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 SSY Scheme 2021

After opening the account under this scheme, this account can be run after the girl child turns 18 or after she turns 21 until she gets married. Under SSY 2021, a person can withdraw 50% of the total deposit amount for his studies after the age of his daughter is 18 years and after the daughter turns 21, she can withdraw the entire amount deposited by the beneficiary for marriage. The amount paid and the interest paid by the agency will also be included. This account will mature only after the daughter turns 21.

how to deposit money in sukanya samriddhi yojana account

The amount of Sukanya Samriddhi Yojana 2021 account can be deposited by cash, demand draft, or by electronic transfer mode in the post office or bank where the core banking system is present | In all these easy ways, any person can deposit money in his daughter's account.

An account can be opened under Sukanya Samriddhi Yojana till age

Under Sukanya Samriddhi Yojana, a daughter's bank account can be opened from 0 to 10 years of age. Under this scheme, if the age of the daughter is more than 10 years, then the bank account cannot be opened. The operation of the account will be with the parents or guardians of the daughter.

SSY Sukanya Samriddhi Yojana Maturity and Partial Withdrawal

Some people think that the Sukanya Samriddhi Account matures after attaining the age of 21 years but this is completely wrong. There is no relation of the age of the girl child with the maturity of the account. However, the account holder can withdraw the amount only when she attains the age of 18 years and the amount can be used for higher studies and marriage The account will be closed after its maturity. Premature closure of the account is permitted in the event of death of the account holder on production of a death certificate issued by the competent authority. Then the balance is credited to the guardian and the account is closed.

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Under what circumstances Sukanya Samriddhi Account can be closed before maturity?

Sukanya Samriddhi Yojana account can be closed if the account holder dies. In this case, it will be mandatory to show the death certificate of the account holder. After which the amount deposited in this account will be returned to the guardian of the daughter along with interest. Apart from this, 5 years of opening Sukanya Samriddhi Yojana account Even after that it can be closed for any reason. In this situation, the interest rate will be given according to the savings bank account. 50% of the amount from the account can also be withdrawn for the education of the daughter. This withdrawal can be made only after the daughter turns 18.

What will happen if it is not deposited under Sukanya Samriddhi Yojana?

If for some reason the account holder is unable to deposit the amount under Sukanya Samriddhi Yojana, then he will have to pay a penalty of ₹ 50 annually. And with this, the minimum amount will have to be paid every year. If the penalty is not paid, then the Sukanya Samriddhi Yojana account will get an interest rate equal to that of the savings account, which is 4 percent.

PM Kanya Yojana Tax Benefits

Under Section 80C of the Income Tax Act 1961, the amount deposited in the Sukanya Samriddhi Yojana, the amount of interest and the maturity amount has been made tax-free. The government has provided exemption on the contribution made under this scheme, which is up to ₹ 150000 per annum.

Sukanya Samriddhi Yojana Tax Benefits

As per the Income Tax Act, all investments made under this scheme are eligible for the benefit of tax deduction. A maximum tax deduction of 1.5 lakh is admissible towards SSY.

Under this, interest is accumulated, which is deposited in the account on an annual basis. No tax is levied on this earned/accumulated interest. It allows maximizing the funds under the plan.

Tax exemption can be claimed either by the parents or legal guardian of the girl child. Only one depositor is eligible for tax exemption under section 80C of the Income Tax Act.

Key Facts of Sukanya Samriddhi Yojana 2021

As you all know Sukanya Samriddhi Yojana has been started by the government to secure the future of daughters and for their education and marriage. The daughter's future can be secured by investing under this scheme. There are some features of this plan which are as follows.

• Under Sukanya Samriddhi Yojana, the account of a daughter below the age of 10 years can be opened.
• The account can be opened in any post office or bank.
• Under this scheme, the account of a maximum of two children of a family can be opened.
• In some special circumstances, an account of three children of a family can also be opened.
• Under this scheme, an account can be opened for a minimum of ₹ 250.
• Under Sukanya Samriddhi Yojana, a minimum investment of ₹ 250 and a maximum of ₹ 1.5 lakh can be invested in 1 financial year.
• The interest rate of 7.6% has been fixed under this scheme.
• Tax exemption is also available under this scheme under Section 80C Income Tax Act.
• The returns received through this scheme are also tax-free.
• 50% amount can be withdrawn from Sukanya Samriddhi Yojana for the higher education of the daughter also.
• Sukanya Samriddhi Yojana 2021 is a small savings scheme of the central government for daughters.
• Under this scheme, the beneficiary can open an account for his daughter in all these banks like Nationalized Bank, Post Office, SBI, ICICI, PNB, Axis Bank, HDFC, etc.

