New Rules in Sukanya Samriddhi Account Scheme
One of the most popular small saving schemes in India is Sukanya Samriddhi Account Deposit Scheme. It is one of the most successful schemes launched in India in January, 2015. While this scheme has been launched last year, there are certain concerns and issues raised by several investors in India about its guidelines. Govt. of India has reviewed some of them and amended rules of Sukanya Samriddhi Account Scheme in 2016. What are the new rules of Sukanya Samriddhi Account Yojana Scheme in 2016?
Also Read: Complete guide of Sukanya Samriddhi Account Scheme
About Sukanya Samriddhi Account (SSA) Scheme
Sukanya Samriddhi Account Yojana Scheme is a popular investment scheme for the girl child. From the launch of this scheme, 76 lakhs Sukanya Samriddhi Yojana Accounts have been opened across the country and Rs.2,838 Crore amount has been collected under these accounts.
Commercial banks and post offices in Public and Private sector have been authorized by the government to open Sukanya Samriddhi Accounts. This account can be opened in the name of girl child only. SSA is launched by Indian Prime Minister Narendra Modi to ensure a bright future for girl child in India. SSA is to facilitate them carefree marriage expenses and proper education. This scheme has been very successful and is well accepted by the people for the financial security and independence, it provides to the girl child as well as their parents and guardians.
Under ‘Beti Bachao Beti Padhao’ campaign SSAY offers a small deposit investment for the girl children. This scheme is highly affordable and offers one of the highest rates of interest.
10 New Rules in Sukanya Samriddhi Account Scheme
- According to new rule it has been made clear that Sukanya Account can be opened even in the name of an adopted daughter. Earlier the rule was that one can open for their child or guardian can open for a minor child.
- Only an Indian Resident Girl Child can be the Beneficiary under the SSA rules. If an account holder becomes an NRI after opening an account, the account is deemed to be closed. No interest would be paid for such account after the change in status (which would be updated by post office / banks on intimation of change of status).
- As per the old rules, the rate of interest will be declared on a yearly basis. Now the government can amend the interest rate from time to time. For Apr-16 to Jun-16 the interest rate is declared as 8.6% per annum.
- As per old rule, deposits can be made till 14 years of girl age, as per new rule, it is up to 15 years.
- As per old rule, one has to be made Rs 1,000 per annum minimum to be eligible to get interesting. As per new rule, if you do not make a minimum deposit, you would not get SSA interest rates, but only 4% of account interest.
- The maximum amount that can be deposited in SSA is Rs.1.5 Lakh per fiscal year. If one invests more than this amount by mistake, they are eligible to take out this money any time.
- As of now, deposits can be made in the form of cash/cheque and DD only, but as of new rules have clarified that online payment mode is also acceptable provided that the post office or bank has access to core banking solution facility.
- In the case of lost passbook a duplicate passbook can be issued on the payment of Rs.50.
- The account can be transferred free of cost from a bank to post office and vice versa. The parent and guardian holder has to furnish proof of shifting of residence. By just paying fees of Rs.100 account can be transferred in case relocation is not done.
- As per the old rules, post maturity that is after 21 years from the date of account opening even if the account holder does not close the account eligibility for interest is there till the closure of the account, but as per the new rules if an account completes twenty one year’s no interest amount is payable.
Also Read: Step-by-Step Process on how to open Sukanya Samriddhi Yojana Scheme
Some points to be considered – Sukanya Samriddhi Yojana Scheme
- Only one account under this scheme is permissible for every girl child.
- Birth certificate should be compulsorily deposited for opening this account.
- Till the girl attains the age of 10 years SSA can be opened under her name.
- This account can be opened in any post office or authorized bank.
- The account opening amount for the account is Rs.1000 and afterwards a multiple of Rs.100 can be deposited to the account with the minimum of Rs.1000 per year.
- Rs.150,000 per year is the maximum limit for deposit.
- One has to deposit it for 14 years in this scheme.
- The maturity duration of this account is 21 years from the date of opening this account.
