Sukanya prosperity account plan, which is part of went Beti Bachao Beti Pdao campaign launched by the Government of India which is January 22 of 2015 provides for the Department of Posts and authorized banks of India, headed by Prime Minister Narendra Modi.
Why do such initiatives need to empower girls?
Girls have to face many kinds of obstacles. If he has to face challenges after his birth, even before birth, he has to face troubles as woman discrimination. Scientific and technological advances made it possible to determine the fetal gender before birth, due to which steps are taken against the woman in the womb. When it is found that pregnant mother is a girl in the womb, the whole family decides to abort the woman. Fetal gender results of assessment tests (the child is not born yet) as well as pre-conception sex selection facilities availability and girl babies born before the end of the events because of child sex ratio (the years in India CSR) has affected.
Child sex ratio is the number of girls per thousand boys in the age group of 0-6 years. Figures from the website of the Ministry of Women and Child Development reveal that in 1991, India's child sex ratio (CSR) was 945 and in 2001 it was 927, whereas in a decade it was 919. The continuous decline in child sexual ratio (CSR) data since 1961 has been a big issue of concern.
Gender discrimination at every stage and level has become frightening. The importance of promoting the empowerment of women due to this discrimination against social and financially gender cannot be strongly emphasized.
The daughter-in-law of the Central Government, Beti Padhao, stops the gender-based eradication of the girl and attempts to ensure the life, protection, education and participation of girls in the nation.
Why the Sukanya Samrudhi scheme was started?
In order to empower girls financially, the government started the Sukanya Samrudhi Yojana.
Sukanya prosperity account plan, an idea to only girls, under ensure the welfare of the girl by promoting regular saving money by her parent / legal guardian in an account at the girl's name.
This is because the post offices in large numbers in the country would have greatly benefited the people due to remote areas and the availability of Sukanya prosperity account planning office inaccessible areas, more and more people can get involved. The account can be opened in any bank / post office authorized for this purpose.
How to open Sukanya prosperity account?
Obtain the form from an authorized bank and fill it out completely and submit the form with all necessary documents. Here is some information and facts about the Sukanya Samriddhi account which you need to know before opening an account:
Facts & Information about Sukanya Prosperity Account
Who can open this account?
This account can be opened by the parent / legal guardian till the age of 10 years of the girl.
Eligibility
This account can be opened from any girl's birth to any post office or authorized bank till the age of 10 years.
What is the number of the account?
This scheme allows parents to open only one account in the name of a girl and to open up to two accounts in the name of two different girls.
minimum amount
This account is required to deposit a minimum of Rs.1000 per year, otherwise it will be treated as a closed account.
maximum amount
A maximum of Rs 1.5 lakh can be deposited in a financial year (whether on a single occasion or multiples of hundred on multiple occasions). It should not exceed the maximum limit per year.
Minimum amount of money should be deposited
Funds should be deposited for a minimum 14 years.
Annual contribution
You can make annual contributions in the beginning of the financial year in April every year.
Clearance
No one can be evacuated from this account in 21 years.
Contribution of fixed amount
It is not mandatory to deposit the fixed amount in this account.
Online currency deposit facility
Online money can be deposited in Sukanya Prosperity account (online transfer through online banking). Other methods of fund raising are cash / check / demand draft.
Where to open this account
This account can be opened in the Post Office or any Authorized Banks. About 28 banks are authorized to open this account.
Documents required to open Sukanya Prosperity Account
Sukanya Samriddhi account can be opened with an initial deposit of Rs.1000 or more.
The documents needed for this are:
- Birth certificate of girl
- residence certificate
- Identity proof, residence certificate
- Two photo of legal guardian
How to keep the Sukanya prosperity account active
- A maximum of 1.5 lakh rupees can be deposited for a financial year with a coefficient of 100 rupees.
- Deposits can be done in a lump sum amount. There is no limit to the amount deposited in any month or any financial year.
How to start the closed Sukanya prosperity account?
Closed during any fiscal year Sukanya prosperity account provides firing again with 50 fines worth to start it again, and will have 1,000 deposit minimum deposit amount of Rs one fiscal year.
Benefits of Sukanya Samrudhi Account Scheme
Sukanya Samrudhi Yojana promotes economic empowerment of girls. A girl gets a fixed financial security for the girl, with the money saved by her guardian in the name of the girl in the name of the girl till her adult is grown up.
From 04.2017, the interest rate for the Sukanya prosperity account is 8.4%, which is calculated on annual basis and is compounded annually.
In the Sukanya Samriddhi Account Scheme, the exemption from income tax under EEE under Section 80C is made by the parent / guardian in the account. By EEE it means that the original, interest and maturity amount is exempted from tax.
After the age of ten years of the girl's name, she can operate the account. Unless the girl is ten years old, the parent / guardian will operate the account.
21 years from the date of opening the account, there is maturity of Sukanya Prosperity Account.
