start operating the account: Once the girl reaches the age of 14 years, she can
take full control of operating the account.
 Transfer of account: It is possible anywhere in India and most importantly it can be transferred
from one post office to another and from one bank to the other.
 Passbook facility: This is also provided when account is opened. The passbook will contain
details such as name and address, date of birth and account opening date and number.
 Nomination facility: Not available.

Sukanya Samriddhi Yojana

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Sukanya Samriddhi Yojana Account – Savings Scheme for a girl Child

A Brief on Sukanya Samriddhi Yojana:

This Yojana is a small scheme introduced for the better future of girl child in India. This Scheme
by the PM was launched in the month of January this year (2015). The main focus of the
Sukanya Samriddhi Yojana is to cope up with the marriage requirements as well as the higher
education of girls in the country.

The Indian government has increased the interest rate for the money contributed under this
Scheme. The interest has been increased from 9.1 to 9.2. Additionally, this scheme also provides
benefits on income tax.

Procedure to Open an Account:

The Sukanya Samriddhi Yojana account can be easily opened in any of the commercial banks or
your nearest post office. A maximum of 2 accounts can be opened for two girl children of the
same family.

Account Transfer:

The other beneficial aspect about this scheme is that the account opened under this plan can be
easily transferred to any of some other preferred bank or post office around the country (India).

Age Limit for Opening an Account:

Sukanya Samriddhi Yojana account can be opened even at the time of birth of a girl child. The
maximum age for opening an account under this scheme is 10 years. Required Documents:

 ID proof of the guardian: the proof of identification of child’s legal guardian is required such as
passport, voter ID, PAN card, matriculation certificate. Some government issued certificate can
also be provided for identification purpose.

 Address proof of the guardian: Any of these below mentioned documents could be as an
address proof for opening an account.
 Ration card
 Voter ID
 Passport
 Telephone bill
 Electricity bill
 Passport, or
 Any certificate issued by the Indian government

 Birth certificate of the girl child: generally, the birth certificate is given by the hospital where
the girl child took birth. In some exceptional cases, a certificate provided by the Indian
government for the domicile will also be valid for this purpose.

The interested candidate can open Sukanya Samriddhi account in any of the post offices as well
as in twenty eight other government banks by providing all the above mentioned details together
with a deposit of one thousand rupees by the guardian of the girl child. The other beneficial
aspect about this government scheme is that there is no need for the girl child to be present at the
post office or bank while opening an account.
Minimum and Maximum Limit of the Deposits:

The minimum amount of cash that has to be contributed under this government scheme is one
thousand rupees. After that guardian of the girl child can deposit any figure in multiples of one
hundred rupees to the Sukanya Samriddhi account on monthly basis. The most amazing fact
about this scheme is that the concerned person is allowed to make endless number of deposits to
the account either in a year or in a month.

The deposits to this account can be easily made either by demand draft, cheque or by cash. The
maximum limit of the amount that can be deposited to the Sukanya Samriddhi account is 1.5
lakhs per year.

Maturity period:

The maturity duration of the Sukanya Samriddhi Yojana is 21 years from account opening date.
The parent of the girl child can deposit the money to the account only for the duration 14 years
from the date of opening an account. After this duration there is no need to contribute any
amount till the maturity of the account. An early withdrawal of fifty percent amount is permitted
only when the girl child turns 18 as this amount can be utilized for the higher education of the
child.

The closure of the account is valid only after the girl turns 21. In case the accumulated amount is
not withdrawn even at the time of account maturity then, it will continue to earn interest. The
PPF account maturity period is 15 years, which can also be pulled out in blocks of 5 years.

Rate of Interest:

The rate of interest on Sukanya Samriddhi Account & the PPF is not fixed. The rate of interest
on the scheme will be declared by the government of India on a yearly basis. For the year 2014-
2015, the Sukanya Samriddhi account will be paid 9.1percent interest rate by the government
against 8.7 percent on PPF.