Banks authorized for Sukanya Samriddhi Yojana

There is a total of 28 banks authorized by the Reserve Bank of India (RBI) to open Sukanya Samriddhi Yojana accounts. Users can open an SSY account in any of the following banks and avail of this scheme.

1. Allahabad Bank
2. State Bank Of India (SBI)
3. axis bank
4. Andhra Bank
5. Bank Of Maharashtra (BOM)
6. Bank Of India (BOI)
7. Corporation Bank
8. Central Bank Of India (CBI)
9. Canara Bank
10. Dena Bank
11. Bank Of Baroda (BOB)
12. State Bank Of Patiala (SBP)
13. State Bank Of Mysore (SBM)
14. Indian Overseas Bank (IOB)
15. Indian bank
16. Punjab National Bank (PNB)
17. IDBI Bank
18. ICICI Bank
19. Syndicate Bank
20. State Bank Of Bikaner And Jaipur (SBBJ)
21. State Bank Of Travancore (SBT)
22. Oriental Bank Of Commerce (OBC)
23. State Bank Of Hyderabad (SBH)
24. Punjab And Sind Bank (PSB)
25. Union Bank of India
26. UCO Bank
27. United Bank Of India
28. Vijay Bank

Benefits of PM Kanya Yojana 2021

• The benefit of this scheme will be provided to the girls under the age of 10 of the country.
• Under the Sukanya Samriddhi Yojana, the guardians of the girl child can open a savings account for them. Until the girl turns 10 years old.
• A maximum of Rs 1.5 lakh can be deposited under this scheme during the current financial year.
• Under PM Kanya Yojana 2021, you can easily secure the future of your girls.
• It will help in your girl's education or marriage.
• You can easily start this scheme in any bank or post office.
• This scheme is beneficial for both the girl child and their parent/guardian as it helps both.
• The guardian or natural parent is allowed to open an account under this scheme for only two girls.
• The depositor can deposit money in the account till the girl child completes fourteen years from the date of opening of the account.

Documents of SSY 2021 (Eligibility)

• To open an account under this scheme, the age of the girl child should be less than 10 years.
• Aadhar Card
• baby and parent photo
• girl child birth certificate
• Residence proof
• Depositor (parent or legal guardian) ie PAN card, ration card, driving license

Rules for opening account in Sukanya Samriddhi Yojana

The account under Sukanya Samriddhi Yojana can be opened or opened by the parents or legal guardians of the daughter. This account can be opened from the birth of the daughter till she attains the age of 10 years. Under Sukanya Samriddhi Yojana, only one account can be opened for a daughter and the daughter's birth certificate will have to be deposited in the post office or bank at the time of opening the account. Along with this, other important documents such as identity cards and address proof will also have to be submitted.

Some Terms and Conditions of Sukanya Samriddhi Yojana

Investment Terms and Conditions

• Age of Account Opening: Sukanya Samriddhi Account can be opened by the guardian before the girl child attains the age of 10 years.
• Number of Accounts: Only one account can be opened for a girl child under this scheme. Under this scheme, a separate account cannot be operated by the mother and a separate account by the father for a daughter.
• The number of account holders of the family: Only two daughters of a family can take advantage of this scheme.
• The number of account holders of a family in the case of twin daughters: If twin or triplet daughters are born then in that case more than 2 accounts can also be opened.
• Operation of Account: Sukanya Samriddhi Account is operated by the guardian of the account holder till the account holder attains the age of 18 years.

Terms and conditions for depositing the maximum and minimum amount

• Minimum Account Opening Amount: The account can be opened under this scheme for a minimum amount of Rs.250.
• Minimum investment per annum: Every year under this scheme the beneficiary will have to invest Rs.250.
• Default Status: If the minimum investment of Rs.250 per annum is not made by the account holder, then the account will default. If the account has defaulted, then in this case the account can be revived by paying a minimum amount of Rs.250 and a penalty of ₹50.
• Maximum investment amount: A maximum amount of up to ₹ 150000 can be invested under Sukanya Samriddhi Yojana.
• Important Documents for Account Opening: To open an account under this scheme, the guardian will have to submit Form-1, birth certificate of the daughter and PAN card, and Aadhar number of the guardian.
• Period of investment: Investment can be made under this scheme up to 15 years from the date of account opening

