Author Topic: Sukanya Samriddhi Scheme ,Post office scheme for girl child  (Read 9322 times)

Gaurav Rathore

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Sukanya Samriddhi Scheme ,Post office scheme for girl child
« on: February 15, 2015, 07:22:10 PM »
« Last Edit: February 15, 2015, 07:30:45 PM by G.Rathore »

Gaurav Rathore

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Re: Sukanya Samriddhi Scheme ,Post office scheme for girl child
« Reply #1 on: February 15, 2015, 07:23:46 PM »
Sukanya Samriddhi Accounts     
• Rate of interest 9.1% Per Annum(2014-15),calculated on yearly basis ,Yearly compounded.

• 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.

Gaurav Rathore

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Re: Sukanya Samriddhi Scheme ,Post office scheme for girl child
« Reply #2 on: February 15, 2015, 07:24:19 PM »
Sukanya Samriddhi Scheme Vs Public Provident Fund:

Who can open the account?
Public Provident Fund (PPF) – Any Indian Citizen can open Provident Fund account.
Sukanya Samriddhi Account (SSA) – Sukanya Samriddhi a/c can be opened on a girl child’s name by her natural (biological) parents or legal guardian.


Is there any Age limit to open PPF / SSA?
PPF – There is no age limit.
SSA – 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 the government’s notification, account can be opened on girl child’s name who has already attained 10 years within 1 year from now.


Where can I open the account?
PPF – You can open PF account in post offices, nationalized banks (like SBI, PNB etc). You can even open PF account in Private banks like ICICI bank. You can operate the account online.
SSA – As of now you can open it in authorized commercial bank branches and Post offices. Online facility is not available.


What are the required documents?
PPF – Account opening form (Form A), Nomination form, Passport size photo, Pan card copy, ID proof & address proof (as per Bank/post office KYC norms).
SSA – Account opening application form, girl child’s birth certificate, Depositor’s (Guardian/parent) address & ID proofs.


What is the minimum Initial Deposit ?
PPF – The minimum deposit is Rs 500.
SSA – You need to deposit Rs 1000 as initial account opening deposit.


Can I open multiple accounts?
PPF – Only one PPF account is allowed.
SSA – A depositor may open and operate only one account in the name of same girl child under this scheme. 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 many times can I deposit the monies in a Financial Year?
PPF – 12 deposits in one FY.
SSA – The minimum initial contribution in any financial year is Rs 1000. Thereafter the contributions can be in multiples of one hundred rupees. You can deposit 1,490 times.


What is the maximum total deposit allowed in a Financial Year?
PPF – You are not allowed to deposit more than Rs 1.5 Lakh in a FY.
SSA – Same as in PPF.


What is the applicable current rate of interest?
PPF – For the fiscal year 2014-2015, rate of interest is 8.7%.
SSA – For the fiscal year 2014-2015, rate of interest is 9.1%.


Is the rate of interest fixed (as in bank fixed deposits)?
PPF – Rate of interest will be notified each fiscal year by the Government.
SSA – Same as above. So the rate of interest will keep floating every year under both the schemes.


For how many years the contributions (deposits/SIPs) are allowed?
PPF – The minimum tenure is 15 years. Thereafter you can extend the PPF account tenure in block of 5 years.
SSA – You can deposit till 14 years from the date of opening the account.


What is the maturity tenure?
PPF – after 15 years (provided the account is renewed or extended).
SSA – The account will mature after 21 years from the date of account opening (or) on marriage, whichever is earlier.


Is Partial withdrawal allowed?
PPF – partial withdrawal is allowed from 6th year onwards.
SSA – 50% of the accumulated fund can be withdrawn when girl attains 18 years of age.



Can I extend the tenure?
PPF – You can extend PPF account tenure in blog of Five years (after initial 15 year lock-in period).
SSA – No such option is available.


Is there any penalty if no-contributions are made?
PPF – Rs 50 is charged as penalty.
SSA – If minimum (Rs 1000 pa) amount is not deposited, the account will be treated as an irregular account. This can be regularized on payment of Rs 50 per year as penalty.


What is the income tax benefit on contributions?
PPF – Yearly contributions of upto Rs 1.5 Lakh can be shown as tax deduction under Section 80c.
SSA – Same as above.


What is the income tax benefit on ‘Interest amount earned?’
PPF – Interest amount earned on PPF account is exempted from income tax.
SSA – As of now there is no clarity on this aspect. Let’s wait till the Budget session (till this month-February end).


What is the income tax benefit on ‘Maturity amount?’
PPF – It is treated as tax free money.
SSA – Looks like the maturity amount will be treated as ‘tax free’ and exempted from income tax.


Can NRIs open PPF & Sukanya Scheme accounts?
PPF – An NRI (Non Resident Indian) can not open PPF account. However, If you had opened a PPF account when you were a resident of India and subsequently became an NRI, you may continue to deposit the monies in PPF a/c, till it matures (15 years).
SSA – Sukanya Samriddhi scheme is also governed by Post Office Savings Account Rules, 1981. As per RBI guidelines, a Non-Resident Indian (NRI) may not be eligible to invest in Small Savings schemes.
« Last Edit: February 15, 2015, 07:25:30 PM by G.Rathore »

Gaurav Rathore

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Re: Sukanya Samriddhi Scheme ,Post office scheme for girl child
« Reply #3 on: February 16, 2015, 04:42:27 PM »
Good for girls

Gaurav Rathore

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Re: Sukanya Samriddhi Scheme ,Post office scheme for girl child
« Reply #4 on: February 16, 2015, 07:33:48 PM »
Tax Benefits on Sukanya Samriddhi Account Scheme

The amount that is deposited under Sukanya Samriddhi Account will be eligible for income tax exemption under Section 80C of Income Tax Act, 1961.
At present, only the contribution of up to Rs 1.5 lakh toward Sukanya Samridhi Yojana is eligible for tax deduction under Section 80C. But discussions are on to also exempt the interest income and withdrawal amount. We can expect a formal announcement on this in the coming Union Budget 2015-16.

(Issue of making interest income and withdrawal exempt from taxation can be done by Department of Revenue (DoR) through legislative amendments. The matter is under examination of DoR)

Gaurav Rathore

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Re: Sukanya Samriddhi Scheme ,Post office scheme for girl child
« Reply #5 on: February 16, 2015, 07:34:16 PM »

Gaurav Rathore

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Re: Sukanya Samriddhi Scheme ,Post office scheme for girl child
« Reply #6 on: February 16, 2015, 07:34:23 PM »

Gaurav Rathore

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Re: Sukanya Samriddhi Scheme ,Post office scheme for girl child
« Reply #7 on: February 16, 2015, 07:35:52 PM »

Gaurav Rathore

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Re: Sukanya Samriddhi Scheme ,Post office scheme for girl child
« Reply #8 on: February 16, 2015, 07:36:20 PM »

Gaurav Rathore

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Re: Sukanya Samriddhi Scheme ,Post office scheme for girl child
« Reply #9 on: February 16, 2015, 07:38:08 PM »

 

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