sukanya smridhhi yojana

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sukanya smridhhi yojana

Eligibility

Account Can be opened by

The natural or legal guardian in the name of girl child from the birth of the girl child till she attains the age of 10 years and
Any girl child, who had attained the age of 10 years, one year prior to the commencement of these rules.
A depositor may open and operate only one account in the name of a girl child under the rules.
Natural or legal guardian of a girl child shall be allowed to open the account for two girl children only, and also for third girl child, subject to certain exceptions.

Deposits

The account may be opened with an initial deposit of ₹1000/- and thereafter any amount in multiple of ₹100/-.
A minimum of ₹1000/- shall be deposited in a Financial Year
Maximum of ₹1,50,000/- can be deposited in a Financial Year(Under 80C IT exemption is available).
Deposits in an account may be made till completion of 14 years from the date of opening of the account.
An irregular account where minimum amount has not been deposited, may be regularized on payment of penalty of ₹50/- per year along with the minimum specified subscription for the year(s) of default any time till the account completes 14 years.

Mode Of Operation

Mode Of Deposit	The deposit in account can be made in cash or through cheque/ demand draft. Where deposit is made by cheque or demand draft, the date of encashment of the cheque or demand draft shall be the date of credit to the account.
Interest on deposits	Interest at the rate, to be notified by the Government, compounded yearly shall be credited to the account till the account completes 14 years. At present Rate of Interest is 8.5 % per annum.
Operation of account	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 10 years. On attaining age of 10 years, the account holder i.e. the girl child may herself operate the account, however, deposit in the account may be made by the guardian or any other person or authority.
Pass Book	On opening an account, the depositor shall be given a pass book bearing the date of birth of girl child, date of opening of account, account number, name and address of the account holder and the amount deposited. The pass book shall be presented to the Bank, at the time of depositing money in the account and receiving payment of interest and also at the time of final closure of the account on maturity.
Transfer of account	The account may be transferred anywhere in India, if the girl child in whose name the account stands, shifts to a place other than the city or locality where the account stands.However, the account shall be transferred from authorized branch to another authorized branch for conducting Govt. Business.

Withdrawal/Closure

Premature closure of account:	In the event of death of the account holder, the account shall be closed immediately on production of death certificate issued by the competent authority, and the balance at the credit of the account shall be paid along with interest till the month preceding the month of premature closure of the account, to the guardian of the account holder.
Withdrawal	To meet the financial requirements of the account holder for the purpose of higher education and marriage, withdrawal up to 50% of the balance at the credit, at the end of preceding financial year shall be allowed only when the account holder girl child attains the age of 18 years
Closure on maturity	The account shall mature on completion of 21 years from the date of opening of the account. Provided that where the marriage of the account holder takes place before completion of such period of 21 years, the operation of the account shall not be permitted beyond the date of her marriage. On maturity, the balance including interest outstanding in the account shall be payable to the account holder on production of withdrawal slip along with the pass book. If the account is not closed in accordance with the provisions of sub-rule (1), applicable interest shall be payable on the balance in the account till final closure of the account.