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Ministry of Finance (Department of Economic Affairs) vide their E-Gazette Notification dated 12th Dec,2019,G.S.R. 912(E),has notified that Central Govt. rescinds the Sukanya Samriddhi Account Rules,2016 published vide G.S.R.323(E) dated 18th March,2016 with immediate effect.Further, Ministry of Finance (Department of Economic Affairs) vide their E-Gazette Notification dated 12th Dec,2019, G.S.R. 914(E), has notified the scheme called the Sukanya Samriddhi Account Scheme,2019
Features
- Cash
- Cheque
- Demand Draft
- Transfer/ online transfers through internet Banking
- To promote the welfare of Girl Child
- A natural/ legal guardian on behalf of a girl child
- Upto two girl children or three in case of twin girls as second birth or the first birth itself results in three girl children
- Min.250 of initial deposit with multiple of one Fifty rupees thereafter with annual ceiling of Rs.150000 in a financial yearr
- Tenure of the Deposit is 21 years from the date of opening of the account
- Maximum period upto which deposits can be made 15 years from the date of opening of the account.
- As notified by the GOI, compounded annually with option for monthly interest pay-outs to be calculated on balance in completed thousands.( Current rate 8.40% w.e.f 1st Oct, 2019)
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extended Triple exempt benefits i.e. there will be no tax on the amount invested, amount earned as interest and amount withdrawn.
Irregular Payment/ Revival of account by payment of penalty of Rs.50 per year along with the minimum specified amount per year
SIP : Standing Instructions can be given either at the Branch or set through Internet Banking for automatic credit to Sukanya Samriddhi Account .
- Withdrawal : 50% of the balance lying in the account as at the end of previous financial year for the purpose of education, marriage after attaining the age of 18 years
- NOTE : As this is a Govt. of India scheme, customers are advised to visit www.nsiindia.gov.in for latest instructions/ modification in the scheme.
