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21Facts of Sukanya Samriddhi Account New Saving Schemewww.sukanyasamriddhiaccount.com

2015Sukanya Sammriddhi SchemeHonorable Prime Minister Mr. Narendra Modi has launched Sukanya Samriddhi Scheme on 22nd January, 2015 under Beti Bachao Beti Padhao Campaign.

This scheme is targeted for the prosperity of girl child in our country by securing their major future expenses like Education & Marriage.www.sukanyasamriddhiaccount.com 2015Account OpeningEligibilityTaxationOther Detailswww.sukanyasamriddhiaccount.com 2015Account OpeningEligibilityTaxationOther Detailswww.sukanyasamriddhiaccount.com 2015Account Opening & OperationSukanya Samriddhi Account (SSA) can be opened only in the name of the girl child.

Either of the Parents of the girl child can open the account.

After attaining the age of 10 years, the girl child herself can operate the account.

www.sukanyasamriddhiaccount.com 2015Guardian/DepositorBeing biological guardians, either father or mother who opens the account can perform as a depositor.

Legal Guardian of the girl child can act as a depositor in case any of the parents is not alive or is incapable.

www.sukanyasamriddhiaccount.com 2015Where to OpenSSA can be opened in any branch of Post Office or Authorized branches of Commercial Banks.

Passbook facility is available with this account.

www.sukanyasamriddhiaccount.com 2015Passbook DetailsBelow details need to be mentioned correctly in the SSA passbook.

Name of the Post Office/Bank BranchName of the Account HolderAccount NumberParent/GuardianAddressDate of BirthDate of Opening of the Accountwww.sukanyasamriddhiaccount.com 2015List of BanksAllahabad BankOriental Bank of CommerceAndhra BankPunjab National Bank Axis BankPunjab & Sind BankBank of BarodaState Bank of IndiaBank of IndiaState Bank of PatialaBank of MaharashtraState Bank of Bikaner & JaipurCanara BankState Bank of TravancoreCentral Bank of IndiaState Bank of HyderabadCorporation BankState Bank of MysoreDena BankSyndicate BankICICI BankUCO BankIDBI BankUnion Bank of IndiaIndian BankUnited Bank of IndiaIndian Overseas BankVijaya Bankwww.sukanyasamriddhiaccount.com 2015Account OpeningEligibilityTaxationOther Detailswww.sukanyasamriddhiaccount.com 2015Eligibility SSA can be opened only in the name of the girl child.

Age of the Child needs to be10 years (For the financial year 2014-15, born on or after 2nd Dec 2003)

www.sukanyasamriddhiaccount.com 2015Documents RequiredBirth certificate of girl childAddress proof of the parent/guardianIdentity proof of the parent/guardian3 Photos of each of the child & the parent/guardian Pan card & Aadhar card copies of parent/guardian

www.sukanyasamriddhiaccount.com 2015Birth Certificate AlternativesIn case someone doesnt have birth certificate for the girl child, then any of the below document can be produced:

Certificate of Date of Birth from the School HeadmasterCertificate of Date of Birth from the Hospital where the Girl Child was born

www.sukanyasamriddhiaccount.com 2015Contribution Amount Limit The Minimum limit is 1000/-

Maximum is1,50,000/- per year.

A deduction of 50/- would be levied in case deposits are less than Rs 1000 for any financial year.www.sukanyasamriddhiaccount.com 2015Contribution Time Limit Contribution/Deposit can be made up to 14 years from the date of account opening.

There is no rule for the number of deposits in a year. But the deposit has to be within the maximum & minimum limit.

www.sukanyasamriddhiaccount.com 2015Account OpeningEligibilityTaxationOther Detailswww.sukanyasamriddhiaccount.com 2015Interest RateInitially the interest rate for SSA was 9.1% which has been increased to 9.2% for the financial year 2015-16 .

Under this rule, government of India will announce the rate on a yearly basis.

The interest rate is compounded yearly which will be credited to the account till the completion of 14 years.

If the girl/parents do not wish to withdraw the amount after 21 years, same interest rate will be paid on gross amount till final closure.

www.sukanyasamriddhiaccount.com 2015Taxation RulesAs per the new budget rule, this scheme is EEE which means it is tax free in all the 3 aspects:The Amount Deposited The Interest EarnedThe Maturity Amount

In case of 2 girl children both the parents can avail tax benefit when both of them are earning.www.sukanyasamriddhiaccount.com 201580C BenefitsThe depositor (father/mother/legal guardian) can avail the tax benefit under section 80C.

But definitely it is within the limit of 1,50,000/- where SSA is prevailing with other tax benefit instruments like LIC, PPF, 5 years tax saving FD, NSC, ELSS etc.www.sukanyasamriddhiaccount.com 2015Maturity TenureThe account matures at 21 years from the date of opening of the account or at the time of girl childs marriage, whichever is earlier.

E.g. If the account is opened at the age of 9 years of the girl child, it will mature at the age of 9+21= 30 years or the time of the girl childs marriage.www.sukanyasamriddhiaccount.com 2015Premature ClosureIn case of unfortunate death of the girl child, the account will get closed immediately.

Balance amount will be repaid to the parent or legal guardian along with interest accrued.

In cases of extreme circumstances such as medical support in life-threatening diseases, death etc, premature closure is allowed only if the central govt. is fully satisfied about the situation.

www.sukanyasamriddhiaccount.com 2015Partial WithdrawalThe lock-in period in SSA is 21 years.

Partial withdrawal can be made for higher education purpose after the girl child completes 18 years of age.

Maximum 50% of the total account balance can be withdrawn.www.sukanyasamriddhiaccount.com 2015Account OpeningEligibilityTaxationOther Detailswww.sukanyasamriddhiaccount.com 2015Modes of DepositAmount can be deposited either in cash/ cheque/demand draft.

As of now, online transaction facility is not available.www.sukanyasamriddhiaccount.com 2015Number of AccountsPer girl child only one single account is allowed.

Parents can open this account for maximum two girl children.

In case of birth of twin girls in second birth or if the first birth itself results into three girl children, this facility will be extended to all the 3 girl children born.www.sukanyasamriddhiaccount.com 2015Transfer of AccountThe account may be transferred anywhere in India wherever the girl child moves.

For transferring the account from the existing branch, a proof of new residence will be mandatory.www.sukanyasamriddhiaccount.com 2015Loan FacilityFor SSA loan is not available.

Whereas in case of tax saving under small savings scheme, one can avail loan against FD or PPF account.www.sukanyasamriddhiaccount.com 2015NRI ContextAs per the guidelines of Reserve Bank of India, any NRI is not eligible to make any investment under small saving schemes.

So SSA being considered to be a small saving scheme, any NRI girl child is not eligible for this account.

www.sukanyasamriddhiaccount.com 2015 Please Visit Our Website www.sukanyasamriddhiaccount.com For Regular Updates

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2015