Sunday, 27 March 2016

Government girl child - Sukanya Samriddhi Account (SSA) saving scheme Online Interest rate Calculator

Highlights of Sukanya Samriddhi ( Girl Child Saving ) (SSA) Account:
Sukanya Samriddhi Account (SSA) is started by Government of India for parents with girl children to encourage fund for their girl child future education and marriage expenses.


Important Details about Sukanya Samriddhi ( Girl Child Saving ) (SSA) Account:
Sukanya Samriddhi Account (SSA) is started by Government of India for parents with girl children to encourage fund for their girl child future education and marriage expenses.
When is the SSA scheme launched?
- The scheme was launched by Prime Minister Narendra Modi on 22-01-2015 in India and is came for full public operated in same finalcial Year 2014 - 2015
To whom this SSA scheme account opened
- This ( SSA ) account is opened for any girl child with Indian Citizen under the gueadian upto Girl Child age of 10 Yrs old.
What is the age limit for child for opening this SSA account?
- The account can be openened for child from birth date up to 10 Years Old ( financial year ).

Example 1 : Girl Child Born on 20-01-2014
Minimum eligible Date for opening SSA Account: 23-01-2015
Maximum eligible date for opening SSA Account: 13-01-2024

Example 2 : Girl Child Born on 20-01-2005
Minimum eligible Date for opening SSA Account: 23-01-2015
Maximum eligible date for opening SSA Account: 19-01-2016

Special Exception : Girl child who is born between 02-12-2003 and 01-12-2004 can open account up to 01-12-2015

Example 3: Girl Child Born on 01-01-2003 and below dates are not eligible for openinign the SSA account.
Where to Open the SSA account?
- The SSA account can be openened in All indian Post offices and Also Authorized Banks. It is good to open in Authorized banks compare to Post offices because banks are providing great range of online options for maintainig payment and interest details.

The account opened either in Post offices or Banks can be tranfereable to anywhere india.
how many SSA account can be opened?
- The SSA account can be openened Only One Account per Girl Child..
Who can open and maintain the SSA account?
- The SSA account should be opened and maintained by Guardian upto the age of girl child 10 Years Old, after that child is also eligible for maintainin her own account.
What is the minimum and Maximum Deposit amount for this account?
- Mimimum Rs 1000 can be deposited to the account for each finalcial year. If minimum Rs 1000 is not deposited account will be discontinued and can be reactivated with a penalty of Rs 50 per year.

Maximum of Rs 1.5 lakhs can be deposited to the account for each finalcial year.

Suppose if the Pareants ( guardian ) is opened two accounts for thier two girl child they are only able to deposit comibining two accounts at maximum 1.5 lakhs, they are not allowed to deposite each account with maximum 1.5 lakhs.
What is the interest rate for account?
- Interest is vary for each finalcial year as per government India, Interest amount is calculated compounded annually.

Interest rate for financial year 01-04-2014 to 31-03-2015 is 9.1%

Interest rate for financial year 01-04-2015 to 31-03-2016 is 9.2%

Interest rate for financial year 01-04-2016 to 31-03-2017 is 8.6%.
Is the tax benefit avail for account maintaining quardian?
- Yes the Tax benefit is applicable for account maintaining quardian under section 80C of the IT Act, 1961.

Also Interest amount Earned is tax free.
Maximum Period of deposit need to be done?
- The parents can deposite money upto 14 years from the date of opening of the account, after that parents are no need to deposit any amount until to account get matures. The account reaches maturity at the age of girl 21 years old. The account can be closed then it will continue to earn interest at the prevailing rate. If the girl is over 18 and married normal closure is allowed. 50% of balance account can be allowed to Withdra at the end of previous financial year for the purpose of higher education, marriage after child age of 18 years.
what are the mode of Deposit?
- The amount can be deposited by Cash or Cheque or Demand Draft.
What is the premature close for this account?
- Premature Closure is Allowed in the event of death of the depositor or in cases of extreme compassionate grounds such as medical support in life threatening diseases to be authorized by an order by the Central Government.

For more details visit www.nsiindia.gov.in for latest information and updates.

***We are working on the Interest Calculation Application for calculating for each users input data will launch soon this page..***

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