How to Open an Account for Sukanya Samriddhi Yojana

Sukanya Samridhi Yojana was launched for the improvement of girl child’s future. This scheme is not only providing more interest than public provident fund (PPF) rather it is also helpful to parents in Tax Planning. You can open an account for your 10-year-old daughter. In this scheme, the current annual interest is 8.1 percent which is higher than the PPF.

How to Open Account under This Scheme:

– You can open an account under Sukanya Samridhi Yojana in Post Offices or Authorized Banks Branch.

– Generally, the banks which provide bank accounts for PPF, they also open the accounts of Sukanya Samridhi Yojana.

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Documents Required For Open An Account Under SSY:

– The girl child’s birth certificate.

– Identity Card of depositor (parent or guardian) such as PAN card, voter id card, ration card, driving license, passport, etc.

– Certificate of depositor’s address such as a passport, ration card, electricity bill, Telefon bills etc.

– Sukanya prosperity Scheme form can be taken from Post Office, Authorized Banks or can be downloaded by using the following link given below: https://rbidocs.rbi.org.in/rdocs/content/pdfs/494SSAC110315_A3.pdf.

– A pass book will be given by the Bank / Post office after the opening of the account.

You can also use net banking for depositing money.

Eligibility Criteria For Sukanya Samridhi Yojana:

– You can open this account only when you are the girl’s natural or legal guardian.

– You can open an account at a single daughter.

– Overall, you can open this account for two daughters but if at the birth time of the second daughter is the twin daughter then you can open the third account.

Benefits of Sukanya Samridhi Scheme:

– This scheme is  providing more interest than public provident fund (PPF).

– There is a benefit of deduction under the Section 80C of the Income Tax Act.

– Along with the interest given in this scheme, the amount received at the time of maturity is also tax-free.

 Limit of Money Deposit:

– Minimum 1000 Rs. can be deposited.

– Maximum Rs.1.50 Lakh can be deposited in a year.

– If you fail to make the minimum payment in any year then you will be fined Rs. 50 next time.

 When You Can Withdrawl Money:

– You cannot withdrawal money before your daughter becomes 18-year old.

– The account is matured after the girl becomes 21-year old.

– You are given a facility of partial withdrawal after your daughter becomes 18-year old.

– It means you can withdrawal 50% of the deposited amount.

– Unfortunately, if the girl child dies, then the account will be closed immediately.

– In this case, the deposited amount will be given to the parent/ guardian.

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