What is Sukanya Samriddhi Yojana. complete information.

Sukanya Samriddhi Yojana is considered the best investment plan to secure the future of daughters financially. The biggest reason for this is that it is a government scheme and it also gives better returns.


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Sukanya Samriddhi Yojana is considered the best investment plan for a financially secure future of daughters.  The biggest reason for this is that it is a government scheme and it also gives better returns.  

In addition, the Sukanya Samriddhi Scheme of the Central Government is a good investment scheme to save a child below 10 years of age for higher education and marriage.  There have been many changes in this investment plan.  This is stated in the notification of 12 December 2019. 

The Finance Ministry has told about what changes have been made in Sukanya Samriddhi Yojana.  Let us tell you all the information related to this scheme.


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What will happen if we stop Sukanya Samriddhi Yojana ahead of time?

According to the new rules of the Sukanya scheme, if the Sukanya account is closed before the stipulated time, it is allowed.  Sukanya's account can be closed in case of any serious illness or death of the parents.  

Earlier, Sukanya Yojana had the facility to close the account only after the girl's death or change in her place of residence.

According to the new rules of the Sukanya scheme, if the Sukanya account is closed before the stipulated time, it is allowed.  

Sukanya's account can be closed in case of any serious illness or death of the parents.  Earlier, Sukanya Yojana had the facility to close the account only after the death of the girl or change in her place of residence.

Safe future

However, there has been no major change in Sukanya Samriddhi Yojana.  However, it is also important for you to know what changes have happened in this government savings scheme that will secure the future of daughters.

High interest

Under the new rules of the Sukanya scheme, even if you are unable to deposit a minimum of Rs 250 in a financial year, it will still be considered as a default account.  

According to the new rule, the same amount will be available on the deposit in the default account, which is found in the regular account.


Sukanya Samriddhi Account
CountryIndia
Launched22 January 2015
StatusActive

Sukanya Samriddhi Account (Balika Samridhi Account) is a Government of India-backed savings scheme aimed at parents of girl children. The scheme encourages parents to create a fund for their daughter's future education and marriage expenses.

The scheme was launched by Prime Minister Narendra Modi on 22 January 2015 as a part of the Beti Bachao, Beti Padhao campaign. The scheme currently offers an interest rate of 7.6% (for the April-July 2021 quarter) and tax benefits. The account can be opened at any Indian post office or branch of authorized commercial banks.

The Sukanya Samriddhi Account Rules, 2016 were repealed on 12 December 2019, and the new Sukanya Samriddhi Account Scheme, 2019 was introduced.


Summary

This scheme was started by Prime Minister Narendra Modi on 22 January 2015 in Panipat, Haryana. Accounts can be opened at any Indian post office or branch of some authorized commercial banks. Initially, the interest rate was fixed at 9.1% but was later revised to 9.2% at the end of March 2015 for FY 2015-16. The interest rates for the financial year 2021-22 have been revised to 7.6%.

The account can be opened anytime between the birth of the girl child and her parent/guardian attaining the age of 10 years. Only one account is allowed per child. Parents can open a maximum of two accounts for each of their children (exceptions for twins and triplets). The account can be transferred anywhere in India.

At least ₹250 will have to be deposited in the account in the beginning. Thereafter, any amount in multiples of Rs 100 can be deposited. However, the maximum deposit limit is ₹150,000. If the minimum deposit of ₹250, (initially which was 1000) is not made in one year, a penalty of ₹50 will be levied.

The girl can operate her account after reaching the age of 10 years. The account allows 50% withdrawal for higher education purposes at the age of 18 years. The account reaches maturity after a period of 21 years from the date of opening. Deposits can be made in the account till the completion of 15 years from the date of opening of the account. After this period the account will earn only the applicable interest rate. If the account is closed, it will not earn interest at the prevailing rate. If the girl is over 18 and married, then normal closure is allowed.


Interest rates revisions

Serial Number Financial Year Date Range Interest Rate Minimum Investment Maximum Investment
1 2014-15 1 April 2014 to 31 March 2015 9.1% 1,000 1,50,000
2 2015-16 1 April 2015 to 31 March 2016 9.2 % 1,000 1,50,000
3 2016-17 1 April 2016 to 30 Sep 2016 8.6 % 1,000 1,50,000
4 2016-17 1 Oct 2016 to 31 Mar 2017 8.5 % 1,000 1,50,000
5 2017-18 1 April 2017 to 30 June 2017 8.4 % 1,000 1,50,000
6 2017-18 1 July 2017 to 31 December 2017 8.3 % 1,000 1,50,000
7 2017-18 1 January 2018 to 31 March 2018 8.1 % 1,000 1,50,000
8 2018-19 1 April 2018 to 30 September 2018 8.1 % 250 1,50,000
9 2018-19 1 October 2018 to 31 March 2019 8.5 % 250 1,50,000
10 2019-20 1 April 2019 to 30 June 2019 8.5 % 250 1,50,000
11 2019-20 1 July 2019 to 31 March 2020 8.4 % 250 1,50,000
12 2020-21 1 April 2020 to 31 March 2021 7.6 % 250 1,50,000
13 2021-22 1 April 2021 to 30 June 2021 7.6 % 250 1,50,000
14 2021-22 1 July 2021 to 30 September 2021 7.6 % 250 1,50,000

