As the name defined itself , this
is account specially designed for Girl child , which not only help parents to
save some money for their Girl child even they can save tax on the invested
amount U/s 80C .
Features of Sukanya Samriddhi Account
Account
under Sukanya Samriddhi can be opened and operated either by the minor girl
child who has attained the age of 10 years or by guardian of the girl child.
Only one account shall be opened in the name of a girl child under these rules
after furnishing birth certificate of the girl child along with other documents
relating to identity and residence proof of the depositor.
Guardian
of the girl child will be allowed to open and operate accounts of maximum of
two girl children except in the case where depositor either blessed with three
girl children in first birth or twin girls in the second birth.
Deposit Rules
The
account can be opened with a minimum of Rs.1,000. Thereafter
any amount in the multiples of Rs.100 may be deposited with a minimum amount of
Rs.1,000 and maximum amount of Rs.1,50,000 in a financial year.
Rate of Interest
For the
current fiscal year i.e. 2014-15, the deposit will fetch interest at the rate
of 9.1% per annum.The rate of interest will be notified each year by the Government which will be compounded yearly.
Premature Withdrawal
Premature withdrawal up to 50% is allowed for the purpose of higher education and marriage only when the account holder girl child attains the age of 18 years.
Term Period
The deposit is to be made till the end of 14 years from the
year of opening of 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.
Tax
benefit on the Deposit made
The
amount deposited towards Sukanya Samriddhi Account is deductible
under section 80C upto Rs.1.5 lakhs. This limit also includes other deductions
under section 80C.
Tax
benefit on the Interest
There is no special tax benefit on the interest earned on
the balance. The Interest earned shall be added in the income of the guardian
and a deduction of Rs.1,500 shall be available.
Here is the circular link for the reference
For details you can refer “Sukanya Samridhhi Account” vide Notification No.GSR No.863(E), dated 2nd December, 2014.
