SUKANYA SAMRUDDHI ACCOUNT  -
​Savings Scheme for Girl child's Education and marriage expenses        

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Sukanya Samruddhi Account

Sukanya Samriddhi Account is a savings scheme initiated by the Government of India as part of its "Beti Bachao, Beti Padhao" campaign  promoted by the Prime Minister Sri Narendra Modi . It aims to encourage parents to save money for the future education and marriage expenses of their girl child.
Under the scheme, parents or legal guardians can open a savings account in the name of their girl child who is aged 10 years or younger. The account can be opened in any post office or authorized banks. The minimum deposit required to open the account is Rs. 250, and the maximum deposit limit is Rs. 1.5 lakh per year.

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SALIENT FEATURES OF SUKANYA SAMRUDDHI ACCOUNT

The Plan is administered by  Post Offices across India  and select commercial banks 

SALIENT FEATURES :  

• Minimum INR. 1000/-and Maximum INR. 1,50,000/- in a financial year. Subsequent deposit in multiple of INR 100/- Deposits can be made in lump-sum No limit on number of deposits either in a month or in a Financial year 

• A legal Guardian/Natural Guardian can open account in the name of Girl Child.

• A guardian can open only one account in the name of one girl child and maximum two accounts in the name of two different Girl children. 

• Account can be opened up to age of 10 years only from the date of birth. For initial operations of Scheme, one year grace has been given. With the grace, Girl child who is born between 2.12.2003 &1.12.2004 can open account up to1.12.2015.

• If minimum Rs 1000/- is not deposited in a financial year, account will become discontinued and can be revived with a penalty of Rs 50/- per year with minimum amount required for deposit for that year. 

• Partial withdrawal, maximum up to 50% of balance standing at the end of the preceding financial year can be taken after Account holder’s attaining age of 18 years.
• Account can be closed after completion of 21 years.

• If account is not closed after maturity, balance will continue to earn interest as specified for the scheme from time to time.

• Normal Premature closer will be allowed after completion of 18 years /provided that girl is married.
 
Account can be opened  in Post office or specified commercial  Banks   ( For list of commercial banks and to visit their websites  CLICK HERE   

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Interest Rate for Sukanya Samruddhi Account

​The account earns a higher rate of interest than regular savings accounts, and the interest rate is revised by the government on a quarterly basis . For the present quarter of July 2023 to September 2023 , Government has fixed the interest rate at 8 % pa   , which is higher by 0.4 % compared to the previous quarter . 

How to apply for Sukanya Samruddhi Account ?

A Sukanya Samriddhi  account can be opened at any participating bank or Post Office branch.

To open the account, complete the steps outlined below:

1. Go to the bank or Post Office where you want to open the account.
2. Fill out the application form with the necessary information and attach any supporting papers.
3. Pay the first deposit in cash, check, or demand draught. The payment can range between Rs.250 and Rs.1.5 lakh.
4. Your application and payment will be processed by the bank or the Post Office.
5. After processing, your SSY account will be activated. A passbook will be supplied for this account to commemorate the account’s opening.

Documents required to open a Sukanya Samruddhi Account

• Birth certificate of the girl child
• Photo ID of applicant parent or legal guardian
• Address proof of applicant parent or legal guardian
• Other KYC proofs such as PAN, and Voter ID.
• SSY account opening form.
• A medical certificate has to be submitted in case multiple children are born under one order of birth.
• Any other documents that are requested by the bank or post office.

How to withdraw funds from Sukanya Samruddhi Account ?

​The Sukanya Samriddhi Account allows partial withdrawals and complete withdrawals under certain conditions. Here's how to withdraw money from the account:

1. Partial Withdrawal: After the girl child attains the age of 18 years, up to 50% of the balance amount can be withdrawn for the purpose of higher education or marriage.
   
2. Complete Withdrawal: When the girl child attains the age of 21 years, the entire balance amount along with the accrued interest can be withdrawn.
   

To withdraw money from the Sukanya Samriddhi Account, the following steps need to be followed:

1. Fill up the Sukanya Samriddhi Account withdrawal form available at the post office or the authorized bank where the account is held.
   
2. Attach a copy of the account passbook with the withdrawal form.
   
3. Submit the duly filled withdrawal form along with the passbook to the concerned post office or bank.
   
4. The withdrawal amount will be credited to the bank account of the depositor or the girl child, as per the withdrawal request.
   

It is important to note that withdrawals from the account can only be made for the purpose of higher education or marriage of the girl child. Proper documentation and proof of such expenses may be required to be submitted to the concerned authorities.

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