Taxation:

There are 2 points to this entire procedure where the first is the sum that is contributed every
year. The sum contributed is qualified for a conclusion under Section 80C of the Income Tax act
upto an amount of Rs 1.5 lakhs. On the other hand, one needs to know the fact that there is an
entire rundown of instruments that are secured under this particular segment and for the vast
majority they would already be going over the limitation that is accessible under this specific a
section. The other angle is the salary that is earned as interest on this government scheme.

The interest rate for the first year is 9.1 percent and same as the PPF account the new figure will
be reported every year so one will have the capacity to know the profits just when this is
declared. The salary here is tax free according to the present declarations and consequently will
not be incorporated in the taxable income of the person. This turns the investments to come out
as a perfect choice from the point of tax as it would not include any clubbing with the salary of
the guardian since the pay itself is tax free. This additionally guarantees that the whole sum
earned on this government scheme would be accessible at the time of maturity of the Sukanya
Samriddhi Yojana.

Save For Every Girl Child:

The Sukanya Samriddhi scheme can only be utilized for a minor girl child. The age of the child
should be less than 10 years. On the other hand, there is a allowance that has been offered
whereby in case the child turns ten between the duration of December 2013 to December 2014
then, the Sukanya Samriddhi account can still be opened with her name. Under the rules of this
government scheme, the account can be opened only by the biological guardians of the girl child
or the legal guardian.

The investments in the account can be made to her account on a monthly basis. There can just be
a single account opened in the name of one child. Along with this scheme, the government has
declared a few basic initial credentials that are required to be presented along with the birth
certificate of the girl child. For the completion of this process the identity and address proof of
the depositor is also required to be submitted with the application form.

There is a relieve in terms of account opening under the Sukanya Samriddhi Yojana since this is
a small initiative by the government to save the basic expenses for the higher studies and
marriage of every girl child in India.

Sukanya Samriddhi Yojana Account – Savings Scheme for a girl Child

A Brief on Sukanya Samriddhi Yojana:

This Yojana is a small scheme introduced for the better future of girl child in India. This Scheme
by the PM was launched in the month of January this year (2015). The main focus of the
Sukanya Samriddhi Yojana is to cope up with the marriage requirements as well as the higher
education of girls in the country.

The Indian government has increased the interest rate for the money contributed under this
Scheme. The interest has been increased from 9.1 to 9.2. Additionally, this scheme also provides
benefits on income tax.

Procedure to Open an Account:

The Sukanya Samriddhi Yojana account can be easily opened in any of the commercial banks or
your nearest post office. A maximum of 2 accounts can be opened for two girl children of the
same family.
Account Transfer:

The other beneficial aspect about this scheme is that the account opened under this plan can be
easily transferred to any of some other preferred bank or post office around the country (India).

Age Limit for Opening an Account:

Sukanya Samriddhi Yojana account can be opened even at the time of birth of a girl child. The
maximum age for opening an account under this scheme is 10 years. Required Documents:

 ID proof of the guardian: the proof of identification of child’s legal guardian is required
such as passport, voter ID, PAN card, matriculation certificate. Some government issued
certificate can also be provided for identification purpose.

 Address proof of the guardian: Any of these below mentioned documents could be as
an address proof for opening an account.
 Ration card
 Voter ID
 Passport
 Telephone bill
 Electricity bill
 Passport, or
 Any certificate issued by the Indian government

 Birth certificate of the girl child: generally, the birth certificate is given by the hospital
where the girl child took birth. In some exceptional cases, a certificate provided by the
Indian government for the domicile will also be valid for this purpose.

The interested candidate can open Sukanya Samriddhi account in any of the post offices as well
as in twenty eight other government banks by providing all the above mentioned details together
with a deposit of one thousand rupees by the guardian of the girl child. The other beneficial
aspect about this government scheme is that there is no need for the girl child to be present at the
post office or bank while opening an account.

Minimum and Maximum Limit of the Deposits:

The minimum amount of cash that has to be contributed under this government scheme is one
thousand rupees. After that guardian of the girl child can deposit any figure in multiples of one
hundred rupees to the Sukanya Samriddhi account on monthly basis. The most amazing fact
about this scheme is that the concerned person is allowed to make endless number of deposits to
the account either in a year or in a month.

