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Monday, 1 August 2016

Sukanya Samriddhi Account

Sukanya Samriddhi Account  is a Government of India  backed saving scheme targeted at the parents of girl children. The scheme encourages parents to build a fund for the future education and marriage expenses for their female child.

The scheme was launched by Prime Minister Narendra Modi on 22 January 2015 as a part of the “Beti Bachao, Beti Padhao”  campaign. The scheme currently provides an interest rate of 8.6% (for FY2016-17) and tax benefits. The account can be opened at any India Post office or a branch of some authorized national/commercial banks.

OPENING OF ACCOUNT

The Account can be opened for maximum of two girl children per family but more than two accounts may be opened for girl children in the family if such children are born in the first and in the second order of birth, on production of certificate from competent medical authority regarding the birth of such multiple girl children.

It should be noted that the above provision shall not apply to girl children of second order of birth if the first order of birth in a particular family results in two or more surviving girl children.

DEPOSIT

Ø  Minimum initial deposit of Rs 1000/- and thereafter any amount in multiples of Rs 100/-

Ø  Minimum of Rs. 1000/- shall be made as. deposit in a financial year in one account

Ø  The total money deposited in an Account shall not exceed Rs 1,50,000/-in a financial year.

(Provided that the deposit in excess of 1,50,000/-, maybe withdrawn anytime by the depositor).

Ø  Deposits maybe made in account till the completion of fifteen years from the date of opening of such account.

Ø  If the minimum amount has not been deposited shall be considered as an Account under default:

(Provided that the account under default maybe regularized on payment of penalty of Rs 50/- (Fifty rupees) per year along with such minimum specified amount for the year or years of default.

Ø  lf in the case the default is not regularized within fifteen years of opening of account then the whole deposit, including the deposits made prior to the date of default, shall be eligible only for interest rate prescribed for Post Office Saving Bank at the time of its maturity and any amount credited wrongly by way of interest into an Account under default shall be reverted to government account as soon as it comes to notice of the Bank"

MODE OF DEPOSIT

The Deposit may be made

Ø  ln cash

Ø  by cheque or demand draft drawn in favour of manager of bank concerned where the account is opened with an endorsement on the back of such instrument made and signed by the depositor indicating the name of the Account holder and Account number in which the deposit is to be credited.

Ø  Through electronic means (e-transfer) in the concerned post office or Bank if such post office or bank has access to the facility of CBS.

DATE OF CREDIT

The date of credit of deposit to the Account shall be determined as under:-

Ø  Where the deposit is made by cheque, the date of encashment of cheque;

Ø  Where the deposit is made by demand draft, the date of submission of the same to the bank.

Ø  where the deposit is made by e- transfer, the date of deposit.

PREMATURE CLOSER

Ø  ln the event of death of Beneficiary Account holder, the Account shall be closed immediately, on production of death certificate issued. by competent medical authority, and the balance at the credit of the Account and interest due thereon till the date of death shall be paid to the guardian.

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TRANSFER OF ACCOUNT

Ø  The account maybe transferred anywhere in lndia and from or to post offices and from or to Banks and between post office and Bank, free of cost on furnishing of proof of shifting of residence either of guardian or account holder and otherwise on payment of a fees of one hundred rupees to the post office or the bank to which the transfer is made.

Ø  The process of transfer shall be effected electronically if the post office or bank concerned, has access to the facility of CBS.



WITHDRAW

Ø  Withdrawal up to a maximum of 50% (fifty per cent) of the balance in the Account at the end of financial year preceding the year of application for withdrawal, shall be allowed for the purpose of higher education of the account holder"

Ø  Provided that such withdrawal shall not be allowed unless the account holder attains the age of eighteen years or has passed tenth standard, whichever is earlier"





 Source : Bank of Baroda, Wikipedia





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