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Sukanya Samriddhi Account



Features



  1. This account is only for Minor Girl Child. It can be opened by Natural or Legal Guardian of minor girl child.
  2. Only one account per girl child is allowed.
  3. Age of minor girl child should not be more than 10 years at the time of account opening. For financial year 2014-15, one year relaxation has been provided.
  4. Minimum amount to be deposited every year is INR 500/-.
  5. Maximum amount that can be deposited every year is INR 1,50,000/-.
  6. Amount to be deposited for 14 years from the date of opening of account.
  7. Deposit made is deductible u/s 80C.
  8. Interest rate to be notified every year by the Govt. For F.Y. 2015-16, interest rate is 9.20%
  9. 50% of amount can be withdrawn for higher studies of girl child or for her marriage after she has completed 18 years of age.
  10. No loan is available on this account.
  11. Maturity date is 21 years from the date of opening of account or date of her marriage whichever is earlier.
  12. Account shall be closed premature in case of death of girl child.
  13. Account can be opened in Authorized Banks (bank list given below) and Post Office.




Banks authorized by RBI to open Sukanya Samriddhi Account


S.No.

Authorised Banks

1

State Bank of India

2

State Bank of Bikaner & Jaipur

3

State Bank of Hyderabad

4

Allahabad Bank

5

Bank of Maharashtra

6

Dena Bank

7

Syndicate Bank

8

United Bank of India

9

State Bank of Patiala

10

State Bank of Travancore

11

State Bank of Mysore

12

Bank of Baroda

13

Canara Bank

14

Indian Bank

15

UCO Bank

16

Vijaya Bank

17

Andhra Bank

18

Bank of India

19

Central Bank of India

20

Indian Overseas Bank

21

Oriental Bank of Commerce

22

Axis Bank Ltd.

23

Punjab & Sind Bank

24

Corporation Bank

25

Punjab National Bank

26

Union Bank of India

27

ICICI Bank Ltd.

28

IDBI Bank Ltd.




Demerits of Sukanya Samriddhi Account


  1. High Lock-in Period - This Scheme has very long lock-in period of 21 years. When it is compared to PPF, it does not look attractive. In PPF, lock in period is 15 years as on date.
  2. Variable Interest Rate - Interest rate on this Scheme is variable from year to year. Current it is very high (9.10%). But it is not fixed and may come down in future. In PPF as well, interest rate is variable from year to year.
  3. Age limit for Girls - Account can only be opened for girls upto 10 years of age. In FY 2014-15, one year relaxation has been given. PPF account can be opened in any age.
  4. Max 2 girls - This account can be opened for maximum for 2 girls. This is something Govt. should change. On one hand, Govt. is encouraging girl birth to improve gender ratio whereas on other hand, limiting this facility to two girls only. This is something not acceptable.
  5. Loan not available - If you need money, say after 10 year, you cannot avail loan facility under this Scheme. This is one of the major disadvantage of this Scheme. Under PPF, you can avail loan facility subject to certain terms and conditions. 
  6. No Private Banks till date - Till date private banks are not allowed to open these types of account. People prefer to go with private banks due to their high service level when compared to public sector banks. Also, now a days, people does not have time to stand in long queue in banks. Whereas PPF account can be opened in some selected private banks. 
  7. No Premature Withdrawal - Premature withdrawal is not allowed except in case of death of girl child. Whereas in case of PPF, premature withdrawal is allowed for some specific purposes subject to certain conditions.
  8. Now the biggest drawback. No interest is credited from 15th Year to 21st Year from the date of opening of account.