SSY - Sukanya Samriddhi Yojana
The Sukanya Samriddhi Yojana scheme is aimed at the betterment of lady babies within us of a. Sukanya Samriddhi scheme has been launched to provide a method of saving to the girl child in every family. Tenure of SSY is 21 years from the date of the beginning of the account or till the marriage of the female after she attains the age of 18 years
Sukanya Samriddhi Yojana Information
- Interest rate - 7.60% p.a.
- Investment Amount - Minimum - Rs.250, Maximum Rs.1.5 lakh p.a.
- Maturity Amount - Depends on the invested amount
- Maturity Period - 21 years
- The interest rate was reduced from 8.4% to 7.6%
- Tax benefits of up to Rs.1.5 lakh
- An account can be transferred
Investments made in the direction of the scheme can be used for the girl baby’s marriage and training. An SSY account may be opened at banks and submit places of work. Underneath section 80C of the Earnings Tax Act, 1961, tax advantages of up to Rs.1.5 lakh are supplied for contributions made in the direction of the scheme.
Sukanya Samriddhi Yojana Interest Rate
Currently, the interest rate of the SSY scheme was decreased from eight.Four% to 7.6% and it is compounded on a yearly basis. Interest isn't payable once the length of the scheme is finished or if the lady turns into a Non-resident Indian (NRI) or a non-citizen. The rate of interest is determined with the aid of the authorities and is decided on a quarterly basis.
Sukanya Samriddhi Yojana Calculator
The Sukanya Samriddhi Yojana Calculator facilitates a man or woman to get an estimate of the funding plan underneath the Sukanya Samriddhi Yojana (SSY) scheme.
The calculator will use the details together with the investment made every year and the fee of hobby cited by way of you to assess the statistics and give you the quit result in terms of the maturity amount.
What happens if a lesser or excess amount is paid towards sukanya samriddhi yojana scheme?
Lesser amount: In case the minimal quantity of Rs.500 is not paid in a financial 12 months, the account will be considered as default. But, the account can be brought back to the active status by paying a fine of Rs.50.
Excess quantity: No interest is generated for any deposit above Rs.1.5 lakh. The depositor can withdraw the excess amount at any time.
Sukanya Samriddhi Yojana Withdrawal Rules
The withdrawal policies of the SSY account are noted beneath:
- As soon as the duration of the account has been finished, the whole amount this is available within the account which includes the interest may be withdrawn with the aid of the female baby. But, the beneath-mentioned documents have to be submitted:
- Application form for the withdrawal of the amount.
- Identification evidence
- Deal with evidence
- Citizenship documents
- Withdrawal is permitted for the functions of better education if the girl toddler has attained the age of 18 years and has finished the tenth standard. However, the cash must be used for the price or some other fees which are levied at the time of admission.
- Documents consisting of admission to the college or university as well as the price receipt should be submitted while making use of the withdrawal.
- The maximum quantity that may be withdrawn is 50% of the quantity that is to be had in the preceding year. The amount can be withdrawn in 5 installments or in a lump sum.
Rules for premature withdrawal from SSY account
The rules that permit premature closure of the account is stated beneath:
- As soon as the female attains the age of 18 years vintage and is getting married, SSY untimely withdrawal is allowed. However, a utility must be submitted a minimum of one month earlier than marriage and three months after the marriage to avail of the benefit. Files that decide the age of the woman have to additionally be provided.
- In case the female toddler will become a non-citizen or a non-resident, the account will be deemed as closed. This sort of trade-in popularity must be informed through the dad or mum or the lady infant within one month from the trade-in status.
- In case the girl toddler passes away, the balance this is to be had within the account may be withdrawn by means of the mother or father. However, the death certificates need to be submitted.
- If the account has been opened for 5 years and more, and the financial institution or publish office senses that the continuation of the account is inflicting problems to the girl baby, the mother or father or female baby can choose untimely closure.
- Permission to shut the account may be authorized for other reasons as well, however, the hobby this is earned from the contributions could be similar to the interest quotes which might be furnished via post places of work.
Features of Sukanya Samriddhi Yojana
Features and details
Operation of the account; The mother or father or dad and mom can operate the account until the woman reaches the age of 10 years.
The woman must operate the account once she attains the age of 18 years.
Deposits made in the direction of the account: The minimal and most deposit that may be made in an account in a monetary year is Rs.500 and Rs.1.Five lakh, respectively. The deposits may be made in multiples of 100.
Length of the scheme: Deposits in the direction of the scheme need to be made for a period of 15 years. However, the scheme matures after 21 years.
Transfer of account: An SSY account may be transferred from publishing offices to banks and vice versa everywhere inside India. No costs can be levied for the switch of the account. But, proof for change in residence has to be produced. In case no proof is produced, an Rs.100 rate could be levied.
Mode of deposits: Deposits closer to the account can be made within the form of online transfer, call for draft, cheque, or coins.
Sukanya Samriddhi Yojana Tax benefits
- Below section 80C of the Profits Tax Act, 1961, tax benefits of as much as Rs.1.5 lakh are provided for contributions made in the direction of the scheme.
- The hobby quantity that is generated is likewise exempt from tax.
- Tax benefits also are furnished for the maturity quantity or the withdrawal quantity.
Sukanya Samriddhi Yojana Eligibility
The Sukanya Samriddhi Yojana account eligibility is stated underneath:
- The parent or criminal mum or dad can open an SSY account on behalf of a woman toddler until she reaches the age of 10.
- The girl child has to be a resident Indian.
- In a family, up to two bills may be opened for 2 ladies.
- A third SSY account may be opened in the case of twin women.
Documents required to open an SSY account
The documents required to open an SSY account are mentioned beneath:
- SSY account beginning form.
- The delivery certificate of the lady baby has to be submitted at the time of starting the account.
- The identification evidence and address evidence of the depositor need to be submitted at the time of starting the account.
- A scientific certificate must be submitted in case a couple of children are born under one order of beginning.
- Some other files are requested through the bank or put up office.
What are the details that are recorded in the passbook?
Once an SSY account has been opened, the depositor will receive a passbook. The date of starting the account, the date of start of the lady baby, the account variety, the name, the deal with of the account holder, and the quantity that has been deposited will be noted on the passbook.
The passbook should be submitted to the bank or put up workplace while money is deposited into the account, receiving the interest fee, and on the time of ultimate the account.
Banks that offer SSY account
The below-mentioned banks offer SSY scheme:
State Bank of India
United Bank of India
UCO Bank
Punjab National Bank
Oriental Bank of Commerce
Indian Bank
ICICI Bank
Corporation Bank
Canara Bank
Bank of India
Axis Bank
Allahabad Bank
Vijaya Bank
Union Bank of India
Syndicate Bank
Punjab & Sind Bank
Indian Overseas Bank
IDBI Bank
Dena Bank
Central Bank of India
Bank of Maharashtra
Bank of Baroda
Andhra Bank
List of Banks offering Sukanya Samriddhi Savings Account
A number of the banks positioned in India had been approved by the Indian government to open Sukanya Samriddhi financial savings money owed (SSA). Some of these are the country bank of India (SBI), Syndicate Bank, UCO financial institution, Indian bank, IDBI financial institution, Canara Bank, and many others.
(On 23 July 2018, the criteria for the minimal annual deposit for the Sukanya Samriddhi Yojana account were revised to Rs.250 from the sooner quantity of Rs.1,000. The hobby rate of the Sukanya Samriddhi Yojana scheme was decreased from eight.4% to 7.6% p.A. And it is compounded on an annual basis.)
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