Sukanya Samriddhi Account :
A Bright Future for Girls.
In 2014, the Indian government introduced the Sukanya Samriddhi Account as a means to encourage long-term savings for the welfare and education of girl children. This savings scheme was established under the Government Savings Banks Act, 1873, with the aim of providing financial security and support to young girls. In this blog post, we will explain the key features of the Sukanya Samriddhi Account and provide you with easy steps on how to open one.
Understanding Sukanya Samriddhi Account
The Sukanya Samriddhi Account is a savings scheme specifically designed for the benefit of girl children. Here are some important points to know about this account:
1. Sukanya Samriddhi Account Opening:
- A natural or legal guardian can open this account in the name of a girl child from the time of her birth until she reaches the age of ten. However, girls up to one year older than the account’s establishment date can also be eligible.
- Each depositor can open and manage only one account for a girl child.
- The guardian needs to provide the girl’s birth certificate during the account’s opening. Other identity and residence proof documents are also required.
2. Deposits:
- An initial deposit of Rs. 1,000 is required to open the account.
- Subsequent deposits can be made in multiples of Rs. 100, with a minimum annual deposit of Rs. 1,000 and a maximum limit of Rs. 1.5 lakh in a financial year.
- Deposits can be made for up to 14 years from the account’s opening.
- If the minimum annual deposit is not met, the account can be regularized by paying a penalty of Rs. 50 per year.
3. Interest:
- The government announces the interest rate annually, and it is compounded yearly.
- Account holders can choose to receive monthly interest, which is calculated on the account balance in thousands, while the remaining fraction continues to earn interest.
4. Account Operation:
- The guardian can operate the account until the girl child reaches ten years of age. After that, the girl herself can manage the account.
- Deposits can be made by the guardian or any other person or authority.
5. Premature Closure:
- In case of the account holder’s unfortunate demise, the account can be closed with the presentation of a death certificate, and the remaining balance with accrued interest will be paid to the guardian.
- Premature closure may be allowed for extreme compassionate reasons with approval from the Central Government.
6. Passbook:
- A passbook is issued when the account is opened, containing details such as the girl’s date of birth, account number, and deposited amount. This passbook must be presented during transactions and at account maturity.
7. Account Transfer:
- The account can be transferred to another location in India if the girl child shifts residence.
8. Withdrawal:
- Withdrawals are permitted for the girl child’s higher education and marriage expenses, limited to fifty percent of the account balance at the end of the preceding financial year.
- Withdrawals can only be made once the girl child reaches eighteen years of age.
9. Maturity:
- The account matures after twenty-one years from its opening date. If the girl gets married before this period, the account will not be operational beyond her wedding day.
- Upon maturity, the account balance along with the accrued interest will be payable to the account holder on providing a withdrawal slip and the passbook.
10. Relaxation:
- The Central Government can relax the rules in cases where undue hardship is caused to the account holder.
Opening a Sukanya Samriddhi Account: Easy Steps
To open a Sukanya Samriddhi Account, follow these simple steps:
- Visit your nearest post office or a commercial bank authorized by the Central Government to open these accounts.
- Complete the account opening form and provide the required documents, including the girl child’s birth certificate and identity and residence proofs of the guardian.
- Make an initial deposit of Rs. 1,000 to activate the account.
- A passbook will be issued with the account details.
- Continue making annual deposits, ensuring you meet the minimum deposit requirement.
- Monitor the account, and after ten years, the girl child can take charge of it.
- Use the account for the girl child’s education or marriage expenses when needed.
The Sukanya Samriddhi Account is a wonderful initiative aimed at securing the financial future of girl children in India. By following these easy steps, you can open an account and contribute to a brighter future for the young girls in your family. Start today and pave the way for their dreams to come true.
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