SUKANYA SAMRIDDHI ACCOUNT - DEPOSITS
The minimum amount of deposit that has to be made to open a SSA account is Rs.250/- and thereafter in every Financial Year a Minimum deposit of Rs.250/- has to be made. Maximum amount that can be deposited in a Financial Year is Rs.1,50,000/-.
Deposits are to be made for 15 years from the date of opening of the account.
If any excess amount above Rs.1,50,000/- is deposited in any financial year, the excess amount will not earn interest and it will be immediately returned to the depositor.
Deposits made in SSA account are eligible for deduction under Sec.80C of IT Act for the purpose of Income Tax assessment.
By Finance Act 2015, a new clause (11A) has been inserted under Section 10 of Income Tax Act 1961 under which any amount withdrawn from Sukanya Samriddhi Account will not be included in the total income of a previous year of a person for the purpose of calculation of Income Tax.
By Finance Act 2015, a new clause (ba) has been inserted under clause (viii) of sub- section 4 of Section 80C of Income Tax Act 1961 under which a Legal Guardian can claim Income Tax benefit for the amount deposited by him or his/her girl child under the Sukanya Samriddhi Account.
Subsequent deposits can be made in Sukanya Samriddhi Accounts in multiples of Rs.50/-with minimum of Rs. 250/-and maximum Rs.1,50,000/- in a financial year.
If minimum amount of Rs. 250/- is not deposited in a financial year, a penalty of Rs.50/- per year as default fee will be collected along with such minimum specified amount for the year or years of default.
In case of an account under default is not regularized within 15 years of opening of account, then the whole deposit, including the deposit made prior to the date of default, shall be eligible at the rate applicable to the Scheme till closure of the account.
(1). Deposit in the account shall earn the interest at the rate notified by the Government from time to time. The interest shall be calculated for the calendar month on the lowest balance in the Account between the close of the fifth day and the end of the month.
(2). Interest shall be credited to the account at the end of each financial year irrespective of change of Account Office due to transfer of the account during the financial year. That is. in case if the account is transferred from post office to any bank, the annual interest will be credited by the bank and in the same way, if the account is transferred from bank to post office, the annual interest will be credited by the post office.
As per SB Order No. 32/2020, GDS BOs are authorised to accept subsequent deposits.
