Sukanya Yojana – Introduction, Interest Rate, Maturity, Apply

Sukanya Yojana – Sukanya Samriddhi Account is Government of India backed savings scheme targeted at the parents of girl child. It is a Girl Child Prosperity Account. The Sukanya Samriddhi Yojana was launched as a part of the Beti Bachao, Beti Padhao campaign by the Modi government on 22 January 2015 after seeking the subjugating conditions of the girl children in the country. The scheme encourages parents to build a fund for the future education and marriage. We also Provide complete details regarding Sukanya Samriddhi Yojana in Hindi. Recently we provide Sukanya Samriddhi Yojana – Circular by RBI.

Sukanya Samriddhi Accounts, Sukanya Yojana

• 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 to 1.12.2015.
• Account can be closed after completion of 21 years.
• Normal Premature closure will be allowed after completion of 18 years provided that girl is married.

Sukanya Samridhhi yojana changes 2020

• Changes in the rules of the default account – If you do not deposit the amount of 250 rupees in a year, then your account will be considered as default and the interest on it will be the same as fixed for the scheme. Earlier this interest was equal to the interest rate of the post office. The thing to keep in mind here is that the interest rate of Sukanya Samriddhi Yojana is 2 times the post office rate.
• New rules to close the account- According to the new rule, if you want, you can close this account before maturing. The account can be closed on the basis of sympathy in the event of the demise of the child or the account holder suffering from a dangerous disease or the death of the child’s parents.
• The girl, who has an account in her name, can operate her account only when she is 18 years old and for this, the guardian will also have to submit her documents.

Rate of interest 7.6% Per Annum (From 1st April 2020), calculated on yearly basis ,Yearly compounded.

Type of Account	Minimum Deposit	Maximum Deposit
Sukanya Samriddhi Accounts	INR. 1000/- in a financial year.	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

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.

Sukanya Samriddhi Yojana – Complete Details By Ministry of Finance

G.S.R.863(E).— In exercise of the powers conferred by section 15 of the Government Savings Banks Act, 1873 (5 of 1873) , the Central Government hereby makes the following rules, namely:-

2. Definitions

In these rules, unless the context otherwise require , –

• (a) ‘account’ means an account opened by a depositor in accordance with the provisions of these rules;
• (b) ‘Act’ means the Government Savings Banks Act, 1873 (5 of 1873) ;
• (c) ‘deposit’ means the money deposited by the depositor in an account under the rules;
• (d) ‘Depositor’ means an individual who – on behalf of a minor girl child of whom he or she is the guardian, deposits money in an account under the rules;
• (e) ‘post office’ means any post office in India doing savings bank work and authorised to open an account under these rules;
• (f) ‘Bank’ means any branch of a commercial bank authorised by the Central Government to open an account under these rules;
• (g) ‘Year’ means financial year i.e. 1st April to 31st March;
• (h) ‘Interest rate’ means the rate as may be declared by the Government on yearly basis to be applicable on accounts opened under these rules;
• (i) Words and expressions used herein and not defined but defined in the Post Office Savings Bank General Rules, 1981 shall have the meanings respectively assigned to them in those rules.

Must Read – Sukanya Samriddhi Yojana – Circular by RBI

3. Application of Post Office Savings Bank General Rules, 1981 and the Post Office Savings Account Rules, 1981.-

The provisions of the Post Office Savings Bank General Rules, 1981 and the Post Office Savings Account Rules, 1981 may be applied in relation to matters for which no provision has been made in these rules.

4. Opening of Account

(1) The account may be opened by the natural or legal guardian 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 commencement of these rules, shall also be eligible for opening of the account under these rules.

(2) A depositor may open and operate only one account in the name of a girl child under these rules.

(3) Birth certificate of a girl child in whose name the account is opened shall be submitted by the guardian at the time of opening of the account in post office or bank along with other documents relating to identity and residence proof of the depositor.

(4) Natural or legal guardian of a girl child shall be allowed to open the account for two girl children only:

Provided that the natural or legal guardian of the girl child shall be allowed to open third account in the event of birth of twin girls as second birth or if the first birth itself results into three girl children, on production of a certificate to this effect from the competent medical authorities where the birth of such twin or triple girl children takes place.

