Sukanya Dev Yojna – Benefits, Where & How to Open Account under Sukanya Samriddhi Yojna

Sukanya Dev Yojna – Benefits, Where & How to Open Account under Sukanya Samriddhi Yojna

Modi Government is putting best efforts to promote Girl Child. Sukanya Dev Yojna is an extension of Government’s Beti Bachao Beti Padhao Campaign. The scheme is also known as Sukanya Samriddhi Yojna.

WHAT IS SUKANYA DEV YOJNA

Sukanya Dev Yojna has been started in Post Offices by Haryana Government. This scheme will benefit girl child of age 1 Year to 10 Years. Parents will have to deposit Rs 1000 per month for next 14 Years, totaling Rs 1,68,000. Girl will get Rs 6,00,000 when she will become 21 Year Old. The best benefit is that it is not mandatory to deposit this amount every month. You can deposit it whenever you have, either 1000 per month or as per your convenience. But you have to deposit the amount in average of Rs 1000 per month and total Rs 1,68,000 in 14 Years.

Age Limit

The age limit for opening an account in this scheme is 10Years, and there is buffer period of 1 Year. Means means the girl child who has attained the age of 10 years 1 year prior to the announcement i.e. December 2013 to December 2014, is also eligible to open account under Sukanya Samriddhi Scheme.

Tax Benefits

The amount invested in Sukanya Dev Yojna will be exempted as per section 80C of Income Tax.

Authorized Banks & Post Offices

Sukanya Samriddhi Yojna or Sukanya Dev Yojna is almost a type of Provident Fund Account. Thus we can assume that the banks authorized to open account under PPF scheme is also eligible to open account under Sukanya Samriddhi Yojana. All the post offices are also authorized to open account under Sukanya Dev Yojana.

For NRIs

As per RBI Guidelines a NRI cannot apply for this scheme. The post office saving account rules, 1981, governs Sukanya Dev Yojna, so, NRIs doesn’t come to this category.

Documents Required

Birth Certificate of Girl Child
Identity proof of the depositor i.e. parent or legal guardian
Address proof of the depositor i.e. parent or legal guardian

Premature Withdrawal

Upto 50% amount can be withdrawn for the higher education of girl when a girl reaches 18 Years of age. If the depositor is facing any hardship in running such account, the account can also be closed before the stipulated time.

Transferability of Account

The account is freely transferable to any state of area in India, if the girl moves to other place.

Updated List of Banks to Open Sukanya Samriddhi Yojana Accounts

  • State Bank of India (SBI)
  • State Bank of Patiala (SBP)
  • State Bank of Bikaner & Jaipur (SBBJ)
  • State Bank of Travancore (SBT)
  • State Bank of Hyderabad (SBH)
  • State Bank of Mysore (SBM)
  • Allahabad Bank
  • Andhra Bank
  • Axis Bank
  • Bank of Baroda (BoB)
  • Bank of India (BoI)
  • Bank of Maharashtra (BoM)
  • Canara Bank
  • Central Bank of India (CBI)
  • Corporation Bank
  • Dena Bank
  • ICICI Bank
  • IDBI Bank
  • Indian Bank
  • Indian Overseas Bank (IOB)
  • Oriental Bank of Commerce (OBC)
  • Punjab National Bank (PNB)
  • Punjab & Sind Bank (PSB)
  • Syndicate Bank
  • UCO Bank
  • Union Bank of India
  • United Bank of India
  • Vijaya Bank

Specimen by RBI

RBI has issued a specimen of Application Form and Passbook for the account under SSA. The specimen of Form that Authorized Banks & Post Offices will be using for opening Bank Account is here:

Sukanya Dev Yojna Application Form

Sukanya Dev Yojna Application Form

 

Here is the format of Passbook for Sukanya Samriddhi Account: Sukanya Dev Yojna Passbook

Calculations

  • The rate of interest will be calculated at 9.1% per annum.
  • It is not mandatory to make a fixed amount of yearly/monthly contribution.
Sukanya Dev Yojna Yearly Contribution Chart

Sukanya Dev Yojna Yearly Contribution Chart

Sukanya Dev Yojna Monthly Contribution Chart

Sukanya Dev Yojna Monthly Contribution Chart


 

Prime Minister Narendra Modi has launched a small deposit scheme for girl child, under the Beti Bachao Beti Padhao (BBBP) campaign on 22 January, 2015 in Panipat. It is a scheme called as ‘Sukanya Samridhi Yojana’, under which an account for girls under 10 years of age will be opened. The scheme will ensure equitable share to a girl child in resources and savings of a family in which she is generally discriminated against a male child. This scheme is specially designed to fulfill the girl’s higher education or marriage needs.

‘Sukanya Samridhi Account’ has different features and provides various benefits. This account can be opened on a girl child’s name by her legal guardian or biological parents. A depositor may open and operate only one account in the name of same girl child under this scheme. The depositor (or) guardian can open only two SSA accounts. There is one exception to this rule. The natural or legal guardian can open two or three accounts if twin girls are born as second birth or triplets are born in the first birth itself. ‘Sukanya Samridhi Account’ can be opened at any time from the birth of a girl child till she attains the age of 10 years, with a minimum deposit of Rs 1000. Thereafter the contributions can in multiples of one hundred rupees.

A maximum of Rs 1.5 lakh can be deposited during the financial year. It would fetch an interest rate of 9.1 per cent and provide income tax rebate. The account can be opened in any post office or authorized branches of commercial banks. The account will remain operative for 21 years from the date of opening of the account or marriage of the girl child after attaining 18 years of age. The operation of the account shall not be permitted beyond the date of the girl’s marriage. The deposits in Sukanya Samridhi scheme can be made in the form of cash or demand draft or cheque.

The rate of interest is not fixed and will be notified by the central government on a yearly basis. The account can be transferred anywhere in India if the girl shifts to a place other than the city where the account is. To meet the requirement of higher education expenses or marriage, partial withdrawal of 50 per cent of the balance would be allowed after the girl child has attain 18 years of age.

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 parents. In the event of death of the account holder, the account shall be closed immediately on production of death certificate.

The balance at the credit of the account shall be paid along with interest till the month proceeding the month of premature closure of the account, to the guardian of the account holder. Public Provident Fund (PPF) has E-E-E tax rule. As per this rule – contributions, accumulation (interest amount) and withdrawal are all exempted from income tax. There is a great chance of including SSA under E-E-E category.

This is great scheme for girl child development, as it will put forward a step toward elimination of gender discrimination among children. This will also encourage parents to ensure equitable share to a girl child in resources and savings of a family. But this all depends upon the mentality of people that how positively they will treat this and prepare them for the change that we all want for the women of India. No doubt that implementing the things step by step will lead to stable position for the women in the country.

 

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