INSUBCONTINENT EXCLUSIVE:
Samriddhi Account' programme in January 2015 with an objective to promote the welfare of girl child
According to india.gov.in, 'Sukanya Samriddhi Yojna' is a small deposit scheme for girl child
Recently, the minimum deposit for this account has been slashed to Rs 250 from existing Rs
This means that customers need to make a minimum annual deposit of only Rs 250 in this account now
A natural/ legal guardian on behalf of a girl child can open 'Sukanya Samriddhi Account'.Maximum number of accountsA parent or guardian can
open one account per girl child, and a maximum of two such bank accounts in the name of two girl children under this scheme, said a release
issued by Press Information Bureau (PIB)
In case of twin girls as second birth, or if the first birth itself results in the birth of three girl children, three bank accounts can be
opened in the name of three girl children, the release further said.Interest on depositThe interest rate on Sukanya Samriddhi accounts has
been fixed at 8.1 per cent per annum for the September quarter
This rate, however, is revised every year by the government and is announced at the time of the Union Budget.Tenure of the depositThe
account is valid for 21 years from the date of opening, after which it will mature and the money will be paid to the girl child in whose
name the account had been opened
If the account is not closed after maturity, the balance amount will continue to earn interest as specified for the scheme from time to time
The account will also automatically close if the girl child gets married before the completion of the tenure of 21 years.Maximum period up
to which deposits can be madeDeposits can be made up to 14 years from the date of opening of the account
maturity period of 21 years - can only be made by the girl child in whose name the account has been opened after she attains the age of 18
50 per cent of the balance lying in the account can be withdrawn at the end of previous financial year for the purpose of higher education
or marriage.Tax rebateTax exemption, as applicable under section 80C of the Income Tax Act, 1961 is one of the greatest advantages of the
Sukanya Samriddhi Account programme
there will be no tax on the amount invested, amount earned as interest and amount withdrawn.Premature ClosureThe account can be prematurely
closed only under two circumstances
In case of the unfortunate death of the girl child (account holder), the parent or legal guardian can claim for the accumulated amount along
with the interest accrued on the account
The balance would be immediately handed over to the nominee of the account.The second condition under which the account can be prematurely
closed is when the competent authorities feel and confirm that it is not possible for the depositor to carry forward the account or the
contributions made towards the account are causing undue hardships to the depositor
