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Sukanya Samriddhi Deposit Account

  • Sukanya Samriddhi Yojana Calculators
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  • PPF Scheme Features / Rules

    Flash :- The government on 27.12.2017 slashed interest rates payable on Sukanya Samriddhi Deposit to 8.1% from 8.3% w.e.f. 01.01.2018.

    Sukanya Samriddhi Deposit Account Scheme has been introduced vide Government of India Notification No. G.S.R.863(E) dated December 02, 2014 and circulated to Banks by Reserve Bank of India vide their letter No.RBI/2014-15/494/IDMD(DGBA).CDD/No.4052/15.02.006/2014-15 dated 11th March 2015. The accounts under this scheme can be opened at any post office in India doing savings bank work and authorised to open an account under the scheme or at any branch of a commercial bank authorised by the Central Government to open an account under the scheme.

    Salient features of Sukanya Samriddhi Account

    • Objective: To promote the welfare of Girl Child and behind this initiative is to address the Gender imbalance and create a positive environment in favour of Girl Child. Sukanya Samriddhi account is launched with a social message is that Marriage or Education of a Girl Child is not a financial burden if parents plan well in advance.
    • Who can open the account:

      A natural/ legal guardian on behalf of a girl child in the name of a girl child from the birth of the girl child till she attains the age of ten years and any girl child, who had attained the age of ten years, one year prior to the date of commencement of the scheme i.e. 2nd December 2014.

    • Documents Required :

      Birth certificate of the girl child in whose name the account is opened and with Address proof and Identity proof of A natural/ legal guardian.

    • Term Period :

      Deposits can be made till completion of fourteen years from the date of opening of the account. The maturity of the account is 21 years from the date of opening of account or if the girl gets married before completion of such 21 years, the operation in the account shall not be permitted beyond the date of her marriage. In other words No Deposit for the period from 15th to 21st Year of account.

    • Maximum number of accounts:

      Upto two girl children or three in case of twin girls as second birth or the first birth itself results in three girl children

    • Minimum and Maximum Amount of Deposit:

      Min.1000 of initial deposit with multiple of one hundred rupees thereafter with annual ceiling of Rs.150000 in a financial year Tenure of the Deposit: 21 years from the date of opening of the account

    • Flexibility to operate Sukanya Samriddhi:

      (a) Account (1) The account shall be opened and operated by the natural or legal guardian of a girl child till the girl child in whose name the account has been opened, attains the age of ten years.

      (b) On attaining age of 10 years, a girl child can operate her account

    • Maximum period upto which deposits can be made:

      14 years from the date of opening of the account

    • Interest on Deposit:

      As notified by the GOI, compounded annually with option for monthly interest pay-outs to be calculated on balance in completed thousands.

      Interest rate For FY 2014-15 fixed at 9.1%

      Interest rate For FY 15-16 fixed at 9.20%

      Interest rate revised w.e.f 01.04.2016 is 8.6%

      Interest rate revised w.e.f. 01.10.2016 is 8.5%

      Interest rate revised w.e.f. 01.04.2017 is 8.4%

      Interest rate revised w.e.f. 01.07.2017 is 8.3%

      Interest rate revised w.e.f. 01.01.2018 is 8.1%

    • Tax Rebate:

      A contribution of up to Rs 1.5 lakh under Sukanya Samriddhi scheme qualifies for income tax deduction under Section 80C of Income Tax Act. Also, interest income and maturity amount would be tax-free, making Sukanya Samriddhi scheme similar to public provident fund (PPF) in terms of tax aspects.

    • Premature Closure:

      Allowed in the event of death of the depositor or in cases of extreme compassionate grounds such as medical support in life threatening diseases to be authorized by an order by the Central Government

    • Irregular Payment/ Revival of account:

      By payment of penalty of Rs.50 per year alongwith the minimum specified amount per year

    • Mode of Deposit:

      Cash/Cheque/ Demand Draft

    • Withdrawal :

      50% of the balance lying in the account as at the end of previous financial year for the purpose of higher education, marriage after attaining the age of 18 years.

    Sukanya Samriddhi Account Comparison With PPF:

    The following tables in which maturity values are given as per your annual contributions as well as monthly contributions on following assumptions

    1. Rate of Interest has been assumed to remain 9.2% for all these 21 years.
    2. Yearly contributions have been assumed to be made on April 1 every year i.e. the beginning of the financial year.
    3. Monthly contributions have been assumed to be made on 1st day of every month.

    (1) Yearly Contribution Table

    Annual Contribution (in Rs.)Accumulated Balance @9.20 after 14 yrs.Maturity Amt. @9.20% after 21 yrs.
    10002882653376
    200057653106753
    300086479160129
    4000115306213506
    5000144132266882
    6000172959320259
    7000201785373635
    8000230612427011
    9000259438480388
    10000288264533764
    11000317091587141
    12000345917640517
    15000432397800646
    18000518876960776
    210006053551120905
    240006918341281034
    250007206611334411
    270007783141441163
    300008647931601293
    330009512721761422
    3600010377521921551
    4200012107102241810
    4800013836692562068
    5000014413222668821
    5400015566282882327
    6000017295863202585
    6600019025453522844
    7200020755033843103
    7500021619834003232
    8400024214214483620
    9600027673385124137
    10000028826445337642
    10800031132555764654
    12000034591726405171
    13200038050907045688
    14400041510077686205
    15000043239668006464

    (2) Monthly Contribution Table

    Annual Contribution (in Rs.)Accumulated Balance @9.20 after 14 yrs.Maturity Amt. @9.20% after 21 yrs.
    500171375317327
    1000342751634654
    1500514126951981
    20006855011269307
    25008568771586634
    300010282521903961
    400013710032538615
    500017137533173268
    600020565043807922
    700023992554442576
    750025706304759903
    800027420065077229
    900030847565711883
    1000034275076346537
    1100037702586981190
    1200041130087615844
    1250042843847933171

    The different investors will have have different amounts and different timings of their deposits and their maturity values will also be different. So, these maturity values are only indicative based on certain above said assumptions.

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