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that the deposit in excess of 1,50,000/-, maybe withdrawn anytime by the depositor).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