The deposits to this account can be easily made either by demand draft, cheque or by cash. The
maximum limit of the amount that can be deposited to the Sukanya Samriddhi account is 1.5
lakhs per year.
Maturity period:

The maturity duration of the Sukanya Samriddhi Yojana is 21 years from account opening date.
The parent of the girl child can deposit the money to the account only for the duration 14 years
from the date of opening an account. After this duration there is no need to contribute any
amount till the maturity of the account. An early withdrawal of fifty percent amount is permitted
only when the girl child turns 18 as this amount can be utilized for the higher education of the
child.

The closure of the account is valid only after the girl turns 21. In case the accumulated amount is
not withdrawn even at the time of account maturity then, it will continue to earn interest. The
PPF account maturity period is 15 years, which can also be pulled out in blocks of 5 years.

Rate of Interest:

The rate of interest on Sukanya Samriddhi Account & the PPF is not fixed. The rate of interest
on the scheme will be declared by the government of India on a yearly basis. For the year 2014-
2015, the Sukanya Samriddhi account will be paid 9.1percent interest rate by the government
against 8.7 percent on PPF.

Taxation:

There are 2 points to this entire procedure where the first is the sum that is contributed every
year. The sum contributed is qualified for a conclusion under Section 80C of the Income Tax act
upto an amount of Rs 1.5 lakhs. On the other hand, one needs to know the fact that there is an
entire rundown of instruments that are secured under this particular segment and for the vast
majority they would already be going over the limitation that is accessible under this specific a
section. The other angle is the salary that is earned as interest on this government scheme.

The interest rate for the first year is 9.1 percent and same as the PPF account the new figure will
be reported every year so one will have the capacity to know the profits just when this is
declared. The salary here is tax free according to the present declarations and consequently will
not be incorporated in the taxable income of the person. This turns the investments to come out
as a perfect choice from the point of tax as it would not include any clubbing with the salary of
the guardian since the pay itself is tax free. This additionally guarantees that the whole sum
earned on this government scheme would be accessible at the time of maturity of the Sukanya
Samriddhi Yojana.

Save For Every Girl Child:

The Sukanya Samriddhi scheme can only be utilized for a minor girl child. The age of the child
should be less than 10 years. On the other hand, there is a allowance that has been offered
whereby in case the child turns ten between the duration of December 2013 to December 2014
then, the Sukanya Samriddhi account can still be opened with her name. Under the rules of this
government scheme, the account can be opened only by the biological guardians of the girl child
or the legal guardian.
The investments in the account can be made to her account on a monthly basis. There can just be
a single account opened in the name of one child. Along with this scheme, the government has
declared a few basic initial credentials that are required to be presented along with the birth
certificate of the girl child. For the completion of this process the identity and address proof of
the depositor is also required to be submitted with the application form.

There is a relieve in terms of account opening under the Sukanya Samriddhi Yojana since this is
a small initiative by the government to save the basic expenses for the higher studies and
marriage of every

Sukanya Samriddhi Account: New Scheme for a Girl Child in India

April 10, 2015

by Rituparna Sengupta

Save for every girl child in India. Reinforcing this idea, Prime Minister Narendra Modi launched
‘Sukanya Samriddhi Account Scheme’, a small savings scheme as a part of the ‘Beti Bachao Beti
Padhao’ campaign. It is also considered a part of the government’s initiative to increase the
percentage of domestic savings, which has reduced from 38% of the GDP in 2008 to 30% in
2013. This scheme will encourage parents to save for the education and future of their girl child.

How to Open the Sukanya Samriddhi Account?

1. Guardian to open the account: The account can be opened only by parents or legal guardians
for upto two girl children. In case of twins or triplets, an exemption will be made on production
of a certificate from authorised medical institutions.
 2. Age Eligibility: A Sukanya Samriddhi account can be opened for a girl child till she attains the age
of 10. The scheme started from 2 December, 2014. An initial grace period of one year has been
announced for convenience. A girl child, who is born between 2 December, 2003 and 1
December, 2004, can open account by 1 December, 2015.
3. Account in the name of the beneficiary: Sukanya Samriddhi Scheme can only be opened in the
name of the girl child. The depositor (guardian) will be an individual, who deposits amount in
the account on behalf of the minor girl child.
4. One Girl One Account: Only one account can be opened per girl child.
5. Where to open Account: Sukanya Samriddhi account can be opened in Post Offices or
authorised Banks (State Bank of India, Bank of Baroda, Punjab National Bank, Bank of India,
Canara Bank, Andhra Bank, UCO Bank, and Allahabad Bank, to name the few).

