Sukanya Samriddhi Deposit Account**** must must read and save your hard disk very important

Sukanya Samriddhi Deposit Account

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 was 9.1% and Current rate for FY 15-16 is 9.20%
• 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:

	Public provident fund (PPF)	Sukanya Samriddhi Account
Loan Facility	A loan facility is available from the third financial year of opening the PPF account	There is no such facility
Partial Withdrawal	Partial withdrawal is permissible every year from the seventh financial year of opening the account. Please Click Here for more details of PPF scheme.	Up to 50 per cent of the accumulated amount can be withdrawn only after the account holder turns 18 while full withdrawal is possible after she turns 21.

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.
1000	28826	53376
2000	57653	106753
3000	86479	160129
4000	115306	213506
5000	144132	266882
6000	172959	320259
7000	201785	373635
8000	230612	427011
9000	259438	480388
10000	288264	533764
11000	317091	587141
12000	345917	640517
15000	432397	800646
18000	518876	960776
21000	605355	1120905
24000	691834	1281034
25000	720661	1334411
27000	778314	1441163
30000	864793	1601293
33000	951272	1761422
36000	1037752	1921551
42000	1210710	2241810
48000	1383669	2562068
50000	1441322	2668821
54000	1556628	2882327
60000	1729586	3202585
66000	1902545	3522844
72000	2075503	3843103
75000	2161983	4003232
84000	2421421	4483620
96000	2767338	5124137
100000	2882644	5337642
108000	3113255	5764654
120000	3459172	6405171
132000	3805090	7045688
144000	4151007	7686205
150000	4323966	8006464

(2) Monthly Contribution Table

Annual Contribution (in Rs.)	Accumulated Balance @9.20 after 14 yrs.	Maturity Amt. @9.20% after 21 yrs.
500	171375	317327
1000	342751	634654
1500	514126	951981
2000	685501	1269307
2500	856877	1586634
3000	1028252	1903961
4000	1371003	2538615
5000	1713753	3173268
6000	2056504	3807922
7000	2399255	4442576
7500	2570630	4759903
8000	2742006	5077229
9000	3084756	5711883
10000	3427507	6346537
11000	3770258	6981190
12000	4113008	7615844
12500	4284384	7933171

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.