Tax benefits

At the time of launch, deposits in the account were eligible for tax deduction only under Section 80C of the Income Tax Act, which is ₹150,000 in 2015-16. However, Finance Minister Arun Jaitley, during the 2015 Union Budget, announced tax exemption on interest from the account and tax exemption on withdrawals from the fund after maturity, making the tax benefits similar to that of public provident funds. These changes were applied retrospectively from 1 April 2015. These benefits will be re-evaluated annually.

Eligibility

For the child (account holder)-

  • Only a girl child can avail the benefit of the Sukanya Samriddhi Yojana Savings Scheme.
  • The maximum age of this child should be 10 years. However, a grace period of 1 year is given.

For the parents-

  • Only the biological parents or the legal guardian of a girl child can open the account on behalf of the girl child.
  • A parent or legal guardian can open a maximum of two accounts for their girl child.
  • In the case of twins or triplets, a parent or legal guardian can open a maximum of three accounts.
  • The account holder must be an Indian citizen and resident in India at the time of opening the account and shall remain so till maturity or closure of the account.

Reception

As of mid-March 2015, within 2 months of its launch, 1,80,000 accounts were opened under the scheme. Karnataka, Tamil Nadu, and Andhra Pradesh reported the highest number of new accounts. The number of accounts opened till October 2015 under Sukanya Samriddhi Yojana across the country is 76,19,668. As a result, 76,19,668 girls were deposited ₹28.38 billion (US$400 million) in their names.

SSY Closure on maturity Rules

(1) The account shall mature on the completion of a period of twenty-one years from the date of opening: Provided that the final closure of the account may be permitted before the completion of such period of twenty-one years, if the account holder, on an application, Requests such premature closure for reasons of intended marriage and on the production of age proof confirming that the applicant shall not be less than eighteen years of age on the date of marriage:

Provided that nothing so shall be done before one month from the date of the prematurely closed marriage or after three months from the date of such marriage.

(2) On maturity, on an application for closure of the account by the account holder, and on the production of documentary proof of his identity, residence, and citizenship, the balance amount in the account along with interest shall be paid.

(3) No interest shall be payable after the completion of twenty-one years from the date of opening of the account.

Transfer of account

(1) The account may be transferred to and from post offices or to and from banks and between post offices and banks, anywhere in India, free of charge on production of proof of transfer of residence of any guardian or account holder and Otherwise, on payment of a fee of one hundred rupees to the post office or the bank to which the transfer is made.

(2) If the post office or the bank concerned has the facility of CBS, the process of transfer of account shall be effected electronically.

How to operate Sukanya Samriddhi Yojana Account

As per the new rules, the Sukanya account cannot be operated till the child attains the age of 18 years. Earlier there was this facility in Sukanya account that a girl can operate her Sukanya account after the age of 10 years. According to the new rule, the Sukanya account can be run only by the guardian of the girl child.


What happened when More than two daughters 

If you have more than two daughters, then the rules of the Sukanya Samriddhi account opened for them have also changed. If you are opening a Sukanya account for more than two daughters, an affidavit has to be submitted along with their birth certificate. In the Old Testament, parents were required to provide a medical certificate.


Which rules have changed? 

Apart from these, several provisions related to the Sukanya account have been changed and some have been clarified.  The new rules mistakenly prevented the withdrawal of interest.  

Now the interest will be paid to Sukanya account at the end of every financial year.

FAQ

Q: How many years need to pay for Sukanya samriddhi Yojana?

15 years: The payment period for SSY accounts is 15 years, while the maturity period of the account is a minimum of 21 years.

Q: What is Sukanya samriddhi Yojana rules?

A Sukanya Samriddhi Account can be opened any time after the birth of a girl child till she turns 10, where you will have to deposit a minimum of Rs 250. In subsequent years, a minimum of Rs 250 and a maximum of Rs 1.5 lakh can be deposited during the ongoing financial year.

Q: What is the benefits of Sukanya samriddhi Yojana?

Sukanya Samriddhi Account provides a higher rate of interest than other Savings Plans that offer financial security for the girl child. Each financial year, the government declares the applicable interest rate for that year, while the interest on your investments is compounded yearly.

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