Suganya Samriddhi Account (SSA) :: Post Office Girl Child Savings Scheme

 

Features of Suganya Samriddhi Account (SSA)

• Current rate of interest is 8.2%(F.Y 2023 - 2024) per annum, Calculated on yearly basis,on yearly compounded. 
• Minimum Rs. 250 /- and maximum Rs. 1,50,000 in a financial year.Subsequent amount in multiple of Rs. 50 Deposits can be made lump-sum No limit number of deposits either in a month or in a Financial year.

Who can open account

• By the guardian in the name of girl child below the age of 10 years.
• Only one account can be opened in India either in Post Office or in any bank in the name of a girl child.
• Thia account can be opened for maximum of 2 girls in a family.Provided in case  of twins/ triplets girls birth more than two accounts can be opened.

Deposits

• Account can be opened with minimum initial deposit Rs.250
• Minimum Deposit in a Financial year is Rs.250 and Maximum amount can be made up to Rs. 1,50,000 (in multiple of Rs.50 ) in a Financial year in lump sum or in multiple installments.
• Deposits can be made maximum up to completion of 15 years from the date of opening. 
• If minimum deposit Rs.250 is not deposited in a account in a Financial year, the account shall be treated at defaulted account.
• Defaulted account can be revived before completion of 15 years from the date of opening of account by paying minimum Rs.250+ Rs.50 default for each defaulted year.
• Deposits qualify for deduction under section 80c of Income Tax Act.

interest 

• The account will earn on the prescribed rate notified by Ministry of Finance on quarterly basis.
• The interest shall be calculated for the calendar month on the lowest balance in the account between the close of the 5th day and end of the month.
• Interest shall be credited to the account at the end of each Financial Year where account stands at the end of FY.(i.e In case transfer of account from Bank to Post Office or vice versa )
• Interest earned is tax free under Income Tax Act.

Operation of Account 

• Account will be operated by the guardian till the girl child attains the age of majority (i.e 18 years)

Withdrawal

• Withdrawal may be taken from the account after girl child attains the age of 18 or passed with 10th standard.
• Withdrawal may be taken upto 50 % of balance available at the end of preceding F.Y
• Withdrawal may be made in one lump sum or in installments, not exceeding one per  year, for maximum of 5 years subject to the ceiling specified and subject to the actual requirement of fee/other charges.

Premature closure

Account may be prematurely closed after 5 years of account opening on the following conditions:-

On the death of account holder (from date of death to date of payment PO savings Account interest rate will be applicable.)

• On extreme compassionate grounds.
• Life threatening decease of account holder.
• Death of the guardian by who account operated. 
• Complete documentation and application required for such closure.
• For Premature closure of account submit prescribed application form along with passbook at concerned Post Office.

Closure on maturity

• After 21 years from the date of account opening.
• Or at the time of marriage of the girl child after attaining the age of 18 years.(1 month before or 3 month after date of marriage )