Introduction of new scheme “Sukanya Samriddhi Account” under Small Savings Scheme

Introduction of new scheme “Sukanya Samriddhi Account” under Small Savings Scheme

SB ORDER NO. 2/2015

F.No.116-57/2014-SB

Government of India

Ministry of Communications & IT

Department of Posts

Dak Bhawan, Sansad Marg, New Delhi-110001,

Dated:    21.01.2015

To

All Heads of Circles/Regions

Addl. Director General. APS, New Delhi_

Subject: –             Introduction of new scheme “Sukanya Samriddhi Account” under Small Savings Schemes.

Sir / Madam,

Min. of Finance (DEA) vide its 0.M No. 2/312014-NS-II dated 19.01.2015 has forwarded Notification No. G.S.R 705 (E) dated 23.9.2014 notifying introduction of one new Small Savings Scheme called “Sukanya Samriddhi Account” for the welfare of Girl Child. Copy of Gazette Notification is appended with this letter. Main features of this scheme are outlined below:-

• A legal Guardian/Natural Guardian can open account in the name of Girl Child.
• A Guardian can open only one account in the name of one girl child maximun two accounts in the name of two different Girl Children.
• Guardian will be called as “Depositor” and Girl Child will be called as “Account Holder”.Account can be opened up to the age of 10 years only from the date of birth. For initial operations of scheme, one year grace has been given. Therefore, Girl Child who is born on or after 2.12.2003 can open account.
• KYC Documents of Depositor (Guardian) as per SB Order No. 14/2012 (Master Circular 1) circulated on 9.10.2012 and Birth Certificate of Account Holder (Girl Child) are mandatory to be taken.
•  Nomination is not allowed in these accounts. Minimum Amount for opening of account Rs.1000/- and subsequent deposit should be in multiple of Rs.100/-_
• Maximum Amount Rs.1,50,000/- in a financial Year.
• No limit on number of deposits either in a month or in a financial year (just like a savings account).
• If minimum Rs.1000/- is not deposited in a financial year, account will become discontinued (like PPF) and can be revived with a penalty of Rs.50/- per year with minimum amount required for deposit for that year.
• Mode of deposit can be Cash/Cheque/Draft and in case of cheque/draft, date of credit of cheque/draft amount into Government Account will be the date of credit.
• Intertest rate will be 9.1% for the Financial Year 2014-15. It will be calculated on Yearly basis and credited into account i.e Yearly compounded up to completion of 14 Years from date of opening
• Partial withdrawal, maximum up to 50% of the balance standing at the end of the preceding financial year can be taken after Account Holder attaining age of 18 years.
• Account can be closed after completion of 21 years.
• If account is not closed after maturity, balance will continue to earn interest as specified for the scheme from time to time.
• Normal Premature closure will be allowed after completion of of 18 years provide that girl is married. No reduction in the interest.  Interest will be paid till completion of month preceding the month of closure.  Month means, SSAccount month not a calendar month.
• In case of Premature (on account of death of the account holder), balance amount will be paid to the guardian with interest till the month preceding the month of premature closure.

2. Following forms are also enclosed:-

(i) Revised Account Opening form to be used by Non CBS Post Offices

(ii) Revised Account Opening Form for Individuals (along with sample page-3 with dimentions) to be used in CBS Post Offices.

(iii) New Account Opening Form for Individuals who have opened CIF after migration to be used in CBS Post Offices.

(For other transactions, existing forms including Passbook will be used.)

3. It is requested to circulate this letter along with enclosures to the field units for information and necessary action. Patch from Sanchay Post is being release on DMCC web site today A.N to facilitate operation of this scheme through Sanchay Post. Development of Solution in Finance CBS for this Scheme is under progress and will be deployed by 22nd January 2015.

4. This issues with the approval of Competent Authority.

Yours faithfully

Sd/-

(Kawal Jit Singh)

Assistant Director (SB-II)

source-http://www.indiapost.gov.in/

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