The permission to close before the normal time of Sukanya Samriddhi account will be allowed only after the completion of 18 years when the girl is married.
For higher education or marriage expenses, account holder can get up to 50% in the form of partial withdrawal after the age of 18 years.
Interest rate: Floating interest rate will be paid as per the rate announced by the Government of India from time to time.
If after the maturity, if the account is not closed then from time to time, the interest specified for the scheme will be paid continuously.
Drawbacks of Sukanya Samrudhi Account Scheme
There are at least 100 million people below the poverty line. How will all BPL category families be able to open the account and how will they be able to run it? Apart from this, many poor and uneducated people may find it hard to understand such savings schemes for their girls.
The interest rate for the account is different and there is no fixed rate of interest for the investment in the account.
(Many data and details given here about Sukanya prosperity account are based on information posted on the website of the Ministry of Women and Child Development, Government of India and Indian Posts Department)
Questions related to Sukanya Samrudhi Account Scheme
Frequently asked questions about Sukanya Samrudhi Account Scheme are as follows:
What is the age limit of the girl to open this account?
The age of the girl is from her birth to the age of 10.
Who can open this account?
Sukanya Prosperity Account can be opened by the legal guardian or the parent of the girl.
Where to go to open this account?
You must go to the nearest post office or authorized bank branches to open this account.
Where to get the form to open this account?
You can get the form from the nearest post office or authorized bank branches.
How to apply for a Sukanya prosperity account in the bank?
You will have to fill the account opening form on behalf of the girl and submit it with the KYC documents in the bank branch.
How many accounts can you open under this scheme?
Legal guardian or parent can open up to 2 accounts for their 2 girls means "one girl, one account".
A person can open only 3 accounts for his 3 daughters if he has twin girls and another girl.
How to confirm that the account has opened?
If you submit a fully filled form to the post office or authorized bank with the necessary documents, you will get passbook. After that you can deposit money according to the rule.
What are the required documents?
- Birth certificate of girl
- residence certificate
- Identity certificate
- Two photo of legal guardian
Name of Banks in which you can open an account
Banks who are authorized to open an account under PPF scheme are also eligible to open an account under Sukanya Samriddhi Yojana. The following are the names of authorized banks:
- State Bank of India
- State Bank of Bikaner and Jaipur
- State Bank of Hyderabad
- State Bank of Mysore
- Andhra Bank
- Allahabad Bank
- State Bank of Travancore
- Bank of Maharashtra
- Corporation bank
- Dana bank
- Union Bank of India
- State Bank of Patiala
- Bank of baroda
- Bank of india
- Punjab & Sind Bank
- Canara Bank
- Central bank of india
- Indian bank
- Indian Overseas Bank
- Punjab National Bank
- Syndicate Bank
- UCO Bank
- Oriental Bank of Commerce
- Vijaya Bank
- Axis Bank Limited
- ICICI Bank Limited
- IDBI Bank Limited
- United Bank of India
What is the minimum and maximum limit for depositing money?
The minimum amount you can deposit is only 1000 rupees and maximum 1.5 lakhs per year. Money can be deposited in any monthly or annual amount, but should not exceed or exceed the limit.
How much interest can you get from this account?
The interest rate of this account varies every year, which is called floating. The interest rate for the 2014-15 was 9.1% initially after the scheme started in 2014.
What is the deposit term?
You will have to deposit money up to 14 years from the date of opening your account. This means that if your daughter is 6 years old then you can deposit up to 20 years of age.
What is the maturity period?
The Sukanya Samriddhi account will mature after 21 years from the date of opening the account.
When will the account close?
The account will be closed after maturity but if your daughter gets married before the maturity of the account, the account will be closed only in that year.
Is the pre-mature withdrawal facility?
There is only one partial withdrawal facility. You can take 50% of the deposit amount, when the girl is 18, for her education expenses.
Balance will accumulate in the account and it will earn compound interest till its maturity period.
How many years can you take interest?
You can enjoy interest of 14 to 21 years (up to the maturity period from the deposit period) without any deposits.
When can you get the penalty?
If you forget to deposit the minimum amount of Rs.1000 in your account, then you can get a penalty and your account will be closed. But do not panic, you can start the account again by paying a fine of Rs 50.
Is the facility of account transfer?
Yes, when a girl is going from one city to another in any part of the country, the account can be transferred.
Interest earned on this account is taxable?
Interest earned through this account is 100% exempt from income tax.
What will happen in case of death?
Unfortunately, in the case of the death of the depositor, the amount with interest will be returned to the girl's family or it will be kept in account till maturity without the need for new contribution.
In case of the death of the girl, the account will be immediately closed and the balance amount will be refunded to the declared parent / nominee while opening the account.
Is the account opening facility also for NRI?
There is no scope for non-resident Indian (NRI) to open this account, but no official comment has been made on this so far.
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