Sukanya Samriddhi Account :
Govt Of India recently launched “Sukanya Samriddhi Yojana” for Girl childs as a part of “Beti Bachao – Beti Padhao” campaign.More details of SSA are as follows
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Purpose of Sukanya Samriddhi Account : Main purpose behind launch of SSA is to change attitude towards Girl Child and make a way for parents / Guardian to plan for her Education and Marriage.
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Eligibility for SSA: Girl child below age of 10 yrs and account can be opened by natural or legal guardian.
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Documents required:Following documents are required to open Sukanya Samriddhi Account
– Age proof of Girl child.
– Identity proof / address proof of Guardian.
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Main Features Of SSA:
- Initial deposit of min Rs.1000/-
- Minimum Subsequent deposits per year Rs.1000 in multiple of Rs.100
- Maximum annual deposit: Rs.1,50,000/-
- Contribution is allowed up to 14 years from date of opening.
- No deposit need to make for the period from 15th – 21th year of account.
- 50% of accumulated money can be withdrawn when Girl reaches 18 years.
- Account will be matured on completion of 21 years from start date of account.
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SSA can be opened at Post Office and as well at any of following bank.Only one SSA account of Girl child is permitted:
- Allahabad Bank
- Andhra Bank
- Axis Bank
- Bank of Baroda
- Bank Of India
- Bank Of Maharashtra
- Canara bank
- Corporation Bank
- Central Bank Of India
- Dena Bank
- Indian Overseas Bank – IOB
- ICICI Bank
- IDBI Bank
- Indian Bank
- Oriental Bank Of Commerce – OBC
- Punjab National Bank – PNB
- Punjab & Sind Bank
- Syndicate Bank
- State Bank Of India and all Associate Banks – state Bank of patiala,State Bank of Bikaner & Jaipur,State Bank Of Travancore,State Bank Of Hyderabad,State Bank of Mysore
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Interest Rate of SSA:
Interest rate will be decided at start of every financial year.Interest rate for financial year 2014-2015 was 9.1% while interest rate for 2015-2016 will be 9.2%.Interest rates will be dynamic and it will reset every year.
- Can I calculate Exact maturity value of SSA : As interest rates are dynamic its not possible to know exact maturity value.One can make certain assumptions about interest rates and then only it can be approximated.
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Tax Benefits : To enhance popularity of SSA Govt have provided tax soaps for this scheme.Income tax deduction U/S 80C is available for contributions made in SSA…as well interest accumulated and Maturity value will also be exempted from income tax.
Overall, SSA can be an effective way to accumulate for future important mile stones for Girl Child – Education & Marriage.One should open SSA account if eligible and start contributing for future of child.