Process of SSA Beti Bachao Beti Padhao Account Open, SSA Sukanya Samriddhi Yojana Special Deposit Scheme for Girls. Post office Savings scheme SSA Account Scheme opening process
SSA Account opening process and Instructions
Sukanya Samriddhi Savings Account can be opened on a Girl Child Name by her legal guardian or Natural Biological Guardian.
Child (Girl) age must 10 years below to be opened by the natural or legal guardian. The age of the Girl at the time of opening SSA Account should not be more than (10) years as per SB order No. 2/2015. The girl who is born on or after 02.12.2003.
Relaxation available for one year
For Initial operations of scheme 1 year grace has been given.
For initial operations of Scheme one year grace has been given with the grace Girl child who is born between 2.12.2003 and 1.12.2004
Documents Required
1. Birth Certificate of Girl Child
2. Address proof / Identity proof of Guardian
3. Photos of the Guardian and Child.
Main Features:
1. Initial deposit of Rs. 1000/-
2. Subsequent deposits in multiples of Rs. 100/- & Minimum of Rs. 1000/- in a financial year.
3. Maximum contribution/deposit per financial year Rs.1,50,000/-
4. Contribution is allowed up to 14 years from date of opening
5. No limit on number of deposits either in a month or in a Financial year
6. Income Tax rebate
No Deposit for the period from 15th – 21st year of a/c
7. 50% of money can be partially withdrawn when Girl reaches 18 years for education or marriage.
8. If minimum Rs 1000/- is not deposited in a financial year, account will become discontinued and can be revived with a penalty of Rs 50/- per year with minimum amount required for deposit for that year.
9. Partial withdrawal, maximum up to 50% of balance standing at the end of the preceding financial year can be taken after Account holder’s attaining age of 18 years.
10. Account can be closed after completion of 21 years.
11. If account is not closed after maturity, balance will continue to earn interest as specified for the scheme from time to time.
12. Normal Premature closer will be allowed after completion of 18 years /provided that girl is married.
Interest payable:
Rate of interest 9.1% Per Annum(2014-15), calculated on yearly basis ,Yearly compounded.
Tax Benefits on Sukanya Samriddhi Account Scheme:
The amount that is deposited under Sukanya Samriddhi Account will be eligible for income tax exemption under Section 80C of Income Tax Act, 1961. At present, only the contribution of up to Rs 1.5 lakh toward Sukanya Samridhi Yojana is eligible for tax deduction under Section 80C.
Maturity
The account shall mature on completion of 21 years from the date of opening of the account
Amount generated in 21 years if the account is opened at the moment of girl child is born with a yearly investment if Rs. 12000/- will be Rs. 6,07,128/- and Rs. 1,50,000/- for 14 years will be Rs. 7200000/-
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Sukanya Samriddhi Accounts
• Rate of interest 9.1% Per Annum(2014-15),calculated on yearly basis ,Yearly compounded.
• Minimum INR. 1000/-and Maximum INR. 1,50,000/- in a financial year. Subsequent deposit in multiple of INR 100/- Deposits can be made in lump-sum No limit on number of deposits either in a month or in a Financial year
• A legal Guardian/Natural Guardian can open account in the name of Girl Child.
• A guardian can open only one account in the name of one girl child and maximum two accounts in the name of two different Girl children.
• Account can be opened up to age of 10 years only from the date of birth. For initial operations of Scheme, one year grace has been given. With the grace, Girl child who is born between 2.12.2003 &1.12.2004 can open account up to1.12.2015.
• If minimum Rs 1000/- is not deposited in a financial year, account will become discontinued and can be revived with a penalty of Rs 50/- per year with minimum amount required for deposit for that year.
• Partial withdrawal, maximum up to 50% of balance standing at the end of the preceding financial year can be taken after Account holder’s attaining age of 18 years.
• Account can be closed after completion of 21 years.
• If account is not closed after maturity, balance will continue to earn interest as specified for the scheme from time to time.
• Normal Premature closer will be allowed after completion of 18 years /provided that girl is married.
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The Sukanya Samriddhi Account Rules 2014
Ministry of Finance, Department of Economic Affairs, New Delhi, the 2nd December, 2014
Notification
G.S.R.863(E):- In exercise of the powers conferred by section 15 of the Government Savings Banks Act, 1873 (5 of 1873) , the Central Government hereby makes the following rules, namely:
1. Short title and commencement:
(1) These rules may be called the Sukanya Samriddhi Account Rules,2014.
(2) They shall come into force on the date of their publications in the Official Gazette,.
2. Definitions In these rules, unless the context otherwise require • -
(a) 'account' means an account opened by a depositor in accordance with the provisions of these rules;
(b) 'Act' means the Government Savings Banks Act, 1873 (5 of 1873) ;
(c) 'deposit' means the money deposited by the depositor in an account under the rules;
(d ) 'Depositor' means an individual who - on behalf of a minor girl child of whom he or she is the guardian, deposits money in an account under the rules;
(e) 'post office' means any post office in India doing savings bank work and authorised to open an account tinder these rules;
(f) 'Bank' means any branch of a commercial bank authorised by the Central Government to open an account tinder these rules;
(g) 'Year' means financial year i.e. 1st April to 31st March;
(h) 'Interest rate' means the rate as may be declared by the Government on yearly basis to be applicable on accounts opened under these rules;
(i) Words and expressions used herein and not defined but defined in the Post Office Savings Bank General Rules. 1981 shall have the meanings respectively assigned to them in those rules,
3. Application or Post Office Savings Bank General Rules, 1981 and the Post Office Savings Account Rules, 1981:-
The provisions of the Post Office Savings Bank General Rules, 1981 and the Post Office Savings Account Rules, 1981 may be applied in relation to matters for which no provision has been made in these rules.