More Information on Sukanya Samriddhi Account

1. Account Transferability: The account can be opened with an amount of Rs. 1000. It can be
transferred from the original location to anywhere in India as the girl child relocates.
2. Minimum Contribution: A minimum contribution of Rs. 1000 per account has to be deposited
per year. A maximum of Rs.1, 50,000 per account can be deposited. There is no limit in the
number of deposits in a financial year. The money can be deposited through cash, cheque or
draft.
3. Penalty: A penalty of Rs.50 will be imposed if the account is not credited with the minimum
amount.
4. Rate of Interest: The scheme is offering an interest rate of 9.1% per year. However, it will be
revised in April every year and the change will be communicated subsequently. The interest will
be compounded yearly and directly credited to the account.
5. Term Period: The guardian is expected to deposit amount in the account only till the completion
of 14 years. No deposits after that is required till the maturity of the account.
6. Withdrawal: A premature withdrawal (at the end of the previous financial year) of 50% of the
accumulated amount is allowed after the girl child turns 18.
7. Closure of Account: The account can be closed only after the child turns 21. If the money is not
withdrawn even after that, it will continue to earn the interest.
8. Taxation: As per Section 80C of Income Tax Act, the investment (up to Rs.1.5 lakhs) under the
scheme, all the payments including the interest payment and the total maturity amount will be
fully exempted from taxation.

What Are the Documents Required for Opening an Account?

1. Birth Certificate of the girl child.

2. Address and photo identity proof (PAN Card, Voter ID, Aadhar Card) of the guardian
Sukanya Samriddhi Yojana – Application Form & List of Banks to Open
an Account

by Shiv Kukreja on March 4, 2015

in Investments

This post is written by Shiv Kukreja, who is a Certified Financial Planner and runs a financial
planning firm, Ojas Capital in Delhi/NCR. He can be reached at skukreja@investitude.co.in

It has been over a month now since the government launched the “Sukanya Samriddhi Yojana”
on January 22nd. But, no authorised public sector bank has the details or the application form of
this scheme till date to help investors open an account. Even the post offices are not providing
the application form or the details of the scheme easily.

On behalf of the general public, I would like to ask the government why do we announce such
schemes when we do not have the basic infrastructure to help those for whom these schemes are
being launched? I know I’ll not get any reply, but I really want to know when will our
governments or public sector offices start working in an efficient manner?

Why don’t we privatise our post offices, banks or such other public sector organisations which
have been operating highly inefficiently for years and years now? If we cannot privatise these
organisations due to political compulsions, why don’t we make them improve their efficiency
levels?

Yesterday I posted various salient features of this scheme and today I received a few emails
asking for the list of banks where this account can be opened. I also got queries asking for the
application form to open an account. Here is the extract of one such mail.

Hello Mr. Kukreja,

I just read your article and your views over Pradhanmantri Sukanya Samriddhi Yojana. It was
fabulous to read. Very clear and understanding information.

Actually i need a help or say favour from you. Am trying to get the Account Opening Form of
above said scheme, but i didnt find any. Could you pls mail me the form of the same, so that
without wasting any time i can proceed with the investment.

If you say that, collect from the post at nearby my residence, well sir i have inquired but they
have none.

So its a kind request to you.

Overall thanks once again for your information and guidance.

Application Form for opening a Sukanya Samriddhi Account in a Post Office

To open an account under this scheme, the application form is still not available on the website
of India Post. However, you can use this application form for getting your account opened with
any of the post offices. I have downloaded this form from the website of India Post itself.
Though this application form is still not updated, with ‘SSA’ missing on the top of this form, I
have been told that the post offices will not refuse to accept this form.

However, here is one more link to the application form with which you can download the
updated application form.

