SUKANYA SAMRIDDHI SCHEME- 2022

Sukanya Samriddhi Yojana Scheme is a Small Deposite Scheme launched by the Government. Under the campaign of “Save The Girl Child” or “Beti Bachao Beti Padhao”

Introduction

This is scheme was started by the Government for the daughters. Depositing money in this scheme is giving returns at the rate of 7.6 percent. There are many benefits of this scheme. The Government has made some important changes to this scheme.

This Scheme may be called the Sukanya Samriddhi Account Scheme

Definitions

• “Account” means an account opened under this Scheme
• “Account holder” means a girl child in whose name the account is held
• “Act” means the Government Savings Promotion Act, 1873 (5 of 1873)
• “Birth Certificate” means a birth certificate issued by the municipal authority or any office authorized to issue birth and death certificate by the Registrar of Births and Deaths or the Indian Consulate as defined in clause (d) of sub-section (1) of section 2 of the Citizenship Act, 1955 (57 of 1955)
• “Family” means a unit consisting of a person and his spouse (both or either of whom is alive or deceased) and their children, adopted or otherwise;
• “Financial Year” means the period commencing on the 1stday of April and ending on the 31stday of March of the following year;
• “Form” means forms appended to this Scheme;
• “General Rules” means the Government Savings Promotion General Rules, 2018;
• “Maturity” means maturity of an account on completion of a period of twenty-one years from the date of its opening.
• Words and the expressions used herein but not defined shall have the meanings respectively assigned to them in the Act and the General Rules.

How to open an account

(1) The account may be opened by one of the guardians in the name of a girl child, who has not attained the age of 10 years as of the date of opening of the account.

(2) Every account holder shall have a single account under this Scheme.

(3) The application in Form-1 for opening an account shall be accompanied by the birth certificate of the girl child in whose name the account is to be opened, along with the required documents of the guardian.

(4) An account under this Scheme may be opened for a maximum of two girl children in one family:

Now the account of the 'third' daughter can also be opened.

Earlier, the scheme had availed tax exemption under 80C on the account of two daughters. It didn't help the third daughter. Under the new scheme, if two twin daughters are born after one daughter, then there is a provision to open an 
account for both of them also.

Deposits

(1) The account may be opened with a minimum initial deposit of 250 rupees and in multiples of 50 rupees thereafter and subsequent deposits shall be in multiples of 50 rupees subject to the condition that a minimum of 250 rupees shall be made as a deposit in a financial year in one account.

(2) The total amount deposited in an account shall not exceed 1,50,000 rupees in a financial year:

Provided that the deposit in excess of 1,50,000 rupees in any financial year, if accepted due to any accounting error, shall not be eligible for any interest and be returned immediately to the depositor.

(3) Deposits may be made in the account till the completion of a period of 15 years from the date of opening of the account.

(4) An account in which the minimum amount as specified in sub-paragraph (1) has not been deposited shall be considered as an account under default:

Provided that an account under default may be regularised any time till completion of a period of fifteen years from the date of opening of an account on payment of a penalty of fifty rupees for each year of default along with the minimum annual deposit in respect of the defaulted years.

(5) In case of an account under default, if not regularised within the time specified under sub-paragraph (4), then the whole deposit, including the deposits made prior to the date of default, shall be eligible for interest at the rate applicable to the Scheme till the closure of the account.

Interest on deposit

(1) The deposit made in the account between 12th December 2019 to 31st March 2020 (both days inclusive) and the balances at the credit of the account shall earn interest at the rate of 8.4 percent per annum.

(1A) The deposit made in the account on or after the 1st day of April 2020 and the balances at the credit of the account shall earn interest at the rate of 7.6 percent. per annum.

Subparagraph 5(1) amended and subparagraph 5(1A) inserted vide G.S.R. No. 288 (E) dated 05/05/2020

(2) The interest shall be calculated for the calendar month on the lowest balance in the account between the close of the fifth day and the end of the month. The interest shall be credited to the account at the end of each financial year and any amount of interest in a fraction of a rupee shall be rounded off to the nearest rupee and for this purpose, any amount of fifty paise or more shall be treated as one rupee and any amount less than fifty paise shall be ignored.

