Features of SSA Account
Who can open the account? – Sukanya Samriddhi Account (or Khata) can be opened on a
girl child’s name by her natural (biological) parents or legal guardian.
What is the Age limit? – SSA can be opened in the name of a girl child from the
birth of the girl child till she attains the age of 10 years. ( As
per SB Order No. 2/2015 : The Girl child who is born on or after
02.12.2003 can open account )
How many accounts can be opened? – A depositor may open and operate only one account in the
name of same girl child under this scheme. The depositor (or) guardian can open
only two SSA accounts. There is one exception to this rule. The natural or
legal guardian can open two or three accounts if twin girls are born as second
birth or triplets are born in the first birth itself.
How to open a SSA account? Accounts in name of the girl child can be opened in post
offices or in any branch of a commercial bank that is authorized by the Central
Government to open an account under this scheme rules.
What is the minimum deposit to open the account? – The account may be opened with an
initial deposit of one thousand rupees. The minimum contribution in any
financial year is Rs 1000. Thereafter the contributions can in multiples of one
hundred rupees.
What is the maximum deposit amount? – a minimum of one thousand rupees shall be deposited in a
financial year but the total money deposited in an account on a single occasion
or on multiple occasions shall not exceed Rs 1.5 Lakh in a financial year.
Deposits in an account may be made till the child
completes fourteen years, from the date of opening of the account.
Is there any penalty? – If minimum (Rs 1000 pa) amount is not deposited, the
account will be treated as an irregular account. This can be
regularized/renewed on payment of Rs 50 per year as penalty. Along with this,
the minimum specified subscription for the year (s) of default should be paid.
What is the mode of deposit? – The deposits in Sukanya Samruddhi scheme
can be made in the form of Cash or Demand Draft or Cheque. Where deposit is
made by cheque or demand draft, the date of encashment of the cheque or demand
draft shall be the date of credit to the account. The cheque or DD should be
drawn in favour of the postmaster of the concerned post office or the Manager
of the concerned bank. The depositor (parents or guardian) has to write the
account holder’s name (child’s name) and the account number on the backside of
the instrument.
What is the Rate of Interest on Sukanya Samriddhi
Account? – The applicable rate of
interest on SSA for the financial year 2015-2016 is 9.2%. This is one of the
highest rates of interest offered by Government on small savings scheme
Is interest rate fixed or variable? – The rate of interest is not fixed and will be notified by
the central government on a yearly basis.
The account can be transferred anywhere in India
if the girl shifts to a place other than the city or locality where the account
stands.
Is Premature withdrawal allowed? – 50 % (half of the fund) of the
accumulated amount in SSA can be withdrawn for girl’s higher education and
marriage after she attains 18 years of age. The account’s balance at the end of
preceding financial year is used for the calculation.
Can the girl child operate the account? On attaining age of ten years, the account
holder that is the girl child may herself operate the account, however, deposit
in the account may be made by the guardian or parents.
Is premature closure allowed? In the event of death of the account holder, the account
shall be closed immediately on production of death certificate. the balance at
the credit of the account shall be paid along with interest till the month
preceding the month of premature closure of the account , to the guardian of
the account holder.
The scheme would mature on completion of 21 years
of the girl child, from the date of opening of the account, with an option of
keeping the account till marriage.
Can the girl child continue the account after her
marriage? – The operation of the
account shall not be permitted beyond the date of the girl’s marriage.
What are the required documents to open Sukanya
Samriddhi Account? – Birth certificate of
the girl child has to be produced. The depositor (parents or guardian) has to
submit his/her identity and address proofs.
On opening an account, the depositor shall be
given a pass book. It will have date of birth of the girl child, date of
opening of account, account number, name and address of the account holder and
the initial amount deposited. The depositor has to present the passbook to the
post office or bank at the time of depositing/receiving the interest/on
maturity.
