The Sukanya Samriddhi Account rules were first notified on 2.12.2014.
Eligibility condition
i. Account can be opened by natural or legal guardian of a girl child from the birth of the girl child till she attains the age of ten years.
ii. Birth certificate of a girl child in whose name the account is opened and along with other documents relating to identity and residence proof of the guardian should be submitted.
iii. Natural or legal guardian is allowed to open only one account in the name of a girl child and maximum of two accounts in the name of two girl children.
iv. Provided that more than two accounts may be opened in a family if such children are born in the first or in the second order of birth or in both, on submission of an affidavit by the guardian supported with birth certificates
v. of the twins/triplets regarding the birth of such multiple girl children in the first two orders of birth in a family:
vi. Provided further that the above proviso shall not apply to girl child of the second order of birth, if the first order of birth in the family results in two or more surviving girl children.
vii. Guardian will be called as depositor and Girl child will be called as Account Holder.
Note 1: More than two accounts may be opened in a family if such children are born in the first or in the second order of birth or in both, on submission of an affidavit by the guardian supported with birth certificates of the twins/triplets regarding the birth of such multiple girl children in the first two orders of birth in a family.
Note 2: If the first order of birth in the family results in two or more surviving girl children, then the account could not be opened for second order girl child.
Conditions for opening the account
i. Initial Deposit Rs.250/-.
ii. Subsequent deposits: Any amount in multiples of RS 50/-.
iii. Minimum deposit to made in a Financial Year: Rs.250/-.
iv. If minimum deposit is not paid, the account will be treated as discontinued and can be revived with a penalty of Rs.50 per year with minimum amount required for deposit for that year before completion of 15 years from the date of opening of account.
v. Maximum amount in a Financial Year: Rs. 150,000/-
vi. No limit on number of deposits in a financial year (as SB).
vii. Mode of Deposit: Initial deposit/ Subsequent deposit can be made through cash or by Cheque/DD.
viii. Date of encashment of cheque/DD shall be date of credit to the account.
ix. Deposit is to be accepted till fifteen years from the date of opening.
x. Interest will be calculated based on the lowest balance in the account between the close of the fifth day and the end of the month.
xi. Nomination is mandatory. Guardian can nominate any individual including himself.
Procedure to be followed for Opening of SSA Account
i. Scrutiny of Account Opening Form (AOF/Form-1) to be done like that of SB account and also confirm that initial amount mentioned in the AOF correctly.
ii. The Counter PA should first check if the customer is an existing depositor (Guardian) or a new customer.
iii. For existing customer no need to create CIF ID in the name of depositor (Guardian). CIF to be created in the name of Girl Child only.
iv. For new customer CIF ID to be created in the name of Girl Child and Guardian. The procedure for creation of CIF is same as SB account.
v. The Counter PA should open Account Opening screen in CBS system using CPPFAO menu and enter CIF ID in the relevant field. Most of the fields will be auto-populated based on the data entered at the time of CIF creation.
vi. Scheme code should be selected from the drop-down menu and make relevant entries in the CBS application.
vii. On completion of relevant entries, Counter PA should click on Submit button. Account number in 10 digits and TRAN ID will be generated by CBS application.
viii. Account number and TRAN ID should be noted on all the relevant documents and then the same should be handed over to Supervisor for verification.
ix. Once the account is verified by Supervisor in the Finacle CBS, the account will become active for any further transaction.
x. Counter PA should print the Passbook through Passbook Printer and hand over to the customer.At the day end, all Account opening forms (AOFs) along with KYC documents should be placed in the relevant Ring Guard Files of A4 size and KYC Forms (if taken) should be dispatched to concerned CPC in a service registered packet duly sealed.
Subsequent deposit for SSA Account
i. Subsequent deposits can be made in Sukanya Samriddhi Accounts in multiple of Rs.50/- with minimum of Rs.250/-and maximum Rs.1,50,000/- in a financial year.
ii. Subsequent deposit to an account can be made either in cash, cheque, draft or through electronic means. Other than cash the date of encashment of cheque/DD will the date of credit.
iii. Deposit in excess of Rs.1,50,000/- in any financial year, if accepted due to any accounting error, shall not eligible for any interest and returned immediately to the depositor.
iv. If minimum amount of Rs 250 is not deposited in a financial year, a penalty of Rs 50 per year as default fee will be collected.
v. In case of an account under default, if not regularized within the time specified, then the whole deposit, including the deposit made prior to the date of default, shall be eligible for interest at the rate applicable to the scheme till the closure of the account.
vi. Deposits may be made in the till the completion of a period of fifteen years from the date of opening of account
Note: The detailed procedure in c/w opening of SSA account, subsequent deposit at Branch Post office is clearly explained in Savings Bank scheme and the procedure prescribed should be followed.
Withdrawal
i. To meet the financial requirements of the account holder for the purpose of education only when the account holder attains the age of 18 years or passing 10th Standard whichever is earlier.
ii. Withdrawal up-to 50% of the balance at the credit at the end of preceding financial year.
iii. Maximum of 5 withdrawals within the overall limit of 50% of balance.
iv. Only one withdrawal in one financial year.
v. The documentary proof in the form of a confirmed offer of admission of the Beneficiary Account holder in an educational institution or a fee-slip from such institution clarifying such financial requirement shall be submitted along with the request for withdrawal.
vi. The amount of withdrawal shall be restricted to the actual requirement on account of fee and other charges required at the time of admission as shown in the offer of admission or relevant fee slip issued by the educational institution.
Premature Closure of SSA Account
A. In the event of death of the account holder
1. The Account shall be closed immediately on production of death certificate issued by the competent authority.
2. The balance at the credit of the Account and interest thereof till the date of death shall be paid to the Guardian.
3. Interest for the period between date of death of the account holder and the date of closure of account shall be paid at the rate application to SB accounts for the balance held in the accounts.
B. In cases of extreme compassionate grounds.
1. Allowed after 5 years from the date of opening of Account.
2. Such as medical support in life-threatening diseases of the Beneficiary Account holder or death of the Guardian.
3. Power of sanction of such closure is delegated to Head of the Postal Division/Sr. Postmaster.
Maturity of account SSA Account
The account shall mature on completion of twenty-one years from the date of opening of account.For closure of account, following documents are required to be submitted:
i. Account holder (Girl Child) has to submit Documentary proof of Fresh Identity.
ii. Residence and Citizenship are to be presented along with Account Closure Form.
Note: SSA PMC/Maturity closure amount can be credited to Customer’s Bank Account by following the procedure prescribed in Savings Bank Scheme.
A. Where marriage of the account holder takes place before completion of 21 Years from the date of opening of account.
1. After the account holder attains 18 years of age.
2. Provided that no such premature closure shall be made before one month preceding the date of the marriage or
3. After three months from the date of such marriage.
4. Furnishing of a declaration duly signed on non-judicial stamp paper attested by the notary supported with proof of age confirming that the applicant will not be less than eighteen years of age on the date of marriage.
Income Tax Benefit
Under Section 80(C) of Income Tax Act 1961 deposits under these accounts enjoy benefit of income Tax up to the overall maximum limit of Rs. One Lakh Fifty Thousand (1,50,000)