The Sukanya Samriddhi Account is a government-backed savings scheme designed specifically for the welfare of the girl child. It allows guardians to build a financial corpus for the girl's future education and marriage expenses. The scheme is currently governed by the Sukanya Samriddhi Account Scheme, 2019.

Who Can Open an Account?

• Eligibility: The account can be opened by a natural or legal guardian in the name of a girl child who is below the age of 10 years on the date of opening.

• One Girl, One Account: A distinct feature of this scheme is that only one account can be opened in the name of a specific girl child, either in a Post Office or an authorized bank.

• Family Limits: Generally, a family can open accounts for up to two girl children. However, exceptions are made for more than two accounts if the subsequent birth results in twin or triplet girls, supported by an affidavit and birth certificates.

• Required Documents: The birth certificate of the girl child is a mandatory document for opening the account.

Deposit Rules

• Amount: The account can be opened with a minimum initial deposit of Rs. 250. Subsequent deposits can be made in multiples of Rs. 50.

• Annual Limits: A minimum of Rs. 250 must be deposited in a single financial year to keep the account active. The maximum deposit limit is Rs. 1,50,000 per financial year.

• Deposit Period: You can continue to make deposits into the account for 15 years from the date of opening.

• Default: If the minimum annual deposit of Rs. 250 is not made, the account is considered under default. It can be regularized by paying a penalty of Rs. 50 for each year of default along with the minimum required deposit.

Interest and Tax Benefits

• Interest Rate: The account earns interest at a rate notified by the government, compounded yearly.

• Tax Efficiency: The scheme offers significant tax benefits. Deposits qualify for a deduction under Section 80C of the Income Tax Act. Furthermore, the interest earned and the final withdrawal amount are exempt from Income Tax.

Operation of the Account

• The account is operated by the guardian until the girl child attains the age of 18 years. Once she turns 18, she must submit her fresh KYC documents to the accounts office and take over the operation of the account herself.

Partial Withdrawal

• Purpose: To support the girl's higher education expenses.

• Eligibility: Withdrawal is allowed only after the account holder attains the age of 18 years or has passed the 10th standard, whichever is earlier.

• Limit: Up to 50% of the balance at the credit of the account at the end of the preceding financial year can be withdrawn.

• Proof Required: A confirmed admission offer or fee slip from the educational institution must be submitted.

Maturity and Closure

• Maturity: The account matures after 21 years from the date of opening.

• Marriage Closure: The account can be closed prematurely if the girl child intends to get married. This is permitted only if she has attained the age of 18 years. The application can be made one month before or up to three months after the marriage.

• Compassionate Closure: Premature closure is allowed after 5 years in cases of extreme compassionate grounds, such as life-threatening diseases of the account holder or the death of the guardian.

• Death of Account Holder: In the unfortunate event of the girl child's death, the account is closed immediately, and the balance with interest is paid to the guardian.

Transfers• The SSA account is transferable anywhere in India, from a Post Office to a Bank or vice-versa