"PRADHAN MANTRI SUKANYA SAMRIDHI YOJANA (PMSSY)"
For Bank Exams-Railways-SSC CGL-CS
On 22nd January, 2015 Prime Minister Narendra Modi introduced a new scheme named “Pradhan Mantri Sukanya Samridhi Yojana (PMSSY)” at center of girl children has stirred up the whole nation. This scheme was launched as a part of “Beti Bachao Beti Padao” campaign. This scheme will help to assure that the girl children of India, who are usually divested of their basic rights. Theycan actually enjoy everything they deserve. The idea is to make her finally strong and self dependent.
The main objective behind the launch of this scheme was to secure financial future of the girl. In India there is still belief that having a girl means financial burden (either marriage or education) and this scheme is an answer to all such people with this insane mentality.
- People having a girl child can open Sukanya Samridhi account. People who are legal guardians of girl child can also open the account.
- The account holder’s name will be the girl child’s name;
- One girl child, one Sukanya Samridhi account;
- The rate of interest will vary each financial year depending upon certain factors. For the Year 2015-16 interest rate is 9.2%.
- Until the girl is 10 years of age, parents can open her account.
- Any parents can open maximum 2 Sukanya Samridhi accounts.
- It is mandatory to deposit minimum Rs. 1000 per year.
- The highest rate of interest among all the small savings schemes introduced by the government;
- The maturity of the account is 21 years from the open date.
- The SSA accounts hold a tax advantage. Under Section 80C, the SSA contribution will not come under taxable income.
Require Documents for opening SSA account:
- ID proof of the guardian (such as passport/ Voter Card/ PAN Card/ Aadhaar Card etc and also some Government Issued certificate can also be provided for identification purpose);
- Address proof of the guardian (such as passport/ Voter Card/ PAN Card/ Aadhaar Card/ Ration Card etc and any Government Issued certificate);
- Birth Certificate of the girl child;
Benefits & Details of SSA accounts:
- Interest Rate – 9.20% (it vary each financial year depending upon certain factors);
- Tax Exemption – 80C
- Duration of this scheme – 21years (from the open date)
- Taxability of Interest Amount – Tax Free
- Partial withdraw/ Loan facility – possible after 18 years of age; T&C apply
- Taxability of Maturity proceed – Tax Free
- Invest – Only girl child of less than 10 years of age;
- Minimum Deposit – Rs. 1000 in a year;
- Maximum investment – Rs. 1.5lakh in a year;
- Mode of Payment – Cash/ Cheque/ Demand Draft (DD)
- Nomination Facility – Not Available
- Penalty – A penalty of Rs.50 will be imposed if the account is not credited with the minimum amount.
- Term Period –The guardian is expected to deposit amount in the account only till the completion of 14 years.
- Closure of Account – The account can be closed only after the child turns 21. If the money is not withdrawn even after that, it will continue to earn the interest.