Sukanya Samriddhi Scheme
All UCO Bank Branches are authorised to receive subscription under SUKANYA SAMRIDDHI YOJANA (SSY) 2019 Scheme of Government of India.
| Sl. No. | SALIENT FEATURES |
SUKANYA SAMRIDDHI YOJANA 2019, HIGHLIGHTS OF THE SCHEME |
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Objective
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To promote the welfare of Girl Child.
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Eligibility
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Account can be opened in the name of a resident girl child up to the age of 10 years. A resident natural / legal guardian can open an account on behalf of a girl child. Maximum 2 Girl Children per family (more than 2 in the case of twin/triplets birth)* |
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Deposit
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Minimum initial subscription Rs. 250/- Maximum Rs. 1, 50,000/- in a Financial Year in multiple of Rs 50/-. |
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Rate of Interest |
8.2% per annum w.e.f 01.01.2024 calculated on yearly Basis, compounded annually. Govt. of India announces Rate of Interest for every Quarter of a financial year. |
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Tenure of the Deposit |
Tenure of the Deposit is 21 years from the date of opening of the account. Maximum period up to which deposits can be made is 15 years from the date of opening of the account.
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Withdrawals
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Withdrawal shall be allowed after the account holder attains the age of eighteen years or has passed tenth standard, whichever is earlier For higher Education 50% of balance at the end of the previous financial year can be withdrawn. For marriage of adult account holder, 100% withdrawals permitted.* |
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7.
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Closure on maturity
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The account shall mature on completion of a period of twenty-one years from the date of its opening. The closure of the account may also be permitted before completion of twenty-one years for the reason of intended marriage of the account holder and the applicant is not be less than eighteen years of age on the date of marriage the date of marriage |
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Tax Benefit
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Subscription to SSY qualifies for Tax benefits under 80C of IT Act. Interest credited to SSY is exempt from Income Tax. Maturity Proceeds exempt from tax.
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Mode of Payment |
Cash/Cheque /Demand Draft/Online via M- Banking.
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Website
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For latest instructions /modifications in the scheme, visit www.nsiindia.gov.in
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SIP: Standing Instructions can be given either at the Branch or set through Internet Banking for automatic credit to Sukanya Samriddhi Account .
WHAT IS THE SUKANYA SAMRIDDHI YOJANA (SSY)?
The Sukanya Samridhhi Yojana tries to tackle the major problem relating to a girl in India i.e. their education and marriage. The Sukanya scheme focuses on ensuring a good future life for the girl child by helping the parents of the child in building a fund for good education and meeting their marriage expenses.
WHO CAN BE THE BENEFICIARY OF THE SSY ACCOUNT?
The beneficiary of SSY shall always be the girl child who is a resident of India at the time of opening the account until the maturity or closure of the account.
WHO CAN OPEN THE ACCOUNT?
The account under the sukanya scheme can be opened by the parents or legal guardian of the girl child. The account can be opened only if the girl has not attained the age of 10 years.
WHO CAN DEPOSIT AND OPERATE THE PRADHAN MANTRI SUKANYA YOJNA ACCOUNT?
The girl child if she has attained the age of 10 years or the guardian can deposit and operate the account. Sukanya Samridhhi Yojana account shall be mandatorily operated by the girl child after she attains the age of 18 years.
HOW MANY SSY ACCOUNTS CAN BE OPENED?
One SSY account can be opened per girl child. A maximum of two accounts can be opened for two girl children in a family, including the adopted children. However, in the case of triplets, the parents or legal guardian can open three accounts.
WHERE CAN YOU OPEN SSY ACCOUNT?
SSY account can be opened at any authorised branch of a commercial bankor post office or.
WHAT ARE THE DOCUMENTS REQUIRED TO OPEN THE ACCOUNT?
- Girl child’s birth certificate.
- Residential and identity proof of the guardian.
- Medical certificate in case of multiple child birth like twins and triplets.
- Any other document requested by the bank or post office.
WHAT IS THE AGE FOR OPENING AN ACCOUNT UNDER SUKANYA SAMRIDDHI YOJNA?
Account under sukanya scheme can be opened at any time till the girl child attains the age of 10 years.
DEPOSIT LIMIT, TENURE AND MODE?
The minimum amount required to open an account under Sukanya Samridhhi Yojana is Rs. 250 and a maximum of Rs. 1, 50,000 in every financial year, up to 15 years. The amount can be deposited through cash, cheque, online transfer or demand draft.
INTEREST ON DEPOSITS?
The rate of interest provided in the Sukanya Samridhhi Yojana changes every quarterly. ROI @ 7.6 % per annum w.e.f. 01.10.2020 calculated on yearly basis, compounded annually.
WHAT ARE THE CONSEQUENCES IN CASE OF EXCESS OR SHORT DEPOSIT IN THE ACCOUNT?
If you deposit any amount above the maximum cap allowed, then on such excess amount you will not be provided any interest and that amount can be withdrawn anytime by the depositor. In case of shortage or account under default (for not depositing a minimum of Rs. 250 in a financial year), the account can be regularised within 15 years of its opening by paying a penalty of Rs. 50 every default per year.
WHAT IS THE TENURE OF SUKANYA SAMRIDDHI ACCOUNT?
The tenure of the Sukanya Samridhhi Yojana account is 21 years from the date of the account opening.
WITHDRAWAL
100% amount in this account can be withdrawn after the completion of 21 years from the account opening date. However, for the purpose of higher education, when the girl has attained the age of 18 years or completed the 10th standard of the school, a maximum of 50% of the balance in the SSA account at the end of the preceding financial year can be withdrawn. The withdrawal can be made in a lump sum or in the form of five instalments.
CLOSURE OF SSA ON MATURITY
The Pradhan Mantri Sukanya Yojna Account matures on the completion of tenure of 21 years. The balance in the account is paid to the child on submitting the application along with proper documents.
TAX BENEFITS OF SSA
An investment made in the SSY account is eligible for deduction under Section 80C up to Rs. 1.50 lakh. The interest accrued on the deposits which get compounded annually in this account is exempt from tax. Furthermore, the proceeds received on maturity or withdrawal is also exempt from income tax.
The above mentioned are some of the things that you must know about Sukanya Samridhhi Yojana. If you have a girl child less than 10 years of age, you must open an account under the sukanya scheme and safeguard her future welfare.
NOTE: As this is a Govt. of India scheme, customers are advised to visit www.nsiindia.gov.in for latest instructions/ modification in the scheme.
Current Account
Salary Account
Sukanya Samridhi
Recurring Deposit
Fixed Deposit
PPF Account
Interest Rate Deposit Account
Saving Account
