Sukanya Samriddhi Account - Revision history

->TheSandDoctor: Reverted edits by Mahendra280219 (talk) to last version by Serols

2022-01-09T18:02:50Z

Reverted edits by Mahendra280219 (talk) to last version by Serols

← Older revision		Revision as of 23:32, 9 January 2022
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	\|style="text-align: Right;"\| 12\|\|style="text-align: Center;"\| 2020-21 \|\| 1 April 2020 to 31 March 2021<ref name="livemint-20200401">{{cite news\|last=Kumar\|first=Sandeep\|date=2021-04-01\|title=Folks investing in PPF or Sukanya Samriddhi scheme need not worry⁠ — the rate cuts have been rolled back\|work=Business Insider\|url=https://www.businessinsider.in/finance/news/government-withdraws-interest-rate-cut-on-small-savings-schemes-in-a-bizarre-u-turn/articleshow/81813361.cms\|url-status=live}}</ref>\|\| style="text-align: Right;" \| 7.6 % \|\|style="text-align: Right;"\| 250 \|\| style="text-align: Right;"\|1,50,000		\|style="text-align: Right;"\| 12\|\|style="text-align: Center;"\| 2020-21 \|\| 1 April 2020 to 31 March 2021<ref name="livemint-20200401">{{cite news\|last=Kumar\|first=Sandeep\|date=2021-04-01\|title=Folks investing in PPF or Sukanya Samriddhi scheme need not worry⁠ — the rate cuts have been rolled back\|work=Business Insider\|url=https://www.businessinsider.in/finance/news/government-withdraws-interest-rate-cut-on-small-savings-schemes-in-a-bizarre-u-turn/articleshow/81813361.cms\|url-status=live}}</ref>\|\| style="text-align: Right;" \| 7.6 % \|\|style="text-align: Right;"\| 250 \|\| style="text-align: Right;"\|1,50,000
	\|-		\|-
	\|style="text-align: Right;"\| 13\|\|style="text-align: Center;"\| 2021-22 \|\| 1 April 2021 to ~~30 June 2021\|\| style="text-align: Right;" \| 7.6 % \|\| style="text-align: Right;" \| 250 \|\| style="text-align: Right;"\|1,50,000~~		\|style="text-align: Right;"\| 13\|\|style="text-align: Center;"\| 2021-22 \|\| 1 April 2021 to 31 March 2022\|\| style="text-align: Right;" \| 7.6 % \|\| style="text-align: Right;" \| 250 \|\| style="text-align: Right;"\|1,50,000
	\|}
	\|-
	~~\|style="text-align: Right;"\| 14\|\|style="text-align: Center;"\| 2021-22 \|\| 1 July 2021 to 30 September 2021~~\|\| style="text-align: Right;" \| 7.6 % \|\| style="text-align: Right;" \| 250 \|\| style="text-align: Right;"\|1,50,000
	\|}		\|}

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	==Eligibility==		==Eligibility==

	For the child (account holder)-		'''For the child (account holder)'''

	* Only a girl child can avail the benefits of Sukanya Samriddhi Yojana saving scheme.		* Only a girl child can avail the benefits of Sukanya Samriddhi Yojana saving scheme.
	* The maximum age of this child should be 10 years. However a grace period of 1 year is granted.		* The maximum age of this child should be 10 years. However a grace period of 1 year is granted.

	For the parents-		'''For the parents'''-

	* Only biological parents or legal guardians of a girl child can open the account on the child's behalf.		* Only biological parents or legal guardians of a girl child can open the account on the child's behalf.
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	The number of accounts opened up to October, 2015 under Sukanya Samriddhi Yojana across the country is 76,19,668. The impact is that 76,19,668 girl children got {{INRConvert\|28.38\|b}} deposited in their name.<ref>{{cite web\|title=Accounts opened up to 31.10.2015 under Sukanya Samriddhi Yojana (SSA) across the country is 76, 19,668\|url=http://sapost.blogspot.in/2015/12/accounts-opened-up-to-31102015-under.html }}</ref>		The number of accounts opened up to October, 2015 under Sukanya Samriddhi Yojana across the country is 76,19,668. The impact is that 76,19,668 girl children got {{INRConvert\|28.38\|b}} deposited in their name.<ref>{{cite web\|title=Accounts opened up to 31.10.2015 under Sukanya Samriddhi Yojana (SSA) across the country is 76, 19,668\|url=http://sapost.blogspot.in/2015/12/accounts-opened-up-to-31102015-under.html }}</ref>