4. Opening of Account:
Who can the Open the Account?
(1) The account may be opened by the natural or legal guardian in the name of a girl child from the birth of the girl child till she attains the age of ten years and any girl child, who had attained the age of ten years, one year prior to the commencement of these rules, shall also be eligible for opening of the account under these rules.
How many account can be Opened?
(2) A depositor may open and operate only one account in the name of a girl child under these rules.
(3) Birth certificate of a girl child in whose name the account is opened shall be submitted by the guardian at the time of opening of the account in post office or bank along with other documents relating to identity and residence proof of the depositor.
The Depositor or gurdian can open two(2) SSA Accounts under below this rule.
(4) Natural or legal guardian of a girl child shall be allowed to open the account for two girl children only:
Provided that the natural or legal guardian of the girl child shall be allowed to open third account in the event of birth of twin girls as second birth or if the first birth itself results into three girl children, on production of a certificate to this effect from the competent medical authorities where the birth of such twin or triple girl children takes place.
5. Deposits:
What is the minimum deposit to open SSA Account and Maximum Deposit?
(1) The account may be opened with an initial deposit of (Rs.1000/-)one thousand rupees and thereafter any amount in multiple of one hundred rupees may be deposited subject to the condition that a minimum of one thousand rupees shall be deposited in a financial year but the total money deposited in an account on a single occasion or on multiple occasions shall not exceed(Rs.1,50,000/-) one lakh fifty thousand rupees in a financial year.
So, Minimum Deposit: 1000/- and Maximum Deposit : 1,50,000/- for a financial year
(2) Deposits in an account may be made till completion of fourteen years. from the date of opening of the account.
Is there any penalty?
(3) An irregular account where minimum amount as specified in sub-rule (1) has not been deposited may be regularised on payment of a penalty of (Rs.50/-) fifty rupees per year along with the said minimum specified subscription for the year (s) of default any time till the account completes fourteen years.
6. Mode of Deposit:-
What is the mode of Deposit?
(1) The deposit in the account opened under these rules may be made -
a) in cash; or
b) by cheque or demand draft drawn in favour of the postmaster of the concerned post office or the Manager of the concerned bank where the account stands and an endorsement on the back of such instrument shall be made and signed by the depositor indicating name of the account holder and account number in which the deposit is to be credited.
(2) Where deposit is made by cheque or demand draft, the date of encashment of the cheque or demand draft shall be the date of credit to the account.
7. Interest on deposit:-
What is the Rate of Interest on Sukanya Samriddhi Account?
Rate of Interest is 9.1% per annum for 2014-2015. this is on of the highest rate of interest offered by Govt.of India Small Savings Scheme.
(1) Interest at the rate, to be notified by the Government, compounded yearly shall be credited to the account till the account completes fourteen years.
(2) In case of account holder opting for monthly interest, the same shall be calculated on the balance in the account on completed thousands, in the balance which shall be paid to the account holder and the remaining amount in fraction of thousand will continue to earn interest at the prevailing rate.
8. Operation of account:-
Can the Girl Child Operate the SS Account?
(1) The account shall be opened and operated by the natural or legal guardian of a girl child till the girl child in whose name the account has been opened, attains the age of ten years.
(2) On attaining age of ten years, the account holder that is the girl child may herself operate the account, however, deposit in the account may be made by the guardian or any other person or authority.
9. Premature closure of account:-
Is premature closure allowed?
(1) In the event of death of the account holder, the account shall be closed immediately on production of death certificate issued by the competent authority, and the balance at the credit of the account shall be paid along with interest till the month preceding the month of premature closure of the account , to the guardian of the account holder.
(2) Where the Central Government is satisfied that operation or continuation of the account is causing undue hardship to the account holder, it may, by order, for reasons to be recorded in writing, allow pre-mature closure of the account only in cases of extreme compassionate grounds such as medical support in life-threatening diseases, death, etc.
10. Pass book:-
(1) On opening an account, the depositor shall be given a pass book bearing the date of birth of the girl child, date of opening of account, account number, name and address of the account holder and the amount deposited.
(2) The pass book shall be presented to the post office or bank, as the case may be, at the time of depositing money in the account and receiving payment of interest and also at the time of final closure of the account on maturity.
11. Transfer of account:-
The account may be transferred anywhere in India if the girl child in whose name the account stands shifts to a place other than the city or locality where the account stands.
12. Withdrawal:
Is Premature withdrawal Allowed?
(1) To meet the financial requirements of the account holder for the purpose of higher education and marriage, withdrawal up to (50%) fifty per cent. of the balance at the credit, at the end of preceding financial year shall be allowed.
(2) The withdrawal referred to in sub-rule
(1) shall be allowed only when the account holder girl child attains the age of (18) eighteen years.
13. Closure on maturity:
Ca the Girl Child continue the SSA after her marriage?
(1) The account shall mature on completion of (21 years) twenty-one years from the date of opening of the account.
Provided that where the marriage of the account holder takes place before completion of such period of twenty-one years, the operation of the account shall not be permitted beyond the date of her marriage.
Provided further that where the account is closed under the first proviso, the account holder shall have to give an affidavit to the effect that she is not less than eighteen years of age as on the date of closing of account.
(2) On maturity, the balance including interest outstanding in the account shall be payable to the account holder on production of withdrawal slip along with the pass book.
(3) If the account is not closed in accordance with the provisions of sub-rule (1),
interest as per the provisions of rule 7 shall be payable on the balance in the account till final closure of the account.
14. Power to relax:
Where the Central Government is satisfied that the operation of any provision of these rules causes undue hardship to the account holder or account holders, it may, by order and for reasons to be recorded in writing, relax the requirements of that provision in a manner not inconsistent with the provisions of the Act.