You can also print the application form from this circular of the Department of Posts, Ministry of
Communications & IT, dated January 21, 2015. This circular also has the Notification No.
G.S.R. 863(E) dated December 2, 2014, having all the rules & regulations of Sukanya Samriddhi
Yojana. This circular has the application form on the 9th page.

List of Banks which have been authorised to open Sukanya Samriddhi Account

Here is the list of scheduled commercial banks which have been authorised to open accounts
under Sukanya Samriddhi Yojana:

* State Bank of India (SBI)

* Bank of Baroda (BoB)

* Punjab National Bank (PNB) – Website Link – Contact No. – 011-25744370

* Bank of India (BoI)

* Canara Bank

* UCO Bank

* United Bank of India

* Andhra Bank

* Allahabad Bank

* Indian Bank

* Corporation Bank

* Central Bank of India

* IDBI Bank

* Dena Bank

Once these banks upload the application form on their respective websites, I’ll share the links to
their forms in front of their names.

I am sure many of you must be facing difficulties in getting the required information about this
scheme and also you would be in a hurry to open this account before the financial year ends. I
would advise you to approach post offices as of now because some of the banks will take their
own sweet time to get their branch personnel updated. I am sure you will get the option to
migrate to the bank of your choice at a later date.

If you get any useful info/link regarding this scheme or have any of your good/bad experiences
or any query, please share it all here

Sukanya Samridhi Yojana – Calculation, Maturity, Int. Rate. Sukanya Samriddhi Yojana
Account, Complete Details for Sukanya Samridhi Yojana. sukanya yojana complete
details Here we provide full guide for Sukanya Samridhi Yojana. we also provide some details
for Sukanya Samridhi Yojana in Hindi & Sukanya Samridhi Yojana vs PPF – Complete Details.
Sukanya samriddhi Account Yojana Scheme, Find Everything you want to Know About
Sukanya Samridhi Account. Check complete details for Sukanya Samridhi Yojana from Below.

Prime Minister Narendra Modi has Launched “SUKANYA SAMRIDHI YOJANA” (girl child
prosperity scheme) with the vision to provide for Girl Child Education and Her Marriage
Expense

Complete Details for Sukanya Samridhi Yojana

Sukanya Samridhi Account Scheme is a small deposit scheme for girl child, as part of ‘”Beti
Bachao ,Beti Padhao”’ campaign, which would fetch yearly interest rate of 9.1 per cent and
provide income tax deduction Under section 80C of the Income Tax Act,1961.

Notification by government:

Sukanya Samriddhi Account Scheme is been notified by Ministry of Finance vide Notification
No. G.S.R.863(E) Dated 02.12.2014. This Shceme become operational by notification of rules
namely Sukanya Samriddhi Account Rules, 2014.

Check Also – Pradhan Mantri Suraksha Bima Yojana – Complete Details

Terms to be known:
1.Depositor-

For this scheme Depositor is an individual who on behalf of a minor girlchild of whom he or she
is the guardian and deposits amount in account opened under this scheme.

2.Guardian:

under this Scheme – In relation to a minor girl Child Guardian means

(i) either father or mother
(ii) where neither parent is alive or is incapable of acting, a person entitled under the law for the
time being in force to have the care of the property of the minor.

1 for 1:

One Girl One Account means Depositor cannot open multiple or more than one account in the
name of a Girl Child.

Maximum:
Natural or legal guardian of a girl child allowed to open one account each for two girl children

For third Girl:

Under this scheme natural or legal guardian of the girl child shall be allowed to open third
account in the event of birth of twin girls as second birth or if the first birth itself results into
three girl children, on production of a certificate to this effect from the competent medical
authorities where the birth of such twin or triple girl children takes place.

Age limitation:

The account may 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 ten years and any girl child, who had attained the
age of ten years, one year prior to the commencement of these rules shall also be eligible for
opening of account under these rules. Scheme has been commenced from 02.12.2014.

Grace Period :

It’s like a transitional period in taxation. Account can be opened up to age of 10 years only from
the date of birth. For initial operations of Scheme, one year grace has been given. With the grace,
Girl child who is born between 2.12.2003 & 1.12.2004 can open account up to 1.12.2015.

