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Sukanya Samriddhi Accounts

Sukanya Samriddhi Accounts (SSA) Scheme, 2019

  • All our branches are authorised to open SSA accounts.
  • Account can be opened by the guardian in the name of the girl child who has not attained the age of 10 years.
  • Every beneficiary (girl) can have single account.
  • Account can be opened for maximum two girl children in one family.
  • More than two accounts may be opened in a family if such children are born in the first or in the second order of birth or in both, on submission of an affidavit by the guardian supported with birth certificates of the twins/triplets regarding the birth of such multiple girl children in the first two orders of birth in a family:
  • Further that the above proviso shall not apply to girl child of the second order of birth, if the first order of birth in the family results in two or more surviving girl children.
  • NRIs are not eligible to open these accounts.
  • Birth certificate of the girl child is must alongwith the Identity & address proof of guardian.
  • PAN of the guardian is compulsory.
  • Account can be opened with minimum initial deposit of Rs.250/- & thereafter in multiple of Rs.50/-.
  • Minimum deposit in a FY is Rs. 250/-.
  • Total deposit should not exceed Rs.1,50,000/- in a F.Y. If any deposit is made in excess of Rs.1,50,000/- it will not earn any interest and excess amount to be returned to the subscriber.
  • Deposit may be made in the account till the completion of 15 years from the date of opening of account.
  • Deposit can be made through Cash/ Clearing/ Transfer or through internet mode.
  • Interest will be compounded yearly at the rate notified by Government on quarterly basis.
  • Interest will be calculated on lowest balance between 5th day & last day of the month.
  • No interest will be payable once the accounts completes twenty-one years from the date of opening.
  • The account shall be operated by the guardian till the account holder attains the age of eighteen years. The account shall be operated by the account holder herself after attaining age of eighteen years by submitting necessary documents.
  • Account shall be operated by the beneficiary account holder after she attains the age of eighteen years.
  • A passbook shall be given to the guardian bearing the name, address & date of birth of the account holder, date of opening of account, account number, name & address of the guardian, relationship with the account holder and amount deposited.
  • Nomination can be made for one or more persons but not exceeding four individuals.
  • Withdrawal up to maximum fifty percent of the balance in the account at the end of the financial year preceding the year of application for withdrawal shall be allowed for the purpose of education of the account holder. Such withdrawal is not allowed unless the account holder attains the age of eighteen years or passed the tenth standard whichever is earlier.
  • The account shall mature on completion for a period of twenty-one years from the date of its opening.
  • In the event of death of the beneficiary account holder, the account shall be closed immediately and balance with interest, upto date of death of account holder, should be paid to guardian. Interest for the period between the date of death of the account holder and date of closure of the account shall be paid at the rate applicable on Post Office Savings Account for the balance held in the account.
  • In case the beneficiary status changes to NRI, the account may be continued till its maturity and the benefits available to the depositor shall be available on non-repatriation basis. No interest shall be paid after its maturity.
  • Premature closure is allowed subject to its satisfaction in case of medical treatment of life threating diseases of account holder & death of guardian, that the operation of the account is causing undue hardship to the account holder only after 5 years of opening of account.
  • Premature closure is also allowed for marriage purpose of the account holder if she attains 18 years of age.
  • The account may be transferred anywhere in India & from Bank/ Post Office to other Bank/ Post office.
  • Tax benefit under section 80 (C) for investment made during the financial year.
  • Exempt at the time of Investment, Exemption on accrued Interest and Exemption on maturity amount.
  • For further clarification, please refer to Government notification G.S.R. 914 (E) dated 12th December 2019