Sukanya Samriddhi Scheme 2015 Application Form

Sukanya Samriddhi Scheme 2015 Application Form

Introduction to Sukanya Samriddhi Scheme

Mr. Narendra Modi launched the new saving scheme for girl child called 'Sukanya Samriddhi Scheme'. The scheme has been launched under 'Save girl child, educate girl child' campaign, to save and educate the minor girls. The saving scheme has been deigned to help the girls in their higher education or fulfill the marriage needs. All the parents/ guardians can open the account for the girl child who is below ten years. This account will help the girl in pursuing higher education as well as provide the financial assistance to the parents in the marriage preparation of the girl child in future. 

Features of Sukanya Samriddhi Account

1. The account can be opened in the name of the girl. The age of girl child should be less than ten years.
2. After attaining 10 years of age, the girl can operate the account on its own, but the deposit have to made by parents/guardians.
3. Deposits can be made till 14 years from the date of opening the account.
4. Maturity period of the account is 21 years from the date of opening an account. But, if the marriage of the girl takes place before the maturity of the account, than the account will not be operated further.
5. The rate of interest is 9.1% which is higher than the other government saving schemes. The interest rate is variable and will be decided by the government in each fiscal year.
6. The interest will be compounded annually. The interest will be credited to the account at the end of each year.
7. The account can be opened in the post office or in the banks authorized by Central Government.
8. The minimum deposit to open the account is Rs. 1000. After that, the deposit can be made in multiples of 100. But, the minimum deposit to be made each year is Rs. 1000. If the deposit in a year is below Rs. 1000, the account will be considered irregular and will be terminated. To regularize the account, a penalty payment of Rs. 50 per year has to be made.
9. The maximum amount to be deposited in the account should not exceed one lakh fifty thousand
10. The payment in the Sukanya Samriddhi account can be made either by cash, demand draft or through cheque.
11. After the girl attains 18 years, 50% of withdrawal is allowed for financial assistance in girl's higher education or marriage.

How to open the Sukanya Samriddhi account?

The Sukanya Samriddhi account can be opened in the name of the girl child. The age of the girl should be less than ten years. Approach to the nearest post office or the centrally authorized commercial banks with the necessary documents to open the account. After the account is opened, a pass book will be provided to the depositor. The pass book will have details such as account number, name and address of the account holder, date of birth of the child, date of opening the account and the initial money deposited. This pass book has to be presented to the bank/post office on each transaction i.e. while depositing the money, receiving the interest, pre-mature withdrawal or on maturity.

What are the documents required to open the Sukanya Samriddhi account?

1. Birth certificate of the girl child .
2. Identity proof of the parent/guardian(whoever is the depositor).
3. Address proof of the depositor.

Information about tax benefits

As per the current information, no tax will be deducted and the girl child will get full amount on maturity. It can be assumed that government may consider the scheme under income tax exemption under the section 80c. Updates will be mentioned on further announcement.

How will be the interest calculated?

The interest calculation will be similar to Public provident fund. 

Below is a sample. Suppose, the age of the child when opening an account is 3 years. The parents open an account with initial deposit of Rs. 1000. They deposit Rs. 1000 in each month till 14 years. The rate of interest is 9.1%. At the time of maturity i.e. after 21 years, the balance amount will be Rs. 6,07,149.