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Try the best saving plan for your daughter – Sukanya Samiriddhi Account

Sukanya Samiriddhi Account

Sukanya Samriddhi Account was introduced by the Government Of India for the purpose of saving for marriage etc of a girl child. The returns received on the Sukanya Samiriddhi Account is comparatively higher than any other saving or investment plans in India.
The Sukanya Samriddhi Account can be opened in any of the local post offices or any of the government banks such as SBI, Corporation Bank, PNB, etc, or private banks such as HDFC.

Who Can Open the Account?

1. A parent on behalf of the girl child under the age of 10.
2.A guardian on behalf of the girl child under the age of 10.

Documents Required to open the account

1. Birth certificate of the girl child.
2. Passport size photograph of the girl child.
3. Aadhar Card of the parent.
4. Pan card of the parent.
5. Photograph of the parent.

Key Features Of Sukanya Samiriddhi Account

1. The account can be opened for a girl child under the age of 10 Years.
2. A maximum of two separate accounts for two girl children can be opened by the parents or guardians.
3. In case of the birth of 2 twin girls and one more girl child, a maximum of 3 accounts can be opened by parents or legal guardians.
4. The account can be opened with a minimum deposit of Rs. 250/-.
5. The account needs to be maintained with a minimum deposit of Rs. 250/- to a maximum deposit of Rs. 1,50,000/- per annum.
6. The deposit amount should be in multiples of Rs. 50/-.
7. A minimum of one deposit is necessary for each financial year. However, there is no limit defined for the maximum number of deposits in a financial year. Thus, the account holder can make any number of deposit transactions in a month or financial year. Further, the deposit can be made monthly or yearly.
8. If the account is not maintained with a minimum deposit of Rs. 250/- per annum, the account shall become inactive or discontinued. However, the account holder can revive the account by paying a penalty of Rs. 50/- for each defaulted year plus the fulfillment of the minimum deposit amount for each defaulted financial year.
9. The maturity period of the Sukanya Samiriddhi Account is 21 years.
10. However, at least the minimum deposit amount needs to be deposited for each financial year till the completion of 15 years from the date of opening of the account. No deposit needs to be made for a further 6 years.
11. Yearly Compounded interest is calculated at 8.4% per annum effective 01 July 2019.
12. Partial withdrawal up to a maximum of 50% of the Sukanya Samiriddhi Account balance for the preceding financial year can be withdrawn after the girl attains the age of 18.
13. The interest is calculated on a yearly basis.
14. The tax on interest is exempted.
15. The depositor can avail tax rebate under section 80C.
16. The account can be transferred from one branch to another.
17. Net banking and online deposit facility are provided through Intra operable net banking.

 

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