The government's move to encourage girl education and save funds for them has got a tremendous response through the Sukanya Samriddhi. However, the pick up from banks and post office is slow.
There are many post office and banks which are not yet aware of the Sukanya Samriddhi Yojana Account. But with time we can expect most of the banks and post offices to follow guidelines for opening accounts under the same.
How to open Sukanya Samriddhi Account in Post office?
One needs to download the form and fill in the necessary details, carry all mentioned document along with photograph and submit at the post office.
There are chances that some of the post offices may not be still aware of the scheme. So, have patience and wait for them.
- Fill the application form
- Carry ID and Address proof
- Good if you have Aadhaar card.
- Birth certificate of the girl child.
- Photographs of parent and girl child
Find the list of authorize banks where you can open Sukanya samriddi account.
|Maximum and Minimum deposit||Rs 1000- Rs 1,50,000|
|Withdrawal||Partial Withdrawal at the age of 18
Full amount at the age of 21
|Age Eligibility||0-10 years|
|Tax Benefit||Tax Free under Sec 80C (Rs 1.5 lakhs per year)|
The minimum deposit is Rs. 1000 and maximum deposit permissible per year is Rs. 1,50,000. One can deposit any number of times in a financial year i.e. April-March.
In the latest Union Budget of 2015-16, the Finance Minister made the instrument tax free even on the interest income earned.
What this means is that not only dies the instrument give you tax benefit under Sec 80C of Income Tax Act, but the interest amount is also exempted from tax. This is on par with the PPF, but, the interest rate on the PPF is low at the moment.
Rate of interest at the moment is 9.1 per cent, per annum for this particular year. This will be calculated on yearly basis and compounded yearly.
If one misses a deposit for that particular year, they need to pay a penalty of Rs 50 each year.
Partial withdrawal of a maximum upto 50 per cent of the balance standing can be taken after the girl attains the age of 18 years. Total amount can be withdrawn and account can be closed after completion of 21 years.
If the girl is married at the age of 18, a pre-mature withdrawal is possible. A single guardian can maximum open two account for two different girls. If an individual has three girls he can open two accounts.
The major disadvantage of the account is the lock in period. However, it is done to make people stay invested in. As of now there is no loan facility and online facility.
This is a initial step by the government, we can expect some major benefits and features in future.