Gist of the Sukanya Samriddhi Account Scheme, 2019
Rule 1. Short Title and Commencement:
This scheme is officially known as the Sukanya Samriddhi Account Scheme, 2019. It came into effect on the date it was published in the Official Gazette, which was December 12, 2019.
Rule 2. Definitions:
Key terms are defined, such as "account holder" (a girl child in whose name the account is held) and "maturity" (completion of 21 years from the date of opening the account).
Rule 3. Opening of Account:
A guardian can open an account for a girl child under the age of ten. Each girl child can only have one account , and a family can open a maximum of two accounts. More than two accounts are allowed in a family if the first or second birth results in twins or triplets. The application must include the girl child's birth certificate and the guardian's documents.
Rule 4. Deposits:
The minimum initial deposit is Rs. 250, with subsequent deposits in multiples of Rs. 50. A minimum of Rs. 250 must be deposited each financial year. The maximum deposit in a financial year is Rs. 1,50,000. Deposits can be made for a period of up to 15 years from the date of opening the account. If the minimum deposit is not made, the account is considered to be in default, but it can be regularized by paying a Rs. 50 penalty for each year of default along with the minimum annual deposit.
Rule 5. Interest on Deposit:
The deposits earn an interest rate of 8.4% per annum. Interest is calculated on the lowest balance between the 5th and the end of the month and is credited to the account at the end of each financial year.
Rule 6. Operation of Account:
A guardian operates the account until the account holder turns 18. After she turns 18, the account holder can operate the account herself by submitting the necessary documents.
A guardian operates the account until the account holder turns 18. After she turns 18, the account holder can operate the account herself by submitting the necessary documents.
Rule 7. Premature Closure of Account:
The account can be closed immediately if the account holder dies. It can also be closed on compassionate grounds, such as a life-threatening illness of the account holder or the death of the guardian. Premature closure is not allowed before five years from the date of opening the account.
Rule 8. Withdrawal:
A withdrawal of up to 50% of the account balance is allowed for the purpose of the account holder's education. This is permitted after she turns 18 or has passed the tenth standard, whichever is earlier. The withdrawal request must be accompanied by documentary proof, such as an admission offer or fee slip from an educational institution.
Rule 9. Closure on Maturity:
The account matures after 21 years from the date of its opening. It can also be closed before maturity for the account holder's marriage, provided she is at least 18 years old. This closure must be done no earlier than one month before the intended marriage or no later than three months after the marriage. Upon maturity, the balance and interest are paid to the account holder.
Rule 10. Application of General Rules:
The Government Savings Promotion General Rules, 2018, apply to any matters not specifically covered by this scheme.
Rule 11. Power to Relax:
The Central Government can relax any of the scheme's provisions to prevent undue hardship to an account holder.
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