Monday, 9 March 2015

Eligibility For Opening a Sukanya Samriddhi Yojana (SSY) Account

There are certain rules and restrictions for opening and operating Sukanya Samriddhi Yojana account. It is always advisable to check the eligibility criteria for any scheme to ensure compliance. In this post we'll see who is eligible for opening a Sukanya Samriddhi Yojana (SSY) account.

Only for girl child

Well, the biggest restriction is you have to be a parent of a girl child not older than 10 years :). OK apart from natural guardian(s), legal guardian(s) can also open an account but note that SSY account can be opened for a girl child only (no older than 10 years).

Grace Period

Only for the financial year 2015-2016 a grace period of one year was provided. With this, a girl child who is born between Dec. 2nd, 2003 and Dec 1st, 2004 was eligible to open an account by Dec 1st, 2015 at the latest.

How many accounts can be opened

A parent can open an account for a maximum of two daughters, but the total investment in the two accounts cannot exceed Rs 1.5 lakh a year.

Third SSY account is permitted

Though natural or legal guardian(s) are allowed to open the account for two girl children only there is an exception to the rule. The third Sukanya Samriddhi Account is permitted in the event of birth of twin girls as second birth or if the first birth itself results in a triplet of girls. In this case, certificate from the competent medical authorities, where the twins or triplets were born, has to be produced.

Points to note -

  • Legal /natural guardian(s) can open account in the name of the girl child
  • Account can be opened only if the girl child is 10 years of age or less.
  • Grace period of one year provided only for this year (2015)
  • Budget 2015 has made this scheme quite attractive for the investors as the interest income has been exempted from tax.
  • In case you have a girl child less than 10 years of age and you already have a PPF account, Sukanya Samriddhi Yojana account should also be opened and some amount deposited in it as it is also EEE and provides better interest rate than PPF. As per the existing rules prevailing interest rate on SSY will be 0.5% more than the interest rate on PPF.

That's all for this topic Eligibility For Opening a Sukanya Samriddhi Yojana (SSY) Account. If you have any doubt or any suggestions to make please drop a comment. Thanks!

Related Topics

  1. Deposit Rules For Sukanya Samriddhi Yojana (SSY) Account
  2. Sukanya Samriddhi Yojana (SSY) Account Duration
  3. Rate of Interest on Sukanya Samriddhi Yojana Account
  4. Public Provident Fund (PPF) Account Opening Eligibility
  5. EEE EET ETE explained

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