India Post : Sukanya Samriddhi Account Opening Procedure

Organisation: Department of Post
Scheme Name : Sukanya Samriddhi Account Opening Procedure
Location : India
Website : https://www.indiapost.gov.in/vas/Pages/IndiaPostHome.aspx

India Post Sukanya Samriddhi Account

Interest payable, Rates, Periodicity etc.:
Rate of interest 9.2% Per Annum(w.e.f 1-4-2015),calculated on yearly basis ,Yearly compounded.

Minimum Amount for opening of account and maximum balance that can be retained:
Minimum INR. 1000/-and Maximum INR. 1,50,000/- in a financial year. Subsequent deposit in multiple of INR 100/- Deposits can be made in lump-sum No limit on number of deposits either in a month or in a Financial year

Salient features including Tax Rebate:
1.A legal Guardian/Natural Guardian can open account in the name of Girl Child.

2.A guardian can open only one account in the name of one girl child and maximum two accounts in the name of two different Girl children.

3.Account can be opened up to age of 10 years only from the date of birth. For initial operations of Scheme, one year grace has been given. With the grace, Girl child who is born between 2.12.2003 &1.12.2004 can open account up to1.12.2015.

4.If minimum Rs 1000/- is not deposited in a financial year, account will become discontinued and can be revived with a penalty of Rs 50/- per year with minimum amount required for deposit for that year.

5.Partial withdrawal, maximum up to 50% of balance standing at the end of the preceding financial year can be taken after Account holder’s attaining age of 18 years.

6.Account can be closed after completion of 21 years.

7.If account is not closed after maturity, balance will continue to earn interest as specified for the scheme from time to time.

8.Normal Premature closer will be allowed after completion of 18 years /provided that girl is married.

Enclosures :
Following forms are also enclosed:
(i) Revised Account Opening form to be used by Non CBS Post Offices
(ii) Revised Account Opening Form for individuals (alongwith sample Page-3 with dimentions) to be used in CBS Post Offices.
(iii) New Account Opening Form for lndividuais who have opened ClF after migration to be used in CBS Post Offices. (For other transactions, existing forms including Passbook will be used.)

How To Open Sukanya Samriddhi Account?

The account may be opened by the natural or legal guardian in the name etc girl child from the birth or the girl chtld till she attains the age 0! ten years and any girl child, who had attained the age of ten years, one year prior to the commencement of these rules shall also be eligible for opening of the account under these rules

Deposits :
The account may be opened with an initial deposit of one thousand rupees and thereafter any amount in multiple of one hundred rupees may be deposited subject to the condition that a minimum of one thousand rupees shall be deposited in a financial year but the total money deposited in an account on a single occasion or on multiple occasions shall not exceed one lac thousand rupees in a financial year.

Deposits in an account may be made till completion of fourteen years from the date of opening of the account.

Mode of Deposit :
The deposit in the account opened under these rules may be made
a) in cash: or

b) by cheque or demand dralt drawn in favour of the postmaster of the concerned post office or the Manager of the concerned bank where the account stands and an endorsement on the back of such instrument shall be made and signed by the depositor indicating name ol‘ the account holder and account number in which the deposit is to be credited.

Where deposit is made by cheque or demand draft. the date of encashmcnt of the cheque or demand draft shall be the date of credit to the account

Interest on deposit :
[1] Interest at the rate. to be notified by the Government. compounded yearly shall be credited to the account till the account completes fourteen years.

[2] In case of account holder opting for monthly interest. the same shall be calculated on the balance in the account on completed thousands, in the balance which shall be paid to the account holder and the remaining amount in fraction of thousand will continue to earn interest at the prevailing rate.

Pass book :
On opening an account. the depositor shall be given a pass book bearing the date of birth of the girl child. date of opening of account. account number. name and address of the account holder and the amount deposited.

The pass book shall be presented to the post office or bank. as the case may be. at the time of depositing money in the account and receiving payment of interest and also at the time of final closure of the account on maturity.

Transfer of account:
The account may be transferred anywhere in lndia if the girl child in whose name the account stands shilts to a place other than the city or locality where the account stands.

Withdrawal :
To meet the financial requirements of the account holder for the purpose of higher education and marriage. withdrawal up to fifty per cent. of the balance at the credit. at the end of preceding financial year shall be allowed.

Closure on maturity :
The account shall mature on completion of twenty~one years from the date of opening of the account :
Provided that where the marriage of the account holder takes place before completion of such period of twenty-one years. the operation ot‘ the account shall not be permitted beyond the date of her marriage :

Provided further that where the account is closed under the first provison the account holder shall have to give an affidavit to the effect that she is not less than eighteen years of age as on the date of closing of account

FAQ On India Post Sukanya Samriddhi Account

Here are some FAQ on India Post Sukanya Samriddhi Account:

Who can open an account?
An account can be opened by a parent or guardian in the name of a girl child who has not attained the age of 10 years on the date of opening the account.

What are the minimum and maximum deposit amounts?
The minimum deposit amount is Rs. 250 per month and the maximum deposit amount is Rs. 1.5 lakh per year.

What is the interest rate?
The interest rate is 7.6% per annum compounded annually.

What are the withdrawal rules?
The account can be closed after 21 years from the date of opening. The entire amount can be withdrawn after the account matures. However, partial withdrawals are allowed after 5 years from the date of opening the account.

What are the tax benefits?
The interest earned on the Sukanya Samriddhi Account is tax-free under Section 80C of the Income Tax Act, 1961.

What are the penalties for early withdrawal?
There is a penalty of 1% per month for early withdrawal of the amount.