Related Articles

 Sukanya Samriddhi Yojana – Circular by RBI

 Sukanya Samriddhi Yojana – Complete Details By MCA
 Details for Sukanya Samriddhi Yojana in Hindi
Document required for Sukanya Samridhi Account :

1.Birth certificate of girl child.

2.Address proof.
3.Identity proof.

How to open the account :

Birth certificate of a girl child in whose name the account is opened shall be submitted by the
guardian at the time of opening of the account in post office or bank along with other documents
relating to identity and residence proof of the depositor. As of now, government owned banks are
still in the process of completing formalities to open the Sukanya Samriddhi Yojana (SSY)
Account, So you may visit any of the government banks for the purpose of opening the account
,like State Bank of India , Bank of Baroda, Punjab National Bank, Bank of India, Canara Bank,
Andhra Bank, UCO Bank, Allahabad Bank, Corporation Bank

Interest Rate :

Rate of interest on Sukanya samridhi yojana has been increased to 9.2% for financial year 2015-16

Under this scheme Interest rate is not fixed and Government will declare on yearly basis the
Interest on accounts opened under these rules. For the Financial Year 2014-15 Government has
declared Interest Rate of 9.10%

Interest will be compounded yearly and will be credited to account till the account gets matured
or withdraw from the date of opening.In case of account holder opting for monthly interest, the
same shall be calculated on the balance in the account on completed thousands, in the balance
which shall be paid to the account holder and the remaining amount in fraction of thousand will
continue to earn interest at the prevailing rate.

Maximum and Minimum Deposit :

The account may be opened with an initial deposit of one thousand rupees and thereafter any
amount in multiple of one hundred rupees may be deposited subject to the condition that a
minimum of one thousand rupees shall be deposited in a financial year but the total money
deposited in an account on a single occasion or on multiple occasions shall not exceed one lakh
fifty thousand rupees in a financial year.
Minimum – Rs, 1000/- Per Year

Maximum- Rs. 1,50,000/- Per Year

Where one can open account?

At any post office in India doing savings bank work and Branch of a commercial bank authorised
by the Central Government to open an account under “Sukanya Samriddhi Account Rules,
2014”.

Maturity Period :

Deposits can be made till completion of fourteen years from the date of opening of the account.
The maturity of the account is 21 years from the date of opening of account or if the girl gets
married before completion of such 21 years.

Mode of Deposit :

Deposit can be made in cash or by cheque or demand draft. Where deposit is made by cheque or
demand draft, the date of encashment of the cheque or demand draft shall be the date of credit to
the account.

Premature closure of account .-

(1) In the event of death of the account holder, the account shall be closed immediately on
production of death certificate issued by the competent authority, and the balance at the credit of
the account shall be paid along with interest till the month preceding the month of premature
closure of the account , to the guardian of the account holder.

(2) Where the Central Government is satisfied that operation or continuation of the account is
causing undue hardship to the account holder, it may, by order, for reasons to be recorded in
writing, allow pre-mature closure of the account only in cases of extreme compassionate grounds
such as medical support in life- threatening diseases, death, etc.

Download Sukanya shiksha yojana Investment Calculator

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Pre Mature Withdrawal :

To meet the financial requirements of the account holder for the purpose of higher education and
marriage withdrawal up to 50% of the balance at the credit, at the end of preceding financial year
shall be allowed but such withdrawal shall be allowed only when the account h

Closure on maturity

(1) The account shall mature on completion of twenty-one 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 twenty- one years, the operation of the account shall not be permitted beyond the date
of her marriage :
Provided further that where the account is closed under the first proviso, the account holder shall
have to give an affidavit to the effect that she is not less than eighteen years of age as on the date
of closing of account

(2) On maturity, the balance including interest outstanding in the account shall be payable to the
account holder on production of withdrawal slip along with the pass book.

(3) If the account is not closed in accordance with the provisions of sub-rule (1), interest as per
the provisions of rule 7 shall be payable on the balance in the account till final closure of the
account.

Check Also – Pradhan Mantri Suraksha Bima Yojana – Complete Details

Sukanya Samridhi Yojana Pass Book

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