Government of India has introduced Sukanya Samriddhi Account (SSA) under its campaign ‘Beti Bachao, Beti Padhao’.
The accounts under SSA are targeted towards minor girl child, which shall remain operative for 21 years from the date of opening of the account or till marriage of the girl child, whichever is earlier. Partial withdrawal up to 50 per cent of the account balance is allowed to meet education expenses of the girl child till she attains 18 years of age.
Bank of India is proud to be one of first few Banks to have extended the facility of opening of this SSA accounts at its all branches.
Account can be opened in the name of a girl child till she attains the age of 10 years, however 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.
Only one account can be opened in the name of a girl child i.e. one account per girl child. Provided that the natural or legal guardian of the girl child shall be allowed to open third account in the event of birth of twin girls as second birth or if the first birth itself results into three girl children, on production of a certificate to this effect from the competent medical authorities where the birth of such twin or triple girl children takes place.
Birth certificate of the girl child in whose name the account is opened must be submitted.
Natural or legal guardian of a girl child is allowed opening one account each for two girl children’s.
Account can be opened with a minimum of Rs.250/- and thereafter any amount in multiple of Rs.100/- can be deposited.
A minimum of Rs.250/- must be deposited in a financial year. Where minimum amount of Rs. 250/- a year has not been deposited then such irregular account may be regularized on payment of a penalty of fifty rupees per year.
Maximum Rs.1,50,000/- can be deposited in a financial year.
Rate of interest as notified by the Government of India from time to time presently 8.1% Per Annum(with effect from 1-01-2018),calculated on yearly basis ,Yearly compounded.
Withdrawal shall be allowed on attaining the age of 18 years of account holder to meet educational or marriage expenses at the rate of 50% of the balance at the credit of preceding financial year.
The account can be transferred anywhere in India from one Post office/Bank to another.
The contribution to SSA account up to Rs. 1.50 lakh p.a. qualifies for income tax deduction under Section 80C of Income Tax Act. The entire maturity amount and the interest earned is non-taxable.
Deposits can be made till completion of fourteen years from the date of opening of the account.
The maturity of the account is 21 years from the date of opening of account or if the girl gets married before completion of such 21 years.
Premature closure of account is allowed, only in the following cases-
In the event of death of the account holder.
Where the Central Government is satisfied that operation or continuation of the account is causing undue hardship to the account holder.
You may call us for any further details on 91-22-40919191 / 1800 220 229