Sukanya Samriddhi Account Scheme 2019: The Union government has notified Sukanya Samriddhi Account Scheme 2019 (SSY 2019) vide GSR 914 (E) dated December 12, 2019. Under the scheme, the account holder will be the girl child in whose name the account is held. The SSY account may be opened by a guardian in the name of a girl child, who has not attained the age of 10 years on the date of opening of the account. There can be only one SSY account in the name of an account holder under this scheme. For opening SSY account, birth certificate of the girl child along with required documents of the guardian will be necessary. Also, SSY account can be opened for maximum two girl children in one family. However, in case of twins and triplets, 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 along with birth certificates of the twins or triplets. However, if the first order of the birth results in two or more surviving girl children, this provision shall not apply to girl child of the second order of birth.
For the sake of the scheme, “family” has been defined as “a unit consisting of a person and his spouse (both or either of whom are alive or deceased) and their children, adopted or otherwise.”
Sukanya Samriddhi Account Scheme 2019 Deposits
In a financial year, the total amount deposited in a single account shall not exceed 1.5 lakh. The minimum deposit required in an account in a financial year is Rs 250. If someone mistakenly deposits more than this amount due to an accounting error, such amount will not be eligible for any interest and be returned to the depositor immediately.
Deposits in SSY account can be made till the completion of 15 years from the date of opening the account. For example: If an SSY account is opened on 01-04-2020, deposits can be made till 31-03-2035.
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A default account, in which minimum deposit has not been made, can be regularised any time “till completion of a period of fifteen years from the date of opening of account on payment of a penalty of fifty rupees for each year of default along with the minimum annual deposit in respect of the defaulted years,” the scheme rules say.
Sukanya Samriddhi Account Scheme 2019 Interest rate
The current interest rate on Sukanya Samriddhi Account deposit is 8.4 per cent per annum. The interest will be calculated for the calendar month on the lowest balance in the account between the close of the fifth day and the end of the month. It will be credited to the account at the end of each financial year, irrespective of the change of the account office due to transfer of the account during the financial year.
The guardian will have to operate the account till the account holder attains the age of 18. The account holder will operate the account herself after attaining the age of 18 years by submitting necessary documents.
Sukanya Samriddhi Account Scheme 2019: Maturity
The account will mature on the completion of a period of 21 years from the date of its opening. So, if someone opens an account on 01-04-2020, it will mature on the completion of 21 years on 31-03-2041.
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The closure of account before completion of 21 years will be allowed by “the account holder on an application makes a request for such closure for the reason of intended marriage of the account holder on 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.”
Such closure will not be allowed before one month from the date of the intended marriage or after three months from the date of marriage.
Sukanya Samriddhi Account Scheme 2019: What to expect on maturity?
At the current rate of interest, if Rs 1.5 lakh per year is deposited in an account till the completion of 15 years from the date of opening, the total value of the money in account till this time will be around Rs 45,44,820 (approx Rs 45 lakh). However, as the account matures after completion of 21 years from the date of opening the account, money in the account will continue to earn interest and grow to approximately Rs 73 lakh.
Note: The SSY interest rate may change several times before maturity of the account as it is revised periodically by the government.
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Source: Financial Express