Terms and Conditions relating to Maturity, Tax Benefits, and Interest Rates

• Maturity Age: The Sukanya Samriddhi Account will mature after 21 years from the date of opening or after the girl child attains the age of 18 years at the time of marriage.
• Interest Rate: The interest rate will be notified by the government on a quarterly basis. The interest rate under this scheme for January 2021 to March 2021 is 7.6%
• Interest amount: Under this scheme, the interest amount will be deposited in the account at the end of the financial year. Sukanya Samriddhi Account can be opened in a post office or bank.
• Tax Benefits: The investment made under this scheme is tax-free under section 80C. The interest and maturity amount received under this scheme is also tax-free.

Terms and conditions regarding premature closure of an account

• Premature Closure: Sukanya Samriddhi Account can be closed prematurely (after 5 years of account opening).
• Death of the account holder: If the account holder dies, then in this case this account can be closed.
• Life-threatening disease situation: If the account holder gets any kind of life-threatening disease, then in this situation also this account can be closed.
• Death of the Guardian: The account can be closed even in the event of the death of the guardian (who operates the account) of the account holder.

Terms and conditions for withdrawing money from Sukanya Samriddhi account

• Withdrawal Status: Up to a maximum of 50% of the balance available at the end of the previous financial year can be withdrawn from the Sukanya Samriddhi Yojana account. This withdrawal can be done for the education of the girl child.
• Age for Sukanya Samriddhi Account Withdrawal: This withdrawal can be done after the girl child attains the age of 18 years or after passing class X (whichever is earlier).
• Withdrawal Mode: Withdrawals from the account can be made in one go or in installments.

Sukanya Samriddhi Yojana 2021 Account Opening Application Form

• Interested beneficiaries who want to apply for opening a savings account under this scheme, then they have to first download the Sukanya Samriddhi Yojana Account Opening Form.
• After this, the application form will have to be filled with all the necessary information. After filling in all the information, all your necessary documents will have to be attached to the form.
• Then the application form and documents have to be submitted along with the amount in the desired bank and post office

Procedure to check account balance under Sukanya Samriddhi Yojana

Sukanya Samriddhi Yojana was launched by the Government of India. Under which 7.6 percent interest is provided on the investment. The passbook of Sukanya Samriddhi Yojana can be accessed both online and offline. You can check your account balance under Sukanya Samriddhi Yojana very easily. At present, more than 25 banks are providing Sukanya Samriddhi Yojana accounts. you in these banks You have to go and open your account. After this, the passbook will be provided to you by the bank. You can check your account balance under Sukanya Samriddhi Yojana through the passbook. This account balance can be checked digitally or through an account statement. You have to follow the following procedure to check key account balances.

• First, you have to request your bank to provide you login credentials.
• These login credentials are not provided by all banks. Only a few banks provide this facility.
• After receiving the login credentials, you will be required to log in to the Bank's Internet Banking Portal.
• After this, the home page will open in front of you.
• Now you have to click on Confirm Balance option.
• As soon as you click on the Confirm Balance option, the amount of the Sukanya Samriddhi Account will open in front of you.
• This is the only means through which the Sukanya Samriddhi account balance can be checked.

The process to revive the default account

As you all know, it is mandatory to invest a minimum of ₹ 250 in Sukanya Samriddhi Account. If the minimum investment of ₹ 250 is not made by the account holder, then in this situation the account is considered as a defaulter. The account can be revived after the account defaults. 15 from the date of account revival account opening Can be done for years. To get the account revived, you will have to make the minimum investment which is ₹ 250 for all the years in which you have not made the minimum investment and will have to pay a penalty of ₹ 50 per annum. After making this payment your account will be revived.

sukanya samriddhi yojana interest fixation process

Under Sukanya Samriddhi Yojana, the account can be opened in the post office or in the bank. The interest of 7.6% is paid on the investment under this scheme. The method of calculation of interest under this scheme has been fixed by the government. Closing and closing of 5th day under Sukanya Samriddhi Yojana Interest is calculated on the lowest balance in the account in the middle of the month. The interest rates are changed every year by the government and the interest amount is deposited in the beneficiary's account at the end of the year. Deduction under section 80C is also available on the deposits made under this scheme.

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PM Kanya Yojana

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