Pradhan Mantri Sukanya Samriddhi Yojana
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- latest refreshed on April 16, two thousand and twenty Sukanya Samriddhi Yojana is a arrangement included by the middle Government of India in January 2015.
- How to reopen the balance Under this scheme, every girl below the age of ten years is made single for a special savings account with higher than normal interest rate and several other concessions.
- In the unfortunate case of premature death of the child, the guardian can claim for the balance amount and accrued interest since the day of the opening of the account.
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latest refreshed on April 16, two thousand and twenty Sukanya Samriddhi Yojana is a arrangement included by the middle Government of India in January 2015. It is a savings account scheme for girl children and was an initiative under the larger “Beti Bachao, Beti Padhao” scheme. What is the equitable of Pradhan Mantri Sukanya Samriddhi Yojana “Sukanya Samriddhi” means prosperity of the girl child. The scheme was created with the aim of encouraging parents and guardians of girl children below the age of 10 years to begin saving money so that they may have a solid financial footing to continue with higher education, pursue entrepreneurial dreams or even marry the girl off. How to reopen the balance Under this scheme, every girl below the age of ten years is made single for a special savings account with higher than normal interest rate and several other concessions. The account receives deposits for 14 years and matures at 21 years since the opening of the account. 1. Who Can Open the Account? Either of the girl’s nurse or a public guardian of a girl child, may free the account, provided the girl is less than ten years old. finance check be opened for only two girl children per guardian /family. An exception is made in the case of twins and triplets. 2. What is the Eligibility Criteria? The scheme is only for girls. The girl for whom the account is being created should be below 10 years of age. The girl should be an Indian citizen, residing in India. 3. imposed request childbirth Certificate of the girl child Address Proof Photo Identity Proof 4. Residence It is stipulated that the girl child availing the benefits of the scheme should be a resident of India throughout the duration of the scheme. 5. The balance in the Name of the Beneficiary Only the girl child is interung to be the beneficiary of Sukanya Samriddhi Account (SSA), although the guardian is making the deposits. In the unfortunate case of premature death of the child, the guardian can claim for the balance amount and accrued interest since the day of the opening of the account. 6. One Girl One AccountThe opening of an account is limited to one account per girl. 7. authorised banking to Open the Account SSA keep be opened in all post offices, political sector banks and a scarce authorized private banks. outline to ready SSA check be downloaded from RBI’s website. However sukanya samriddhi yojana balance cannot be reopened online. The opening of the account has to be done at the concerned branch. catalog of SSA authorized Banks: case Bank of India (SBI) case Bank of Mysore (SBM) case Bank of Hyderabad (SBH) case Bank of Travancore (SBT) case Bank of Bikaner & Jaipur (SBBJ) case Bank of Patiala (SBP) Vijaya banking United Bank of India Union Bank of India UCO banking partnership Bank Punjab national bank (PNB) Punjab & Sind banking (PSB) Oriental banking of Commerce (OBC) Indian Overseas banking (IOB) Indian banking IDBI banking ICICI banking Dena banking organisation Bank primary Bank of India (CBI) Canara banking Bank of Maharashtra (BOM) banking of India (BOI) Bank of Baroda (BOB) axle Bank Andhra banking Allahabad banking Sukanya Samriddhi Yojana – FAQ’sHere are some frequently asked questions about SSA that will give you more clarity on the minor details of the scheme. 1. Is account transferability possible? SSA include be transferred from one bank to another or from a bank to post staff or vice versa. The beneficiary of the account cannot be transferred. 2. What is the minimum contribution? The minimal yearly donation to SSA is Rs. one thousand per annum. The maximum is Rs. 1,50,000 per annum. The minimal number to public an account is Rs. 1000. 3. When is the penalty imposed? The punishment is required is depositor fails to meet minimal contribution of Rs. one thousand each year. The ban is Rs. 50. 4. What is the rate of interest per annum? The pace of interest for SSA account for the fiscal year 2018-19 is 8.1%. The rate is revised at the end of every financial year. 5. What is the term period? deposition are run for 14years. The profit matures at twenty-one years. However, if the girl wishes to close the account at any time after completion of 18yrs, for the sake of marriage, it is allowed. latest principle let non-closure of account on the maturity of twenty-one years. Such accounts will continue receiving interest. 6. Is premature withdrawal allowed? Premature withdarwal is accepted on these grounds: Death : The death of the child. : The murder of the child. Medical Emergencies gracious Grounds) : If the girl child faces a serious illness or medical emergency. : If the person child faces a dangerous illness or medical emergency. fiscal incapacity : If the depositor is unable to meet the minimum payments and the authorities recognise the financial strain. : If the depositor is invalid to meet the minimal payments and the authorities perceive the financial strain. Marriage : If the girl gets married after the age of 18yrs and before maturity of account, it can be closed in the period of 1 month before marriage and 3 months after marriage. : If the woman wins married after the age of 18yrs and before maturity of account, it can be closed in the period of one month before marriage and three months after marriage. Partial Withdrawal: On completion of 18yrs, up to 50% of savings in the bank can be withdrawn for the purpose of higher education. 7. What is the tax benefits? The depositor (guardian of the child) is single for revenue Tax deduction on the amount submitted every year. Note that only one guardian (mother, father or legal guardian) can claim a tax deduction, not both! interest and Drawbacks of the Scheme The Sukanya Samriddhi Yojana scheme is devised to be an easily available savings scheme for middle and lower classes. This brings with it several advantages and a few disadvantages. Benefits poor minimal Investment: With a yearly minimal of Rs. one thousand per year, this maintenance account check be kept vital through thick and thin. As your earnings increases, deposits include increase with it, to the maximum of 1.5lacs per year, according to one’s convenience and fiscal situation. This makes it flexible in comparison to other savings schemes in the market. With a yearly minimal of Rs. one thousand per year, this economy account check be kept alive through thick and thin. As your earnings increases, deposits include increase with it, to the maximum of 1.5lacs per year, according to one’s convenience and fiscal situation. This runs it pliable in examination to other savings schemes in the market. tariff Benefits: One depositor, either the mother, the father or in other cases, juridical guardian, keep avail of 100% tax exemption on Income tax for the amount deposited in this scheme. The amount in the savings account is exempt from taxation even after maturity! One depositor, either the mother, the father or in other cases, juridical guardian, keep avail of 100% tax exemption on Income tax for the amount deposited in this scheme. The quantity in the savings account is exempt from taxation even after maturity!
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