	==~~SSY Closure on maturity Rules~~		==Maturity==

	~~(1)~~ The Account shall mature on completion of a period of twenty-one years from the date of its opening:		* The Account shall mature on completion of a period of twenty-one years from the date of its opening:
	Provided that the final closure in the Account may be permitted before completion of such period of twenty one years, if the account holder, on an application, makes a request for such premature closure for reasons of intended marriage of the Account holder and on furnishing of age proof confirming that the applicant will not be less than eighteen years of age on the date of marriage:		Provided that the final closure in the Account may be permitted before completion of such period of twenty one years, if the account holder, on an application, makes a request for such premature closure for reasons of intended marriage of the Account holder and on furnishing of age proof confirming that the applicant will not be less than eighteen years of age on the date of marriage:

	Provided that no such premature closure shall be made before one month preceding the date of the marriage or after three months from the date of such marriage.		Provided that no such premature closure shall be made before one month preceding the date of the marriage or after three months from the date of such marriage.

	~~(2)~~ On maturity, the balance including interest outstanding in the Account shall be payable to the Account holder, on an application by the Account holder for closure of the Account, and on furnishing documentary proof of her identity, residence and citizenship.		* On maturity, the balance including interest outstanding in the Account shall be payable to the Account holder, on an application by the Account holder for closure of the Account, and on furnishing documentary proof of her identity, residence and citizenship.

	~~(3)~~ No interest shall be payable once the Account completes twenty-one years from the date of its opening.		* No interest shall be payable once the Account completes twenty-one years from the date of its opening.
	<ref>[https://blog.bodhik.com/secure-your-daughters-future-with-sukanya-samridhi-yojana/ FAQs About Sukanya Samridhi Yojana Scheme]</ref>		<ref>[https://blog.bodhik.com/secure-your-daughters-future-with-sukanya-samridhi-yojana/ FAQs About Sukanya Samridhi Yojana Scheme]</ref>

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	(2) The process of transfer of the account shall be effected electronically if the post office or the Bank concerned, has access to the facility of CBS.<ref>[http://caknowledge.in/sukanya-samriddhi-account-rules/ Sukanya Samriddhi Account]</ref>		(2) The process of transfer of the account shall be effected electronically if the post office or the Bank concerned, has access to the facility of CBS.<ref>[http://caknowledge.in/sukanya-samriddhi-account-rules/ Sukanya Samriddhi Account]</ref>

	==

	==References==		==References==

180.151.76.10 at 10:38, 31 August 2021

2021-08-31T10:38:06Z

New page

{{Use dmy dates|date=February 2016}}
{{Use Indian English|date=February 2016}}
{{Infobox project
| country = India
| ministry =
| key_people =
| launched = {{Start date and age|2015|01|22|df=y}}
| current_status = Active
}}
'''Sukanya Samriddhi Account''' (''Girl Child Prosperity Account'') is a [[Government of India]] backed saving scheme targeted at the parents of girl children. The scheme encourages parents to build a fund for the future education and marriage expenses for their female child.<ref name=GirlUninterrupted>{{cite news|title=Small savings: Girl, uninterrupted|url=http://www.financialexpress.com/article/personal-finance/small-savings-girl-uninterrupted/58819/|accessdate=2 July 2015|work=[[The Financial Express (India)]]|date=30 March 2015}}</ref><ref>{{Cite web|url=https://m.economictimes.com/wealth/invest/all-you-need-to-know-about-sukanya-samriddhi-yojana/amp_articleshow/55872922.cms#stickyBanner|title=Sukanya Samriddhi Yojana (SSY): What is Sukanya Samriddhi Yojana? All you need to know|website=m.economictimes.com|access-date=2019-05-23}}</ref>

The scheme was launched by Prime Minister [[Narendra Modi]] on 22 January 2015 as a part of the [[Beti Bachao, Beti Padhao]] campaign. The scheme currently provides an interest rate of 7.6%<ref>{{Cite web|title=Folks investing in PPF or Sukanya Samriddhi scheme need not worry⁠ — the rate cuts have been rolled back|url=https://www.businessinsider.in/finance/news/government-withdraws-interest-rate-cut-on-small-savings-schemes-in-a-bizarre-u-turn/articleshow/81813361.cms|access-date=2021-04-02|website=Business Insider}}</ref> (for Apr-July 2021 quarter) and tax benefits. The account can be opened at any [[India Post]] office or branch of authorised commercial banks.

