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Sukanya Samriddhi Yojana

  Jan 07, 2017

Sukanya Samriddhi Yojana

What is the scheme?
What are the rules for opening Sukanya Samriddhi Account?   
How much can be deposited in the account?   
What is the mode of deposit? 
How is the interest rate on deposits calculated? 
The government fixes interest rates on quarterly basis based on the G-sec yields.
 
How does the account operate? 
The account is opened and operated by the natural or legal guardian of the girl child in her name till she turns 10. When she turns 10, the girl child can operate the account herself. However, deposit in the account may be made by the guardian or any other person or authority. 

Under what circumstances can the account be closed prematurely?   
What are the rules for partial withdrawal? 
To meet the financial requirements of the account holder for the purpose of higher education and marriage, withdrawal of up to 50 per cent of the balance at the credit of the account at the end of preceding financial year is allowed. However, the withdrawal will be allowed only when the account holder turns 18. 
 
When will the account mature? 
The account matures on the completion of 21 years from the date of opening or whenever the girl child gets married, whichever is earlier, subject to the following:   
Can the account be opened in the name of an NRI girl child? 
A girl child is eligible for an SSY account only if she is a resident Indian citizen when the account is opened, and remains so until the maturity or the closure of account. 
Non-resident Indians can no longer open an SSY account
 
What are the tax benefits available in the scheme? 
Currently, SSY offers the highest tax-free return with sovereign guarantee and comes with the exempt-exempt-exempt (EEE) status. The annual deposit (contributions) qualifies for Section 80C benefit and the maturity benefits are non-taxable.