- This account is completely transferable in to any part of India from a post office or bank to others.
Documents required to open Sukanya Samriddi Account Scheme
SSA comes from the Ministry of Finance and this notification was published on December 2nd 2014. As Sukanya Samriddhi Account Yojana is dedicated to a girl child, a parent or guardian of the girl child could be the depositor of the account. It is very simple to open SSA and not much documentation is required. Here is a list of document a parent or guardian needs to take along when they are applying for an account under this scheme.
1) Birth certificate of the girl child
2) Address of the parent or guardian
3) Identity proof for the same.
4) You can check this link about list of banks offering Sukanya Samriddhi Account and download application form
It is very important to know that any amount that would be deposited in Sukanya Samriddhi Account would be exempted from tax under 80C of IT Act, 1961, till the maximum of Rs.1.5 lakh. The advantage under this scheme is that maturity amount is given directly to the girl child and after the age of 10 the girl child can operate her account if she wishes to.
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Suresh
New Rules in Sukanya Samriddhi Account Scheme
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Is it possible to change parent name in ask yojana ..
Hi Pree, Yes, it is possible to change the guardian/parent in Sukanya Samriddhi Yojana under exceptional circumstances like, Death of the guardian,
Divorce, Any case of Negligence. To do this, 1) visit the post office or bank where SSA is maintained by you. 2) Explain the details about your case
provide all the necessary document of proof of identity and relationship proof with the girl child. 3) After successful verification passbook will be updated with a changed name.
Circular about in case of parents death
I opened 1 account 3 years back but due to some reasons could not continue it. Can I re-continue that account. Or need to open a new one ?
sir,
My main doubt is that If we open 2 SSY accounts for 2 daughters, Is there any max limit combined to both accounts or we can open 2 accounts with 150000 each (300000).
Can HUF deposit amount on the member (child) SSK account and claim tax benefit ? The SSK account was opened after HUF was formed and child is member of HUF.
dear sir, i have only 1 daughter .i opened ssa for my daughter in union bank in 2016 but i also opened ssa in post office in 2018 (i have not read terms and cond. for ssa). please help how can i close my post office account and get money.
Hi Sumit, I am not sure whether you can close the account. But Pls approach union bank and indicate the same. They should have solution as the 2nd account is opened by mistake.
Hi sir already I have opened account for APY and my daughter is nominee. Is that I can open SSA account for my daughter
Thank you
I’m a daughter of 3 girls and I have sukanya samriddhi account for all my daughter’s. One account is linked with my husband’s account and two daughters with mine. We both are individual tax payers. But I heard that 3rd sukanya samriddhi account will not be valid now what to do??
Hi Sarwat, Parent or Guardian can open 2 SSA only. You can look for any other investment options like PPF or mutual funds.
Can we change the money plan in Sukaniya simi ridhi yojna 1000 to 2000 per nmoney I mn open a account in 2017. Pls help
am a working profession and my spouse is house wife. I have opened SSA account with guardian name of my wife.
In tds it is showing if it is associate name only I can claim IT returns.
As checked with post office, they won’t change the guardian name. Please assist me on this.
i am working abroad . my family is with me here.
can i apply sukanyasimidri plan for my kid?
Whether grand father may be a depositer for a girl in SSA and can open a account even when the parents of the girl child are alive.
Hello, i want to change account name of sukanya, what is the process of this can u please tell me
ANY CHARGE APPLY ON DIPOSITE FROM ANOTHER STATE IN SUKNYA SAMRIDHHI YOJNA ?
Hi Suresh,
Thank you for the informative post. If girl becomes NRI after opening account, it will be closed. However, will she be able to withdraw money (with interest) immediately or will have to wait till 21 years of age?
Thanks and Regards,
Janardan
Hi Janardan, As per my knowledge if girl becomes NRI, we need to close the account and amount would be paid back. Pls reach out to post office / bank where you opened this account
Thank you for the clarification. One further doubt – will it be paid back including accumulated interest or only principal amount?
What happens if father dies between the term.