The Sukanya Samriddhi Account Rules, 2016 was rescinded on 12 December 2019 and the new Sukanya Samriddhi Account Scheme, 2019 was introduced.<ref>{{Cite web|url=https://www.taxcorner.co.in/p/sukanya-samriddhi-account-scheme-2019.html|title=Sukanya Samriddhi Account Scheme, 2019|access-date=2020-04-14}}</ref>

==Summary==
The scheme was launched by Prime Minister [[Narendra Modi]] on 22 January 2015 in [[Panipat]], [[Haryana]].<ref name=Unveil>{{cite news|title=PM to unveil Sukanya Samriddhi accounts to incentivise girl child|url=http://indianexpress.com/article/business/business-others/pm-to-unveil-sukanya-samriddhi-accounts-to-incentivise-girl-child/|accessdate=2 July 2015|work=[[The Indian Express]]|date=22 January 2015}}</ref><ref name=Launches>{{cite news|title=Modi launches 'Sukanya Samridhi Yojana' in Haryana|url=http://www.business-standard.com/article/news-ians/modi-launches-sukanya-samridhi-yojana-in-haryana-115012200836_1.html|accessdate=2 July 2015|work=[[Business Standard]]|date=22 January 2015}}</ref> The accounts can be opened at any [[India Post]] office or a branch of some authorised commercial banks.<ref name=1.8Lakh/>
Initially, the interest rate was set at 9.1% but later revised to 9.2% in late March 2015 for FY2015-16.<ref name=1.8Lakh/><ref name=Sukanya92>{{cite news|title=Sukanya Samriddhi to earn at 9.2% interest, PPF 8.7% for FY16|url=http://www.business-standard.com/article/pti-stories/sukanya-samriddhi-to-earn-at-9-2-interest-ppf-8-7-for-fy-16-115033101099_1.html|date=31 March 2015}}</ref> Interest Rate have been revised for FY 2021-22 to 7.6%[https://www.businessinsider.in/finance/news/government-withdraws-interest-rate-cut-on-small-savings-schemes-in-a-bizarre-u-turn/articleshow/81813361.cms].

The account can be opened anytime between the birth of a girl child and the time she attains 10 years age by the parent/guardian. Only one account is allowed per child. Parents can open a maximum of two accounts for each of their children (exception allowed for twins and triplets). The account can be transferred to anywhere in India.<ref name=10Facts/>

A minimum of {{currency|250|INR}} must be deposited in the account initially. Thereafter, any amount in multiples of Rs 100 can be deposited. However, the maximum deposit limit is {{currency|150000|INR}}. If the minimum deposit of {{currency|250|INR}}, (initially which was 1000) is not made in a year, a fine of {{currency|50|INR}} will be put on.<ref name=10Facts/>

The girl can operate her account after she reaches the age of 10. The account allows 50% withdrawal at the age of 18 for higher education purposes. The account reaches maturity after time period of 21 years from date of opening it. Deposits in the account can be made till the completion of 15 years, from the date of the opening of the account. After this period the account will earn only applicable rate of interest. If the account is closed, then it will not earn interest at the prevailing rate.<ref name=10Facts/> If the girl is over 18 and married, normal closure is allowed.<ref name=IndiaPost>{{cite web|title=Sukanya Samriddhi Accounts|url=http://www.indiapost.gov.in/SukanyaSamriddhi.aspx|publisher=[[India Post]]|accessdate=2 July 2015}}</ref><ref name=Yojana>{{cite news|title=Sukanya Samridhi Yojana Calulator |url=https://economictimes.indiatimes.com/wealth/calculators/sukanya-samriddhi-yojana-calculator|accessdate=26 May 2018}}</ref>