(3) Interest shall be credited at the end of the financial year irrespective of the change of the accounting office due to the transfer of the account during the financial year.

Operation of Account

The account shall be operated by the guardian till the account holder attains the age of 18 years. The account shall be operated by the account holder herself after attaining the age of 18 years by submitting the necessary documents.

Premature closure of the account

1) In the event of death of the account holder, the account shall be closed immediately on the application in Form-2, on the production of the Death Certificate issued by the competent authority, and the balance at the credit of the account and interest due thereon till the date of death shall be paid to the guardian.

(2) Interest for the period between the date of Death of the Account holder and the date of closure of the account shall be paid at the rate applicable to Post Office Savings Account for the balance held in the account.

(3) Where the accounts office is satisfied that in case of extreme compassionate grounds such as medical support in life-threatening diseases of the account holder or death of the guardian that the operation or continuation of the account is causing undue hardship to the account holder, it may, after complete documentation establishing the grounds for such closure, by order and for reasons to be recorded in writing, allow premature closure of the account. Outstanding balance in the account with interest due as applicable to the Scheme shall be paid to the account holder or guardian, as the case may be:

Provided that no premature closure of an account under this subparagraph shall be made before the completion of 5 years from the date of opening of the account.

Withdrawal

(1) On an application in Form-3, withdrawal of up to a maximum of fifty percent. of the amount 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:

Provided that such withdrawal shall be allowed after the account holder attains the age of 18 years or has passed the tenth standard, whichever is earlier.

(2) The application for withdrawal under sub-paragraph (1) shall be accompanied by documentary proof in the form of a confirmed offer of admission of the account holder in an educational institution or a fee slip from such institution indicating such financial requirement.

(3) The withdrawal under sub-paragraph (1) may be made in one lump sum or in installments, not exceeding one per year, for a maximum of five years, subject to the ceiling specified in sub-paragraph (1)

Provided that the amount of withdrawal shall be restricted to the actual requirement on account of fee and other charges required at the time of admission as shown in the offer of admission or the relevant fee-slip issued by the educational institution.

Closure on Maturity

1) The account shall mature on completion of a period of 21 years from the date of its opening.

(2) The closure of the account may also be permitted before completion of twenty-one years if the account holder on an application makes a request for such closure for the reason of intended marriage of the account holder on furnishing of a declaration duly signed on non-judicial stamp paper attested by the notary supported with proof of age confirming that the applicant will not be less than eighteen years of age on the date of marriage:

Provided that no such closure shall be allowed before one month from the date of the intended marriage or after three months from the date of marriage.

(3) On an application in Form-4 by the account holder, the balance outstanding along with interest as applicable under paragraph 5 shall be payable to the account holder.

Application of General Rules

Provisions of the General Rules shall, so far as may be, apply in relation to the matters for which no provisions have been made in this Scheme.

Power to relax

Where the Central Government is satisfied that the operation of any of the provisions of this Scheme causes undue hardship to the account holder, it may, by order and for reasons to be recorded in writing, relax the requirement of that provision or provisions in respect of such account holder, in a manner not inconsistent with the provisions of the Act.

Sukanya Samriddhi Account Scheme

Interest Rate Since Inception

Conclusion

• Minimum deposit ₹ 250/- Maximum deposit ₹ 1.5 Lakh in a financial year.
• The account can be opened in the name of a girl child till she attains the age of 10 years.
• Only one account can be opened in the name of a girl child.
• Accounts can be opened in Post offices and in authorized banks.
• Withdrawal shall be allowed for the purpose of higher education of the Account holder to meet education expenses.
• The account can be prematurely closed in case of marriage of girl child after her attaining the age of 18 years.
• The account can be transferred anywhere in India from one Post office/Bank to another.
• The account shall mature on completion of a period of 21 years from the date of opening of the account.
• Deposit qualifies for deduction under Sec.80-C of I.T.Act.
• Interest earned in the account is free from Income Tax under Section -10 of I.T.Act.

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