Sukanya samriddhi yojana
Do you know these things about Sukanya Samriddhi Yojana?
Sukanya Samriddhi Yojana is a small savings scheme launched by the Modi government. It was started under the 'Beti Bachao Beti Padhao' campaign. This scheme helps in raising funds for the education and marriage of daughters. At present, 8.1 percent interest is available under the scheme.
Under Section 80C of the Income Tax Act, tax exemption is also available for investing in Sukanya Samriddhi Yojana. That is, you can avail tax rebate on an investment of Rs 1.5 lakh per annum. The returns from Sukanya Samriddhi Scheme are also tax free. You can avail tax exemption for this financial year by investing in Sukanya Samriddhi Scheme till 31 March.
Sukanya Samriddhi account can be opened anytime before daughter's age is 10 years. Sukanya Samriddhi account opens with 250 rupees. Earlier, one had to deposit Rs 1,000 for this. A maximum of Rs 1.5 lakh can be deposited in Sukanya Samriddhi in any financial year.
Sukanya Samriddhi account can be opened in any post office or bank branch. It can be kept operational for 21 years after opening Sukanya Samriddhi account. If the parents want, they can run it till the daughter gets married at the age of 18 years.
After the daughter turns 18, up to 50 per cent can be withdrawn from Sukanya Samriddhi account for her higher education.
What are the rules for opening a Sukanya Samriddhi account?
Sukanya Samriddhi account can be opened by the parents or legal guardians of the daughter in her name. It can be opened from the birth of a daughter till she is 10 years old. According to the rules, only one Sukanya Samriddhi account can be opened for a girl child and money can be deposited in it. That is, two accounts cannot be opened for a girl child.
While opening Sukanya Samriddhi account, it is important to give the daughter's birth certificate to the post office or bank. Along with this, proof of identity and address of daughter and guardian has to be given.
How much can I deposit?
250 rupees is enough to open Sukanya Samriddhi account. Later, money can be deposited in multiples of 100 rupees. One has to deposit at least 250 rupees in a financial year. Similarly, maximum of 1.5 lakh rupees can be deposited in Sukanya Samriddhi account at one time or several times.
Sukanya Samriddhi account can be deposited for 15 years from the day of opening. In the case of a 9-year-old daughter, money can be deposited till she turns 24 years old. Till the age of 24 to 30 years, daughter gets interest on the amount deposited in Sukanya Samriddhi account.
It becomes irregular if there is no minimum deposit in Sukanya Samriddhi account. It can be regularized by paying a penalty of Rs 50 per year. Along with this, the amount to be deposited at least for every year will also have to be put in the account.
If you do not pay the penalty, you will get interest equal to the post office saving account on the amount deposited in Sukanya Samriddhi account. It is about 4 percent now. If the interest on Sukanya Samriddhi account has been paid more then it can be revised.
How is money deposited in Sukanya Samriddhi account?
You can deposit money in Sukanya Samriddhi account with cash, check, demand draft or any such instrument that the bank accepts. For this, it is necessary to write the name of the depositor and the account holder.
You can also deposit money through electronic transfer mode in Sukanya Samriddhi account. The condition is that there should be a core banking system in that post office or bank. If money is deposited by check or draft in Sukanya Samriddhi account, then interest will be paid on it after it is cleared. Whereas in case of e-transfer, this calculation will be done from the day of deposit.
How is interest calculated?
Every quarter the government determines the interest rate based on the yield of government bonds. The interest rate on Sukanya Samriddhi account is 0.75 per cent higher than that of government bonds.
Interest paid so far in Sukanya Samriddhi Scheme
April 1, 2014: 9.1%
April 1, 2015: 9.2%
1 April 2016 - 30 June 2016: 8.6%
1 July 2016 - 30 September 2016: 8.6%
October 1, 2016 - December 31, 2016: 8.5%
1 July 2017 - 31 December 2017: 8.3%
January 1, 2018 - March 31, 2018: 8.1%
April 1, 2018 - June 30, 2018: 8.1%
1 July 2018 - 30 September 2018: 8.1%
October 1, 2018 - December 31, 2018: 8.5%
1 January 2019 - 31 March 2019: 8.5%
Under what conditions does Sukanya Samriddhi account prematurely shut down?
Sukanya Samriddhi account can be closed after the death of the account holder by showing the death certificate. After this, the amount deposited in Sukanya Samriddhi account will be given back to the daughter's guardian along with interest.
Apart from this, it can be closed after five years from the opening of Sukanya Samriddhi account. This can also be done in special situations. For example, in case of some fatal disease. Even after this, if Sukanya Samriddhi account is closed for any other reason, it is allowed. But, then interest will be paid according to the savings account.
Can Sukanya Samriddhi account transfer?
Yes, it is possible. Sukanya Samriddhi account can be transferred anywhere in the country. The condition is that the daughter, in whose name Sukanya Samriddhi account is opened, is shifting from one place to another.
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There are no fees in the transfer. For this, proof has to be shown of the shift of Sukanya Samriddhi account holder or his parents / guardian.
If no such evidence is shown, then the post office or bank will have to pay a fee of Rs 100 for Sukanya Samriddhi account transfer where the account has been opened.
What are the rules for partial withdrawal from Sukanya Samriddhi account?
Partial withdrawal can be done from the account to meet the financial needs of the account holder. These include work such as higher education and marriage. In this, 50 percent of the amount deposited in the Sukanya Samriddhi account by the end of the last financial year can be withdrawn. This withdrawal from the account is possible only if the account holder crosses the age of 18 years.
To withdraw money from Sukanya Samriddhi account, a written application and admission offer or fee slip in any educational institution is required.
Can Sukanya Samriddhi account be opened in the name of NRI daughter?
The scheme benefits only daughters living in India. That is, non-resident Indians cannot open Sukanya Samriddhi account. However, if the citizenship of the daughter changes during the period of the scheme, then interest on Sukanya Samriddhi account will stop from the same day from which the status of citizenship will change.
What are the tax benefits in Sukanya Samriddhi Scheme?
Sukanya Samriddhi Scheme has the status of Exempt-Exempt-Exempt. That is, along with the tax rebate on the investment made in Sukanya Samriddhi Yojana, the returns from it are also tax free.
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