===Interest rates revisions===

{| class="wikitable
|-
! Serial Number !! Financial Year !! Date Range !! Interest Rate !! Minimum Investment !! Maximum Investment
|-
|style="text-align: Right;"| 1||style="text-align: Center;"| 2014-15 || 1 April 2014 to 31 March 2015 ||style="text-align: Right;"| 9.1% ||style="text-align: Right;"| 1,000 ||style="text-align: Right;"| 1,50,000
|-
|style="text-align: Right;"| 2||style="text-align: Center;"| 2015-16 || 1 April 2015 to 31 March 2016 ||style="text-align: Right;"| 9.2 % ||style="text-align: Right;"| 1,000 ||style="text-align: Right;"| 1,50,000
|-
|style="text-align: Right;"| 3||style="text-align: Center;"| 2016-17 || 1 April 2016 to 30 Sep 2016 ||style="text-align: Right;"| 8.6 % ||style="text-align: Right;"| 1,000 ||style="text-align: Right;"| 1,50,000
|-
|style="text-align: Right;"| 4||style="text-align: Center;"| 2016-17 || 1 Oct 2016 to 31 Mar 2017 ||style="text-align: Right;"| 8.5 % ||style="text-align: Right;"| 1,000 ||style="text-align: Right;"| 1,50,000
|-
|style="text-align: Right;"| 5||style="text-align: Center;"| 2017-18 || 1 April 2017 to 30 June 2017 ||style="text-align: Right;"| 8.4 % ||style="text-align: Right;"| 1,000 ||style="text-align: Right;"| 1,50,000
|-
|style="text-align: Right;"| 6||style="text-align: Center;"| 2017-18 || 1 July 2017 to 31 December 2017 ||style="text-align: Right;"| 8.3 % ||style="text-align: Right;"| 1,000 ||style="text-align: Right;"| 1,50,000
|-
|style="text-align: Right;"| 7||style="text-align: Center;"| 2017-18 || 1 January 2018 to 31 March 2018 ||style="text-align: Right;"| 8.1 % ||style="text-align: Right;"| 1,000 ||style="text-align: Right;"| 1,50,000
|-
| style="text-align: Right;" | 8|| style="text-align: Center;" | 2018-19 || 1 April 2018 to 30 September 2018 || style="text-align: Right;" | 8.1 % || style="text-align: Right;" | 250 || style="text-align: Right;" | 1,50,000
|-
| style="text-align: Right;" | 9|| style="text-align: Center;" | 2018-19 || 1 October 2018 to 31 March 2019 || style="text-align: Right;" | 8.5 % || style="text-align: Right;" | 250 || style="text-align: Right;" |1,50,000
|-
|style="text-align: Right;"| 10||style="text-align: Center;"| 2019-20 || 1 April 2019 to 30 June 2019 ||style="text-align: Right;"| 8.5 % ||style="text-align: Right;"| 250 || style="text-align: Right;"|1,50,000
|-
|style="text-align: Right;"| 11||style="text-align: Center;"| 2019-20 || 1 July 2019 to 31 March 2020<ref>{{Cite web|url=https://www.taxcorner.co.in/2020/01/ppf-nsc-ssy-and-other-small-savings-scheme-interest-rates-for-q4-2019-20.html|title=PPF NSC SSY and Other Small Savings Scheme Interest Rates for Q4 2019 -20|last=|first=|date=|website=Income Tax Diary|publisher=Sujit Talukder|url-status=live|archive-url=|archive-date=|access-date=2020-01-03}}</ref>|| style="text-align: Right;" | 8.4 % ||style="text-align: Right;"| 250 ||style="text-align: Right;"| 1,50,000
|-
|style="text-align: Right;"| 12||style="text-align: Center;"| 2020-21 || 1 April 2020 to 31 March 2021<ref name="livemint-20200401">{{cite news|last=Kumar|first=Sandeep|date=2021-04-01|title=Folks investing in PPF or Sukanya Samriddhi scheme need not worry⁠ — the rate cuts have been rolled back|work=Business Insider|url=https://www.businessinsider.in/finance/news/government-withdraws-interest-rate-cut-on-small-savings-schemes-in-a-bizarre-u-turn/articleshow/81813361.cms|url-status=live}}</ref>|| style="text-align: Right;" | 7.6 % ||style="text-align: Right;"| 250 || style="text-align: Right;"|1,50,000
|-
|style="text-align: Right;"| 13||style="text-align: Center;"| 2021-22 || 1 April 2021 to 30 June 2021|| style="text-align: Right;" | 7.6 % || style="text-align: Right;" | 250 || style="text-align: Right;"|1,50,000
|}
|-
|style="text-align: Right;"| 14||style="text-align: Center;"| 2021-22 || 1 July 2021 to 30 September 2021|| style="text-align: Right;" | 7.6 % || style="text-align: Right;" | 250 || style="text-align: Right;"|1,50,000
|}

