Latest Post

6/recent/ticker-posts

Sukanya Samriddhi for Minor Girl Child

Admin Friday, February 06, 2015

Special Term Deposit Scheme Sukanya Samriddhi for Minor Girl Child 

The Government has launched a new deposit scheme – Sukanya Samriddhi only for minor girl child. This is a small savings scheme which can be opened by the natural (biological) or legal guardian of the girl child aged below 10 years. However, Government has given a buffer time of 1 year if your child turned 10 within a year before the announcement. This means that if the girl child turned 10 anytime between December 2013 and December 2014, you can open such an account in her name.(According to SB Order No. 2/2015 The girl who born on or after 02.12.2003 can open account )
Deposit account under this scheme can be opened either in public sector bank or post office.

Features of Sukanya Samriddhi Scheme


Opening of Account


Account under Sukanya Samriddhi can be opened and operated either by the minor girl child who has attained the age of 10 years or by guardian of the girl child. Only one account shall be opened in the name of a girl child under these rules after furnishing birth certificate of the girl child along with other documents relating to identity and residence proof of the depositor.
Guardian of the girl child will be allowed to open and operate accounts of maximum of two girl children except in the case where depositor either blessed with three girl children in first birth or twin girls in the second birth.

Deposit Rules


The account can be opened with a minimum of Rs.1,000. Thereafter any amount in the multiples of Rs.100 may be deposited with a minimum amount of Rs.1,000 and maximum amount of Rs.1,50,000 in a financial year.

The deposit shall be made by cash, cheque or demand draft. The minimum deposit of Rs.1,000 is to be made each year else a penalty of Rs.50 shall be levied.


Rate of Interest


For the current fiscal year i.e. 2014-15, the deposit will fetch interest at the rate of 9.1% per annul.

 For sake of simplicity, method of calculation of interest will be similar to Public Provident Fund (PPF). The rate of interest will be notified each year by the Government which will be compounded yearly.


Sukanya Samriddhi Yojna Interest Calculation

Penalty


If minimum Rs1000/- is not deposited in a financial year, the account will treated as irregular and depositor can regular the account with minimum deposit with Rs50/- penal fee.

 

Premature Withdrawal


Premature withdrawal up to 50% is allowed for the purpose of higher education and marriage only when the account holder girl child attains the age of 18 years.

Term Period


The deposit is to be made till the end of 14 years from the year of opening of account. The maturity of the account is 21 years from the date of opening of account or if the girl gets married before completion of such 21 years.

Taxation On the Deposit made:


The amount deposited towards Sukanya Samriddhi Account is deductible under section 80C upto Rs.1.5 lakhs. This limit also includes other deductions under section 80C.

On the Interest


There is no special tax benefit on the interest earned on the balance. The Interest earned shall be added in the income of the guardian  and a deduction of Rs.1,500 shall be available.


Post a Comment

0 Comments