Sukanya Samriddhi yojana

How to Open the Sukanya Samriddhi Account?

1. Guardian to open the account: The account can be opened only by parents or legal guardians for upto two girl children. In case of twins or triplets, an exemption will be made on production of a certificate from authorised medical institutions.
2. Age Eligibility: A Sukanya Samriddhi account can be opened for a girl child till she attains the age of 10. The scheme started from 2 December, 2014. An initial grace period of one year has been announced for convenience. A girl child, who is born between 2 December, 2003 and 1 December, 2004, can open account by 1 December, 2015.
3. Account in the name of the beneficiary: Sukanya Samriddhi Scheme can only be opened in the name of the girl child. The depositor (guardian) will be an individual, who deposits amount in the account on behalf of the minor girl child.
4. One Girl One Account: Only one account can be opened per girl child.
5. Where to open Account: Sukanya Samriddhi account can be opened in Post Offices or authorised Banks (State Bank of India, Bank of Baroda, Punjab National Bank, Bank of India, Canara Bank, Andhra Bank, UCO Bank, and Allahabad Bank, to name the few).

More Information on Sukanya Samriddhi Account

1. Account Transferability: The account can be opened with an amount of Rs. 1000. It can be transferred from the original location to anywhere in India as the girl child relocates.
2. Minimum Contribution: A minimum contribution of Rs. 1000 per account has to be deposited per year. A maximum of Rs.1, 50,000 per account can be deposited. There is no limit in the number of deposits in a financial year. The money can be deposited through cash, cheque or draft.
3. Penalty: A penalty of Rs.50 will be imposed if the account is not credited with the minimum amount.
4. Rate of Interest: The scheme is offering an interest rate of 9.1% per year. However, it will be revised in April every year and the change will be communicated subsequently. The interest will be compounded yearly and directly credited to the account.
5. Term Period: The guardian is expected to deposit amount in the account only till the completion of 14 years. No deposits after that is required till the maturity of the account.
6. Withdrawal: A premature withdrawal (at the end of the previous financial year) of 50% of the accumulated amount is allowed after the girl child turns 18.more about this go to Official Website: http://www.nsiindia.gov.in
7. Closure of Account: The account can be closed only after the child turns 21. If the money is not withdrawn even after that, it will continue to earn the interest.
8. Taxation: As per Section 80C of Income Tax Act, the investment (up to Rs.1.5 lakhs) under the scheme, all the payments including the interest payment and the total maturity amount will be fully exempted from taxation.

What Are the Documents Required for Opening an Account?

1. Birth Certificate of the girl child.
2. Address and photo identity proof (PAN Card, Voter ID, Aadhar Card) of the guardian.online shopping site