Sukanya Samriddhi Account (SSA) Minimum Deposit Slashed To Rs.250

Now you can open Sukanya Samriddhi Account (SSA) with just Rs.250 minimum deposit, also you just need to deposit Rs.250 per year which was Rs.1000 earlier.

Recently The government of India has slashed minimum deposit for small savings scheme for the girl child Sukanya Samriddhi to Rs. 250 from Rs. 1,000, however maximum deposit Rs. 1,50,000 unchanged.

You can open Sukanya Samriddhi account for your girl child at any post office or designated public sector banks.

About SSA Account: 10 Points

1# Who can open the account: A natural/ legal guardian on behalf of a girl child

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2# Maximum number of accounts: Upto two girl children or three in case of twin girls as second birth or the first birth itself results in three girl children.

3# Minimum and Maximum Amount of Deposit: Min.250 of initial deposit with multiple of one hundred rupees thereafter with annual ceiling of Rs.150000 in a financial year

4# Tenure of the Deposit: 21 years from the date of opening of the account

5# Maximum period upto which deposits can be made: 15 years from the date of opening of the account.

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6# Interest on Deposit: As notified by the GOI, compounded annually with an option for monthly interest pay-outs to be calculated on balance in completed thousands.( Current rate 8.60%w.e.f 1st April, 2016)

7# Tax Rebate: As applicable under section 80C of the IT Act, 1961. In the latest Finance Bill, the scheme has been extended Triple exempt benefits i.e. there will be no tax on the amount invested, amount earned as interest and amount withdrawn.

8# Premature Closure: Allowed in the event of death of the depositor or in cases of extreme compassionate grounds such as medical support in life-threatening diseases to be authorized by an order by the Central Government

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9# Irregular Payment/ Revival of account: By payment of penalty of Rs.50 per year along with the minimum specified amount per year

10# Mode of Deposit: Cash/Cheque/ Demand Draft/ Transfer/ online transfers through Internet Banking.

11# Withdrawal: 50% of the balance lying in the account as at the end of the previous financial year for the purpose of higher education, marriage after attaining the age of 18 years.