sukanya samriddhi YOJNA All you need to know about
Sukanya samriddhi yojana is a scheme introduced by the Indian government for the girl. It is launched as a supportive part ‘Beti Bachao Beti Padhao’ campaign. The scheme came as a great deal for its tax benefit. It provides maximum tax advantage of Rs 1.5 lakh under section 80C of the Income-tax Act. Further, the interest accrued and maturity came from the Sukanya Yojna amount are tax-free.
The Sukanya Samriddhi Yojna that was introduced in 2015, had attracted Rs 19,183 crore from more than 1.26 crore account deposits as of November 2017. This scheme aids the parents and guardians of girl children build reliable financial support for the higher education and wedding of their daughter. Along with a considerable good interest rate, this scheme also offers tax benefits to the depositors, who save and invest money for their girl child through this scheme.
As per the new rules came into force in Sukanya Samriddhi Account Rules in 2016, scheme states initial deposit to start the account would be ₹ 250. The minimum deposit shall be done annually, thereafter too has been lowered to Rs 250 from Rs 1,000 for encouraging more benefits.
Here are FAQ which will make you familiar with Sukanya Samriddhi Yojana–
- Who are eligible to open Sukanya Samriddhi Account: A Sukanya Samriddhi Account can be started by the parents or legal guardians for a girl child. The account could be started from the birth of the girl child up to the attainment of 10 years of age. Only one account is eligible for one girl child. Also, parents are allowed to have only two Sukanya Samriddhi accounts.
2. How to start or open Sukanya Samriddhi Account: A Sukanya Samriddhi Account can be opened from any Post Office branch near you or with any commercial banks like ICICI Bank, HDFC Bank, etc. To open this account documents you need a birth certificate of the girl child, identity proof and residence proof.
3. How much you can deposit: A minimum deposit of Rs 250 “as per new limit” is required to be deposited every year in Sukanya Samriddhi Account while the parent can deposit up to a maximum of Rs 1.5 lakh every year into this account. There is no limit on the frequency of deposits parents can deposit either in a month or yearly deposit as they like.
4. Tenure: Deposits into the Sukanya Samriddhi Account could be done until 14 years from the opening date of the account. After covering this period, the account will be eligible to earn interest on the amount deposited as per applicable rates.
5. Account Maturity status: Sukanya Samriddhi Account account maturity period is 21 years from the date of opening of the account. Also, if the girl child gets married before completion of 21 years, the operation of the account shall stop as a continuation of the account is permitted until her marriage.
6. Interest rate: Currently, 8.1 percent interest rate is provided on these accounts for the July-September quarter, this can change as per government announcements.
7.Reactivation: A Sukanya Samriddhi account gets inactive or dormant in case if parents don’t a minimum amount that is ₹ 250 in a year. However, inactive accounts can be reactivated or reopened by depositing a penalty. A penalty of Rs 50 will be applicable per year along with the minimum amount.
8. Loan: Parents are not eligible to apply for a loan against the Sukanya Samriddhi account.
9. Premature or early withdrawal from account: A premature withdrawal is allowed once the girl child attains the age of 18 years. The amount that can be withdrawn under early withdrawal is 50 percent of the total balance reflecting in the account at the end of the preceding financial year.
10. Tax benefit: It provides maximum tax advantage of Rs 1.5 lakh under section 80C of the Income-tax Act. Further, the interest accrued and maturity came from the Sukanya Yojna amount are tax-free.
The amount can be transferred through net banking, cash, cheque, demand draft, or online if the bank provides this facility. In case of having an account in the post office, as per the information given by the respective post office in that way one can deposit money.
Can the account be transferred? Yes, the account can be transferred wherever you desire but only if the girl child on whose name account is opened goes to a city or village other than the place where the account was started. The transfer is free from any charge but in order to take transfer furnishing the proof like electricity bill or water bill or similar proof like this is important of shifting of the dwelling of either the parent or the girl. If no such proof is given then the holder has to pay the sum of Rs 100 to the post office or the concerned bank to which the transfer is happening.
- In the case of Non-resident Girls can no longer operate or open an SSY account. In fact, if you or your girl’s residential status changes to non-resident or she become a citizen of another country during the term of the scheme, no interest shall be given starting from the date of citizenship or residential status gets changed and the account will be counted closed.
- On the death of the girl child the account gets closed from the date of death and for this one has to show the death certificate, the balance and interest till the date of death will be given to the Parents.
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