Overview:
Scientific advancement has been taking place by leaps and bounds. But the mind-set of the people of our society has not been changing in tune withthe changing times. The gender discrimination still persists. In our society, by and large, the male child is given preferential treatment over the female child during upbringing. Education of the female child is ignored. The Sukanya Samriddhi Yojanawas launched by our Honorable Prime Minister Sri Narendra Modi jion the eve of the Republic day in the Year 2015. It was catered to meet the financial needs of the female child. The centricity of focus is to support her for her education and marriage.
(2) The tenure of the account is for 21 years. The period is reckoned from the date of opening the account.
(3)At the initial stage of operation of the scheme, a grace period of one year is allowed.
(4)The scheme is also open for another girl child. That is, the scheme is limited to two girl children only. Most of the couples in this nation are adopting two-child norm. Even if both the children are girls, her parents or guardians can take full advantage of the scheme.
Scope of scheme:
(1)Thissmall scale savings scheme is designed to yield maximum returns. The returns are free from tax. Under the post office sukanya samriddhi yojana aguardian of a girl child can open an account under the Sukanya Samriddhi Yojana in a Post Office. An account in her name can be opened any time before the girl attains the age of 10 years.
(2) The tenure of the account is for 21 years. The period is reckoned from the date of opening the account.
(3)At the initial stage of operation of the scheme, a grace period of one year is allowed.
(4)The scheme is also open for another girl child. That is, the scheme is limited to two girl children only. Most of the couples in this nation are adopting two-child norm. Even if both the children are girls, her parents or guardians can take full advantage of the scheme.
Operation of scheme:
Until the account holder attains the age of ten, her parent or guardian operates the account. Thereafter, the girl or the account holder can operate the account.
Sukanya Samriddhi Yojana implementation agencies:
Besides the Indian Post Offices, a number of banks had been authorized to open and operate the scheme. All most, all the nationalized banks are authorized to run the scheme. Private banks like Axis bank, ICICI bank etc., are also authorized to run the scheme.
Facilities for transfer of account:
As in the case of any other bank or post office account, there is a facility to transfer the account from any place to any other place anywhere in India free of charges.
PM Sukanya Samriddhi Account Deposit Scheme Benefits:
(1) The notable feature of the scheme is the lucrative rate of interest.At the initial stages of implementation of the scheme, the interest rate was set at 9.1%. Later on, it was enhanced to 9.20%. The present rate of interest is 8.6%, which is liable to change from year to year. Nevertheless,Samriddhi scheme has an edge over other comparable saving schemes, in terms of rate of returns.
(2) Tax benefits:The tax benefits under the scheme are akin to what are available for a Provident Fund Account. The savings under the account are entitled for triple Exempt status. Totted to this, the savings are guaranteed by the Indian sovereign. The deposits made under the Sukanya Samriddhi Yojana would be reckoned for working out taxable income u/s 80C of the IT Act. In addition to this, the withdrawal of the amount on maturity under the Samriddhi Yojana is exempt from income tax.
(3) Periodicity of deposit: Periodicity of deposit is kept as once in a year. This provision seems to have been keeping in view rural India who are solely dependent on agriculture income.
(4)Premature withdrawal:(a)There is provision in the scheme for general premature closure after the girl attains 18 years old. This relaxation is available only in case the girl is married. Under the Sarada Act, marriage of a girl before she is 18 years old is illegal.
(b) Exceptional circumstances:(i)In case the account holder is suffering with life-threatening diseases, premature withdrawal is possible ,after 5 years of opening the account on compassionate grounds.
(ii) Premature closure of the account after 5 years of opening is also possible under certain exceptional circumstances. Under such eventualities, the interest payable shall be limited to what is applicable to normal Savings Account.
(c) There is a provision in the Sukanya Samriddhi Yojana for 50% withdrawal of the amount of deposit with due interest accrued thereon at the age of 18 years for the purpose of higher education.
(d) For the purpose of marriage of the account holder, the account can also be prematurely closed. The condition precedent for closure of the account is non-infringement of provisions of Sarada Act . For this purpose, vouching of her age that she is of the marriageable age of 18 years needs to be furnished.
The Account shall mature on completion of a period of twenty-one years from the date of its opening: The final closure of the account may be permitted before completion of the stipulated period on certain condition. This exception is given only for the purpose of marriage that is proposed to be performed under the provisions of Sarada Act.
(e) In the event of a default in making timely payment of the premium, a penalty of Rs.50 per default would be levied. This provision of token penalty for keeping alive the account is a salient feature.
Precautions tor each target group for intended purpose:
(1)Limitations in amount of depositing: The limits of minimum and maximum amount of deposits under the Sukanya Samriddhi Yojana laid down are Rs. 1,000 per annum and of Rs.1, 50,000 per annum respectively.
(2) The scheme had been thoughtfully designed to preclude the upper income group people from taking advantage of it.
(3) Once the Account completes twenty-one years from the date of its opening, it ceases to earn interest. This measure is intended to preclude misuse of the scheme.
(4)Genuineness of account holders is ensured through insistence of certain authentic documents such as identity, date of birth and address proof before opening an account.
Conclusion:
The Government of India has been making all out efforts to help the girl child and to promote the scheme in all possible ways.
Apply Pradhan Mantri Sukanya Samriddhi Yojana in ICICI Bank Click here
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