The Sukanya Samriddhi Account (SSA), one of the savings scheme offered by India Post, is a deposit scheme for the girl child. Interest rates applicable to it are reviewed every quarter. Currently, interest at the rate of 7.6 percent are available on the investment in the Sukanya Samriddhi Account at designated post office branches.
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Here are key things to know about the Post Office Sukanya Samriddhi scheme:
Eligibility
A legal guardian/natural guardian can open SSA 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, according to India Post.
Online deposit facility is available through intra operable net banking and India Post savings account.
Investment Limits
Customers are allowed to set up a Sukanya Samriddhi account at a minimum investment of Rs 250 and a maximum of Rs 1,50,000 a financial year. The subsequent deposits in the account can be made in multiples of Rs 50. However, there is no limit on the number of deposits either in a month or in a financial year.
Deposits may be made in the account till the completion of a period of fifteen years from the date of opening of the account.
Penalty Charges For Non-Deposit
If minimum of Rs 250 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.
Maturity
SSA can be closed after completion of 21 years.
Partial Withdrawal/Closure
Partial withdrawal, maximum up to 50 percent of balance standing at the end of the preceding financial year can be taken after account holder’s attaining age of 18 years.
Normal premature closure will be allowed after completion of 18 years on the occasion of marriage (1 month before and 3 month from date of marriage).
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