In this situation whats the effect on SSAY A/c
Hi Sachin, In case of unfortunate death of guardian or parents, the amount would be paid back to nominee (in this case it would be girl child or any other named nominee) along with interest immediately
Kindly requesting Govt to increase age limit of girls from 10 years to 14 years. So maximum people can get benifit of this scheme for their daughters.. My daughter age is 13. I want to invest for my daughter in this scheme.. But because of age 13 post off n bank r not accepting to open her account. So for all the daughters upto 14 years of age this scheme should be applicable. Requesting U to consider this………… Age upto 14 years…. From HEMANT
Sir I have already opened SSY account for my 2 girls. Now god blessed us another 3rd girls. so can I open an SSY account for her? if yes how? if no? what is the way or what is the other sachems same as SSY
I missed a minimum payment of Rs.1000 in the last year for Sukanya Samriddhi Account, will that account active , can I make a payment for both 2016 & 2017?
sir, kindly give me suggestion that I have open two account for my daughter from Indian Overseas Bank and State Bank of India and I want to closed one of the account so kindly give me how to closed the said account. Moreover, when I asked from the bank of state bank of india to closed the bank account as I have open two account for one single child they said that we didn’t know how to closed the said account
Present avilable or not
I think this scheme should one change..
That the girls child become 21 years than scheme should matured….
Respected Sir/Madam,
Currently we are paying directly to post office, i would like to convert this payment in to bank transfer so that i can do smoothly month on month without any hazard of travelling to pay and save time as well. please guide me the details to convert for banking payment mode.
I like to pen SSA. How many time can i desposit per month.
Hi
I have opened the ssa in my daughter's name. Now she become a NRI.
I read this article about new rules for ssa.So now I want to withdraw entire deposited amount from the account.
Kindly let me know how can I get it.
With thanks
Sir ,
I have opened this account on my child on June 15 by RS 1000 and still I have not deposit yet now can I deposit and run my account kindly confirm me.
Is there any similar plan for NRIs?
Nice information. So all NRI’s have to inform post office, haven’t?
Thanks for the information.
I have already opened SSA for my daughter a year back and now travelled abroad with family for job and may stay here for 2 more year? Is that new rule forced to close SSA account? Please clarify…
Karthick, If the bank or post office where you opened SSA comes to know they can stop interest payment and pay only SB interest.
Will the bank pay the sukanya samudri interest once NRI move back to India. Do we need to intimate to the back.
Is maturity period also changed in this case?
This Article gives a lot of updated information.
My child was born in USA last year 2015 and she holds US citizenship. We have decided to settle down in India now. Is she eligible for this scheme? Note: She has birth certificate from USA. She don’t have Indian Birth certificate.
Hi mahesh,
there is no problem. we had same issue. i open SSA in ICICI bank without problem.
best regards
ashutosh
Hi nice article, I have one question in this if I open the account at the age of say 9 years, do I need to pay till the child attains 14 years, I mean only 6 years or I need to pay for 14 years from the first year of opening the account say from 9 years then it will be till 23 yrs
Pls clarify.
Satish, You only need to invest till 14 yrs age. You would get interest till 21 yrs or till the maturity
Hi Thanks for the prompt reply,
My child age is 9 yrs, I checked with the PO today, they say that I need to pay for 14 years from date of opening the account. It means 9+14 i.e 23 yrs of child’s age, but as per the scheme the account will be closed once the child attains the age of 21.
Not sure whether the Post office people are correct in this? Pls clarify
Hi Satish, it is for 14 years of age and not for 14 years. They would have confused you. You can recheck
Hello
I have a small doubt . To my understanding , the deposits can be made till the child turns 15 years of age . The account matures when the child turns 21 . Please correct me if I am wrong .
Ritu
You are correct Ritu
Normally Rules and Guidelines of a particular scheme will be announced by that scheme with lot of information but your unique USP you give all information with clarity and neat understanding.
All your articles are really very good and really they deserve a credit and from my end a very big thank you.
Your articles are really very good, precise and information. Keep up the good work.