Sukanya Samriddhi Accounts can be opened in post office, this type of special account is covered under Government of India, Sukanya Samriddhi Yojna, that entitles special interest rate and features.
Interest Rate: 8.2% annual compounding
Minimum Deposit: 250/- per financial year
Maximum Deposit: 150000/- per financial year
Opening account: One account can be opened in a name of a girl child by any guardian of child
and maximum two accounts for two girls per family with exception of twins, triplet born.
Deposit period: maximum 15 years from date of opening of account
Penalty for not depositing minimum amount a year: if minium amount of 250/- not deposited in a year then account becomes defaulted account.
Revival: defaulted account can be revived before completion of 15 years of account by paying 250/- + 50/- (penalty) per year unpaid
Income Tax benefit: 80C deduction can be availed for deposited amount.
Account operation: by the guardian till the girl child attains 18 years
Withdrawal:
a. Withdrawal Condition 1: after girl child attains age of 18 or passed 10th standard.
withdrawal condition 2: up to 50% of balance available at the end of preceding F.Y.
withdrawal Condition 3: lump sum or in instalments, once a year, maximum upto five years, subject to the ceiling specified and subject to actual requirement of fee/other charges.
Premature closure: after 5 years of account opening on the following conditions : -
condition 1: death of account holder. (from date of death to date of payment PO Savings Account interest rate will be applicable).
Condition 2: On extreme compassionate grounds
a). Life threatening decease of a/c holder.
b). Death of account operator guardian
Maturity and closure:
Condition 1: completion of 21 years from the date of account opening.
Condition 2: marriage of girl child after attaining age of 18years. (closure is allowed within 1 month or after 3 months from the date of marriage).
Note: For more and specific detail consult some competent authority either in post office or scheme offering bank. Or you may post your queries in jomerchant for community discussion.
