Showing posts with label Sukanya Samriddhi Account. Show all posts
Showing posts with label Sukanya Samriddhi Account. Show all posts

Sunday, January 28, 2024

Saturday, January 20, 2024

Suganya Samriddhi Account (SSA) :: Post Office Girl Child Savings Scheme

Suganya Samriddhi Account (SSA) :: Post Office Girl Child Savings Scheme

✔ Admin on January 20, 2024 0 Comment

 


Features of Suganya Samriddhi Account (SSA)

  • Current rate of interest is 8.2%(F.Y 2023 - 2024) per annum, Calculated on yearly basis,on yearly compounded. 
  • Minimum Rs. 250 /- and maximum Rs. 1,50,000 in a financial year.Subsequent amount in multiple of Rs. 50 Deposits can be made lump-sum No limit number of deposits either in a month or in a Financial year.

Who can open account

  • By the guardian in the name of girl child below the age of 10 years.
  • Only one account can be opened in India either in Post Office or in any bank in the name of a girl child.
  • Thia account can be opened for maximum of 2 girls in a family.Provided in case  of twins/ triplets girls birth more than two accounts can be opened.

Deposits

  • Account can be opened with minimum initial deposit Rs.250
  • Minimum Deposit in a Financial year is Rs.250 and Maximum amount can be made up to Rs. 1,50,000 (in multiple of Rs.50 ) in a Financial year in lump sum or in multiple installments.
  • Deposits can be made maximum up to completion of 15 years from the date of opening. 
  • If minimum deposit Rs.250 is not deposited in a account in a Financial year, the account shall be treated at defaulted account.
  • Defaulted account can be revived before completion of 15 years from the date of opening of account by paying minimum Rs.250+ Rs.50 default for each defaulted year.
  • Deposits qualify for deduction under section 80c of Income Tax Act.

interest 

  • The account will earn on the prescribed rate notified by Ministry of Finance on quarterly basis.
  • The interest shall be calculated for the calendar month on the lowest balance in the account between the close of the 5th day and end of the month.
  • Interest shall be credited to the account at the end of each Financial Year where account stands at the end of FY.(i.e In case transfer of account from Bank to Post Office or vice versa )
  • Interest earned is tax free under Income Tax Act.

Operation of Account 

  • Account will be operated by the guardian till the girl child attains the age of majority (i.e 18 years)

Withdrawal

  • Withdrawal may be taken from the account after girl child attains the age of 18 or passed with 10th standard.
  • Withdrawal may be taken upto 50 % of balance available at the end of preceding F.Y
  • Withdrawal may be made in one lump sum or in installments, not exceeding one per  year, for maximum of 5 years subject to the ceiling specified and subject to the actual requirement of fee/other charges.

Premature closure

Account may be prematurely closed after 5 years of account opening on the following conditions:-

On the death of account holder (from date of death to date of payment PO savings Account interest rate will be applicable.)

  • On extreme compassionate grounds.
  • Life threatening decease of account holder.
  • Death of the guardian by who account operated. 
  • Complete documentation and application required for such closure.
  • For Premature closure of account submit prescribed application form along with passbook at concerned Post Office.

Closure on maturity

  • After 21 years from the date of account opening.
  • Or at the time of marriage of the girl child after attaining the age of 18 years.(1 month before or 3 month after date of marriage )

Tuesday, January 9, 2024

Thursday, November 9, 2023

Sukanya Samriddhi Account (SSA) Death Claim Closure procedure in Finacle

Sukanya Samriddhi Account (SSA) Death Claim Closure procedure in Finacle

✔ Admin on November 09, 2023 0 Comment

SSA Death Claim Closure procedure in Finacle

 

(1). As per rule 7(2) of Sukanya Samriddhi Account Scheme, 2019 in case of death of account holder “the Interest for the period between the date of death of the account holder and date of closure of the account shall be paid at the rate applicable on Post Office Savings Account for the balance held in the account”. Accordingly, the interest rate is to be configured through the HINTTM menu in Finacle by the CBS post office in case of SSA death claim closure before the closure of such account. The following procedure is to be followed by CBS post office in Finacle

 

(i). Counter PA shall invoke menu HINTTM; Select Function = M – Modify; Entity Type = A-Accounts; Entity ID = SSA Account number; Go; Interest Table Code = SBINT; Start Date = Date of death of account holder + 1 (For example, in case depositor dies on 03-04-2021, date to be entered as 04-04-2021); End Date = 31-12-2099 and then click on Submit.

 

(ii). The Supervisor shall invoke menu HINTTM; Select Function = V – Verify; Entity Type = A-Accounts; Entity ID = SSA Account number; Go. The supervisor shall verify the account number and date of the applicable SB Interest rate and then click on Submit.

 

Note1: After configuration of SB Interest rate from the date of death, counter PA shall follow the procedure for account closure.

 

Note2: During the closure of the account through the HCAAC menu, the option for the field ‘Apply Interest till Date’ is to be selected as YES in the CLOSURE tab.

 

Note: - The counter operations such as creation of CIF, opening of account, subsequent deposit, withdrawal, closure, transfer, claim etc should be carried out in Finacle platform using appropriate menu by Counter Assistant and by SPM/Supervisor, in respect of SSA scheme as followed in PPF Scheme.

Wednesday, November 8, 2023