How to open Sukanya Samriddhi Account

What is the Eligibility for opening of Sukanya Samriddhi Account?

Any Girl Child aged 10 years or less is eligible to open Sukanya Samriddhi Account either in post office or authorized branches of authorized banks. All PSU Banks and  Axis Bank Ltd & ICICI Bank Ltd are authorized to open Accounts.

The account can be opened either by the parent or by the legal guardian. No other person can open account for the girl child, but depositor can be different person i.e. once account is opened by the parent, anyone can deposit amount into the account but do remember that the tax-benefit under section 80C for the deposited amount can only be claimed by the parent not by the depositor.

 Grace period of 1 year for opening of Sukanya Samriddhi Yojana
One account per girl child ( Max for two girls of the age of not exceeding 10 years) with a minimum deposit is Rs.1,000 per annum and maximum deposit of Rs.1.50 lakhs per annum. The deposits are to be made for 14 years from the date of opening of account and have no nexus with the age of the girl child. Buffer Time of 1 year. The Age limit is restricted to 10 years but Government has stipulated a buffer time of 1 year. This means the girl child who has attained the age of 10 years 1 year prior to the announcement i.e. the girl child born between 2 December 2003 and 1 December 2004 can open sukanya samridhhi account up to till 1 December 2015.

What is the Interest Rate for Sukanya Samriddhi Account? 

Interest rate is flexible and shall be revised each year by the Government. Recently Government has increased the interest rate for Sukanya Samriddhi Account. For the current fiscal year i.e. 2015-16, interest rate is fixed at 9.20% p.a. (earlier 9.10% p.a.) which is compounded annually like PPF Accounts.

What are the Tax benefits under Sukanya Samriddhi Account?

Amount deposited towards SSA, interest accrued on the deposited amount and maturity proceeds, all are tax-free i.e. SSA falls under EEE investment scheme wherein contributed amount is deductible under section 80C plus interest amount and maturity amount is tax-free.

Is partial withdrawal is allowed in Sukanya Samriddhi Account?

The withdrawal up to 50% can be made when the girl child attains the age of 18 years and that too for the higher education or for marriage.

Sukanya Samriddhi Account will be matured after 21 years from the date of opening of account, not when the girl attains the age of 21 years.

What are the required Documents to open Sukanya Samriddhi Account?

Following are the 3 documents required to open sukanya samriddhi account:

  • Birth Certificate of the Girl Child having Name on it.
  • Identity Proof of the Parent or Legal Guardian.
  • Address Proof of the Parent or Legal Guardian.

Now the question arises, what if there is no birth certificate of the girl or the birth certificate do not have the name of the girl child on it?

In absence of the Birth Certificate or any other discrepancies in the Birth Certificate of the Girl Child, the following documents can be submitted in place of the birth certificate:

  • Certificate of Date of Birth from the School Headmaster; or,
  • Certificate of Date of Birth from the Hospital where the Girl Child was born.

But please bear in mind that the certificate should have the name of the Girl Child as this is the only document which will make Girl Child eligible to withdraw money at the time of maturity.
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