===Tax benefits===
At the time of launch, only the deposits in the account were eligible for tax deduction under [[Income tax in India#Section 80C deductions|Section 80C of the Income Tax Act]], which is {{currency|150000|INR}} in 2015-16. However, Finance Minister Arun Jaitley announced, during the [[2015 Union budget of India|2015 Union Budget]], tax exemption on the interest from the account and on withdrawal from the fund after maturity, making the tax benefits similar to that of the [[Public Provident Fund (India)|Public Provident Fund]]. These changes were applied retrospectively from 1 April 2015. These benefits will be reassessed annually.<ref name=GirlUninterrupted/><ref name=10Facts>{{cite news|title=Sukanya Samriddhi Account to Earn 9.2% Interest: 10 Facts|url=http://profit.ndtv.com/news/your-money/article-sukanya-samriddhi-account-to-earn-9-2-interest-10-facts-751341|accessdate=2 July 2015|work=[[NDTV]]|date=4 April 2015}}</ref><ref name=rules>{{cite web|title=e Sukanya Samriddhi Account Rules, 2014.|url=https://rbidocs.rbi.org.in/rdocs/content/pdfs/494SSAC110315_A1.pdf|publisher=[[Reserve Bank of India]]|access-date=2 July 2015}}</ref>

==Eligibility==

For the child (account holder)-

* Only a girl child can avail the benefits of Sukanya Samriddhi Yojana saving scheme.
* The maximum age of this child should be 10 years. However a grace period of 1 year is granted.

For the parents-

* Only biological parents or legal guardians of a girl child can open the account on the child's behalf.
* One parent or legal guardian can open up to two accounts for their girl children.
*In case of twins or triplets the parent or legal guardian can open up to three accounts.<ref>{{cite web |title=Sukanya Samriddhi Yojana |url=https://sqrrl.in/blog/financial-planning/sukanya-samriddhi-yojana}}</ref>
*The account holder has to be an Indian citizen and resident in India at the time of account opening and has to remain so until maturity or closure of account.

==Reception==
By mid-March 2015, within 2 months of launch, 1,80,000 accounts had been opened under the scheme. Karnataka, Tamil Nadu and Andhra Pradesh reported highest number of new accounts.<ref name=1.8Lakh>{{cite news|title=1.8 lakh A/Cs opened under Sukanya scheme in 2 mths of launch|url=http://www.financialexpress.com/article/industry/banking-finance/1-8-lakh-acs-opened-under-sukanya-scheme-in-2-mths-of-launch/53857/|accessdate=2 July 2015|work=[[The Financial Express (India)]]}}</ref>
The number of accounts opened up to October, 2015 under Sukanya Samriddhi Yojana across the country is 76,19,668. The impact is that 76,19,668 girl children got {{INRConvert|28.38|b}} deposited in their name.<ref>{{cite web|title=Accounts opened up to 31.10.2015 under Sukanya Samriddhi Yojana (SSA) across the country is 76, 19,668|url=http://sapost.blogspot.in/2015/12/accounts-opened-up-to-31102015-under.html }}</ref>

==SSY Closure on maturity Rules

(1) The Account shall mature on completion of a period of twenty-one years from the date of its opening:
Provided that the final closure in the Account may be permitted before completion of such period of twenty one years, if the account holder, on an application, makes a request for such premature closure for reasons of intended marriage of the Account holder and on furnishing of age proof confirming that the applicant will not be less than eighteen years of age on the date of marriage:

Provided that no such premature closure shall be made before one month preceding the date of the marriage or after three months from the date of such marriage.

(2) On maturity, the balance including interest outstanding in the Account shall be payable to the Account holder, on an application by the Account holder for closure of the Account, and on furnishing documentary proof of her identity, residence and citizenship.

(3) No interest shall be payable once the Account completes twenty-one years from the date of its opening.
<ref>[https://blog.bodhik.com/secure-your-daughters-future-with-sukanya-samridhi-yojana/ FAQs About Sukanya Samridhi Yojana Scheme]</ref>

== Transfer of account ==

(1) The Account may be transferred anywhere in India and from or to post offices and from or to Banks and between post office and Bank, free of cost on furnishing of proof of shifting of residence of either the guardian or the Account holder and otherwise, on payment of a fees of one hundred rupees to the post office or the Bank to which the transfer is made.

(2) The process of transfer of the account shall be effected electronically if the post office or the Bank concerned, has access to the facility of CBS.<ref>[http://caknowledge.in/sukanya-samriddhi-account-rules/ Sukanya Samriddhi Account]</ref>

==

==References==
{{Reflist}}
{{Government Schemes in India}}

[[Category:Government schemes in India]]
[[Category:Modi administration initiatives]]
[[Category:Tax-advantaged savings plans in India]]
[[Category:Women's rights in India]]
[[Category:Postal savings system]]
[[Category:Postal system of India]]
[[Category:2015 establishments in India]]