Must Read – Sukanya Samriddhi Yojana

5. Deposits

(1) The account may be opened with an initial deposit of one thousand rupees and thereafter any amount in multiple of one hundred rupees may be deposited subject to the condition that a minimum of one thousand rupees shall be deposited in a financial year but the total money deposited in an account on a single occasion or on multiple occasions shall not exceed one lakh fifty thousand rupees in a financial year.

(2) Deposits in an account may be made till completion of fourteen years, from the date of opening of the account.

(3) An irregular account where minimum amount as specified in sub-rule (1) has not been deposited may be regularised on payment of a penalty of fifty rupees per year along with the said minimum specified subscription for the year (s) of default any time till the account completes fourteen years.

6. Mode of Deposit

(1) The deposit in the account opened under these rules may be made –

a) in cash; or

b) by cheque or demand draft drawn in favour of the postmaster of the concerned post office or the Manager of the concerned bank where the account stands and an endorsement on the back of such
instrument shall be made and signed by the depositor indicating name of the account holder and account number in which the deposit is to be credited.

(2) 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

Must Read – Sukanya Samridhi Yojana

7. Interest on deposit

Interest rates revisions

FY	Date Range	Interest Rate
2014-15	1 April 2014 to 31 March 2015	9.1%
2015-16	1 April 2015 to 31 March 2016	9.2%
2016-17	1 April 2016 to 30 Sep 2016	8.6%
2016-17	1 Oct 2016 to 31 Mar 2017	8.5%
2017-18	1 Apr 2017 to 30 June 2017	8.4%
2017-18	1 July 2017 to 31 Dec 2017	8.3%
2018-19	1 Jan 2018 to 30 Sep 2018	8.1%
2018-19	1 Oct 2018 to 31 Dec 2018	8.5%
2018-19	1 Jan 2019 to 31 March 2019	8.5%
2019-20	1st July 2019 to 30th Sept 2019	8.4%
2019-20	1st April 2020 to 30th June 2020	7.6%

(1) Interest at the rate, to be notified by the Government, compounded yearly shall be credited to the account till the account completes fourteen years.

(2) In case of account holder opting for monthly interest, the same shall be calculated on the balance in the account on completed thousands, in the balance which shall be paid to the account holder and the remaining amount in fraction of thousand will continue to earn interest at the prevailing rate.

8. Operation of 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.

(2) On attaining age of ten years, the account holder that is 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.

9. Premature closure of account .-

(1) 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.

(2) Where the Central Government is satisfied that operation or continuation of the account is causing undue hardship to the account holder, it may, by order, for reasons to be recorded in writing, allow pre-mature closure of the account only in cases of extreme compassionate grounds such as medical support in life- threatening diseases, death, etc.

Must Read – Sukanya Samriddhi Yojana in Hindi

10. Pass book .-

(1) On opening an account, the depositor shall be given a pass book bearing the date of birth of the girl child, date of opening of account, account number, name and address of the account holder and the amount deposited.

(2) The pass book shall be presented to the post office or bank, as the case may be, 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.

11. 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.

12. Withdrawal .-

(1) To meet the financial requirements of the account holder for the purpose of higher education and marriage, withdrawal up to fifty per cent. of the balance at the credit, at the end of preceding financial year shall be allowed.

(2) The withdrawal referred to in sub-rule (1) shall be allowed only when the account holder girl child attains the age of eighteen years.

13. Closure on maturity

(1) The account shall mature on completion of twenty-one 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 twenty- one years, the operation of the account shall not be permitted beyond the date of her marriage :

Provided further that where the account is closed under the first proviso, the account holder shall have to give an affidavit to the effect that she is not less than eighteen years of age as on the date of closing of account

(2) 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.

(3) If the account is not closed in accordance with the provisions of sub-rule (1), interest as per the provisions of rule 7 shall be payable on the balance in the account till final closure of the account.

Download Sukanya shiksha yojana Investment Calculator

14. Power to relax .-

Where the Central Government is satisfied that the operation of any provision of these rules causes undue hardship to the account holder or account holders, it may, by order and for reasons to be recorded in writing, relax the requirements of that provision in a manner not inconsistent with the provisions of the Act

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