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Sukanya Samriddhi Yojana 2021: Find out the eligibility, interest rates, tax benefits, withdrawal rule and other details

This account can be transferred from one bank to another according to your convenience and requirements

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The Sukanya Samriddhi Yojana (SSY) scheme is mainly focused on a girl child and her future. The government introduced this scheme to secure the future of girls in parts of the country where it might be difficult for parents to save money and later help build their daughter's future. 

The biggest convenience of having this account is that you can get it transferred from one bank to another or to your nearest Post Office depending upon your choice and requirements. This scheme offers higher returns than most schemes in the market and the government backing makes it more reliable. 

Any citizen can open an account under this scheme for their daughter, whose age is less than ten years on the day of opening the account. Once the girl child turns eighteen, she will become the account holder. The investment period in this is scheme is fifteen years and the maturity period is twenty-one years. Only two accounts per family are allowed under this scheme, however, in the case of twins or triplets, more accounts can also be opened. 

Sukanya Samriddhi Yojana Deposit Rules

-The SSY account can be opened at any government bank or post office with an initial deposit of Rs 250. 

-The minimum amount to be maintained in the account at any given point is Rs 250, failing which a penalty of Rs 50 will be charged. 

-Any account that fails to maintain the minimum balance becomes a defaulted account but can be normalised at any time 

-The defaulted account can be revived at any time by paying the penalty for each year of default and making the minimum deposit of Rs 250 for every year of default. 

-If the account is not regularised within the period stated, the entire deposit made before the default year will be liable for an interest according to the prevailing interest rate. 

-The upper limit of deposit in the SSY account is set at Rs 1.5 lakhs annually and any deposit made over this limit will be refunded to the depositor immediately.

Interest Rate and Tax Benefits:

For the quarter ending on September 2021, the deposit in the SSY account will be entitled to an interest rate of 7.6 per cent per annum. The interest earned is credited to the account at the end of every financial year and is eligible for exemption under the Section 80C of the Income Tax Act, 1961

Premature closing of the account:

The SSY account can be shut prematurely after five years of opening in case of the account holder’s serious illness or the death of the guardian who managed the account on the girl’s behalf. In case of death, the post office saving account rate will apply from the date of death to the date of final payment.

Withdrawal Rule:

Once turned eighteen or completed class 10, the girl child can withdraw money from the account. A maximum withdrawal of up to 50 per cent of the amount available in the account at the end of the previous fiscal year is permitted for the purpose of education or marriage of the account holder. Withdrawal can either be made in a lump sum or in an instalment of up to once a year for 5 years according to rules applied.

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