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Sukanya Samriddhi Accounts

Sukanya Samriddhi Accounts (SSA), 2016

Government of India has introduced Sukanya Samridhi Account (SSA) under its campaign (Beti Bachao, Beti Padhao) which was last revised in 2016.

  • Availability:
  • All our branches are authorised to open SSA accounts.
  • Who can open:
  • Account can be opened by the guardian in the name of the girl child who has not attained the age of 10 years.
  • Every beneficiary (girl) can have single account.
  • Account can be opened for maximum two girl children in one family.
  • More than two accounts may be opened for girl children in a family if such children are born in the first/and or second order of birth on production of medical certificate regarding the birth of such multiple girl children in the first two orders of birth in a family.
  • NRIs are not eligible to open these accounts.
  • Documents required to open:
  • Birth certificate of the girl child is must alongwith the Identity & address proof of guardian.
  • Aadhaar card is compulsory.
  • Deposit :
  • It can opened with minimum initial deposit of Rs.250/- & thereafter in multiple of Rs.100/-.
  • Total deposit should not exceed Rs.1,50,000/- in a F.Y. If any deposit is made in excess of Rs.1,50,000/- it will not earn any interest and excess amount can be withdrawn by the subscriber.
  • Deposits can be made in one lump sum or in 12 installments.
  • Deposit may be made in the account till the completion of 15 years from the date of opening of account.
  • Deposit can be made through Cash/ Clearing/ Transfer or through any electronic mode.
  • Interest :
  • Interest will be compounded yearly at the rate notified by Government on quarterly basis.
  • Interest will be calculated on lowest balance between 10th day & last day of the month.
  • No interest will be payable once the accounts completes twenty-one years from the date of opening.
  • Account operation:
  • The account will be operated by the guardian till the beneficiary account holder attains the age of 10 years or eighteen years. It can be operated by beneficiary account holder above 10 years, if she wishes to operate.
  • Account shall be operated by the beneficiary account holder after she attains the age of eighteen years.
  • A passbook shall be given to the guardian bearing the name, address & date of birth of the account holder, date of opening of account, account number, name & address of the guardian, relationship with the account holder and amount deposited.
  • Nomination:
  • Nomination can be made for one or more persons.
  • Withdrawal :
  • Withdrawal up to maximum fifty percent of the balance in the account at the end of the financial year preceding the year of application for withdrawal shall be allowed for the purpose of higher education of the account holder. Such withdrawal is not allowed unless the account holder attains the age of eighteen years or passed the tenth standard whichever is earlier.
  • Closure:
  • The account shall mature on completion for a period of twenty-one years from the date of its opening.
  • In the event of death of the beneficiary account holder, the account shall be closed immediately and balance with interest should be paid to guardian.
  • In case the beneficiary status changes to NRI, no interest will be paid from the date of NRI status and the account shall deemed to be closed prematurely from that date & the balance stand to be credit should be paid to beneficiary.
  • Premature closure is allowed by deposit office subject to its satisfaction in case of medical treatment of life threating diseases of account holder & death of guardian, that the operation of the account is causing undue hardship to the account holder only after 5 years of opening of account.
  • Premature closure is allowed for marriage purpose of the account holder if she attains 18 years of age.
  • Transferability:
  • The account may be transferred anywhere in India & from Bank/ Post Office to other Bank/ Post office.
  • Tax Benefit:
  • Tax benefit under section 80 (C) for investment made during the financial year.
  • Exempt at the time of Investment, Exemption on accrued Interest and Exemption on maturity amount.

For further clarification, please refer to Government notification dated 18th march 2016