Tag: inspiration

• What is Sukanya Samriddhi Account ( SSA ) ?

Sukanya Samriddhi Yojana (SSY) is a savings scheme the government launched in 2015. The idea was to induce the parents to plan for the education of their female children through a lucrative and tax-effective scheme. Ideally, the scheme encouraged people to start early so that the power of compounding worked in their favour. It is a low-risk scheme with the government guaranteeing the principal amount and the interest payment as per the rates decided each year. The current interest rate in the SSY scheme is 8.2% per annum. The guardian of the girl child can open a savings account for their girl child with an authorised commercial bank or a Post office to operate the Sukanya Samriddhi Yojana account on behalf of the girl child.

Features :

• Attractive interest rate of 8.2% p.a (Interest rate is subject to change by Government of India.)  
• Minimum ₹250 to be invested in one financial year and in multiple of ₹50 thereafter 
• Maximum investment of ₹1.50 lakh can be made in one first financial year 
• If the minimum amount of ₹250 is not deposited in any financial year, a penalty of ₹50 will be charged 
• Disciplined long term savings of 15 years of deposits from the date of account opening with 21 years of maturity term 
• Government backed savings scheme with 100% safety for the benefit of girl child
• Passbook will be issued to customers 
• Income tax benefit u/s 80 C with tax free maturity 
• Maximise return by funding the account by 5th of the month. If amount is invested before the 5th of the Month interest will be calculated for the entire month else the next month would be considered for interest calculation 
• SSY can be transferred from other bank / post office

Eligibility :

• The account can be opened by the natural or legal guardian for a girl child of age below 10 years for resident individuals only. 
• A depositor can open and operate only one account in the name of a girl child under the scheme rules. 
• Natural or legal guardian of a girl child are allowed to open the account for two girl children only (Upto  two girl children or three in case of twin girls as second birth or the first birth itself results in three girl children) 
• Non-resident Indians (NRIs) are not eligible to open an account under Sukanya Samriddhi Yojana Scheme.  
• However, a resident who becomes an NRI during the 15 years tenure prescribed under Sukanya  Samriddhi Yojana Scheme may continue to do subscription payment until its maturity on a non-repatriation basis.
• If customer changes the Nationality/Citizenship status, SSY A/c to be closed 

Documentation :

• SSY Account Opening Form 
• Aadhar/Passport of girl child (mandatory) (if Aadhaar only has year of Birth additional document like Birth certificate can be obtained for proof of Birth) 
• Identity proof of Guardian (as per RBI KYC guidelines)
• Residence proof of Guardian (as per RBI KYC guidelines)
• Adoption Certificate/Court’s Letter of Appointment of Guardian (where the Account is to be opened by anyone other than mother/father). 
• A recent passport size photograph (both minor & guardian)
• Initial deposit cheque

Partial Withdrawal Facility

• To meet the financial requirements of the account holder for the purpose of higher education only, account holder can avail partial withdrawal facility after attaining 18 years of age 
• If the beneficiary is married before maturity of account, account has to be closed 

Customer holding SSY account with other bank / Post Office to provide written request to other bank / post office.

Transfer of SSY account :

Other bank / Post office will close SSY account in their systems and provide closure proceeds along with the below documents

1. Covering letter addressed to Yours requested bank with account details
2. Demand Draft favouring customer with closure proceeds
3. Copy of passbook