This post is written by Shiv Kukreja, who is a Certified Financial Planner and runs a financial planning firm, Ojas Capital in Delhi/NCR. He can be reached at skukreja@investitude.co.in
It has been over a month now since the government launched the “Sukanya Samriddhi Yojana” on January 22nd. But, no authorised public sector bank has the details or the application form of this scheme till date to help investors open an account. Even the post offices are not providing the application form or the details of the scheme easily.
On behalf of the general public, I would like to ask the government why do we announce such schemes when we do not have the basic infrastructure to help those for whom these schemes are being launched? I know I’ll not get any reply, but I really want to know when will our governments or public sector offices start working in an efficient manner?
Why don’t we privatise our post offices, banks or such other public sector organisations which have been operating highly inefficiently for years and years now? If we cannot privatise these organisations due to political compulsions, why don’t we make them improve their efficiency levels?
Yesterday I posted various salient features of this scheme and today I received a few emails asking for the list of banks where this account can be opened. I also got queries asking for the application form to open an account. Here is the extract of one such mail.
Hello Mr. Kukreja,
I just read your article and your views over Pradhanmantri Sukanya Samriddhi Yojana. It was fabulous to read. Very clear and understanding information.
Actually i need a help or say favour from you. Am trying to get the Account Opening Form of above said scheme, but i didnt find any. Could you pls mail me the form of the same, so that without wasting any time i can proceed with the investment.
If you say that, collect from the post at nearby my residence, well sir i have inquired but they have none.
So its a kind request to you.
Overall thanks once again for your information and guidance.
Application Form for opening a Sukanya Samriddhi Account in a Post Office
To open an account under this scheme, the application form is still not available on the website of India Post. However, you can use this application form for getting your account opened with any of the post offices. I have downloaded this form from the website of India Post itself. Though this application form is still not updated, with ‘SSA’ missing on the top of this form, I have been told that the post offices will not refuse to accept this form.
However, here is one more link to the application form with which you can download the updated application form.
You can also print the application form from this circular of the Department of Posts, Ministry of Communications & IT, dated January 21, 2015. This circular also has the Notification No. G.S.R. 863(E) dated December 2, 2014, having all the rules & regulations of Sukanya Samriddhi Yojana. This circular has the application form on the 9th page.
List of Banks which have been authorised to open Sukanya Samriddhi Account
Here is the list of scheduled commercial banks which have been authorised to open accounts under Sukanya Samriddhi Yojana:
* State Bank of India (SBI)
* Bank of Baroda (BoB)
* Punjab National Bank (PNB) – Website Link – Contact No. – 011-25744370
* Bank of India (BoI)
* Canara Bank
* UCO Bank
* United Bank of India
* Andhra Bank
* Allahabad Bank
* Indian Bank
* Corporation Bank
* Central Bank of India
* IDBI Bank
* Dena Bank
Once these banks upload the application form on their respective websites, I’ll share the links to their forms in front of their names.
I am sure many of you must be facing difficulties in getting the required information about this scheme and also you would be in a hurry to open this account before the financial year ends. I would advise you to approach post offices as of now because some of the banks will take their own sweet time to get their branch personnel updated. I am sure you will get the option to migrate to the bank of your choice at a later date.
If you get any useful info/link regarding this scheme or have any of your good/bad experiences or any query, please share it all here.
Hi
Meri bhatiji 7 year ki HAI but uski mummy ki dath ho gai hai or uske papa ki mansik halat Bhabi ki dath k baad thik nhi puri jimedari me or mere papa utha rahe hai par jab post office me gye to in logo ne meri bhatiji ka form bharne se mana kar diya agar kisi bachhi k parents nhi hai to kya vo bachhi is yojna ka labh nhi le payegi ye konsa kanun hai
Koi bhi legal guardian aapki bhatiji ka account khulwa sakta hai. Agar post office account kholne se mana karta hai, to aap head postmaster ko complaint kar sakte ho.
Hello All,
Most of the nationalised banks are still not prepared for this new account yet as SSA account is not created/configured in Finacle or any other Core Banking Product yet. I got this update from SBI, Canara and Corp Bank. Probably from 1st week of Apr all the intended banks shall start advertising the same n then we can invest.
Thanks a lot Sudhi for this info!
Hi Shiv ji
There is a confusion in the investment period. Is it 14 years from the time of account opening or is it till 14 years of girl age?
When my friend enquired in post office about his daughter who is 9 years now, they told he can invest for next 5 years only.
Please clarify.
Hi Mr. Nagaraj,
There is no confusion here, it is for 14 years from the date of opening of the account.
Thanks Shiv ji.
I am planning to visit Andhra Bank to open this account. I hope bank has all details required.
You are welcome! I don’t think these banks are fully prepared yet to open an account, but if you are able to, please let us know.
Its pathetic that the Banks do not have any information yet about this account ! Atleast they should be given with some information as to whats the timeline they shall have this available – but surprisingly the Bank managers are clueless about this account 100%. Very Bad organising. If they are not ready to roll out then why send out the communication! – Isn’t these basic common sense!
I agree.
Hi,
Can NRI open this account (SSY) in India…Secondly I asked SBI ,they have no any information about this…
Pls advice
Regards..
Chandra
Hi Chandra,
It is still not clear whether NRIs can open this account or not. You’ll have to wait for a few more days to get clarity regarding this.
Sir I have a question that if any one open this scheme and unfortunately girl child parents died or any one of them died then there is necessary to deposit money in scheme. what are the benefits to girl child.
Please tell.
Thank you.
Hi Rajesh,
You can make a request to prematurely close the account and withdraw the amount under special circumstances, like death or medical support in life-threatening diseases etc.
Dear
whether we can invest online also as in our town post office nd banks are not yet started to take investment in this sukanya samridhi yojna.
regards,
vivek agarwal
Mr.no. 9835602566
Unfortunately, online investment facility is not there as yet for this scheme.
India Post wants to open 1 crore Sukanya Samriddhi Yojana accounts by March 31, 2015 – http://articles.economictimes.indiatimes.com/2015-02-03/news/58751588_1_girl-child-sukanya-samridhi-india-post
Can anybody trust India Post’s claims?
So that is approx 5,88,235.29 accounts per working day (remaining days of March)! Very uphill task!! 🙂 🙂
People are hungry, there are lines to order food in the restaurant, they are ready to pay for it and there is nobody to cook food for them. Very strange!
Sukanya Samriddhi Account (SSA)
For whom
Only for Girl Child.
For every Indian Citizen.
Age Limit
From the birth till she attains age of 10 years.
By whom
By the girl child who has attained the age of 10 years or by the natural or legal guardian.
By the Individual but by the natural or legal guardian for the minor child.
Where to open
Post office and nationalized banks but not private banks.
Number of Account
One account for each girl child, maximum up to 2 or 3 accounts if twin girls are born in the second birth or triplets are born in the first birth
Minimum Contribution
Rs.1,000
Maximum Contribution
Rs.1.5 lakhs in all accounts.
Interest Rate
9.1% per annum for fiscal year 2014-15.
Tax Benefit
on the Contribution
Contributed Amount will be deductible u/s 80C.
Time Period of contribution
Minimum tenure of contribution is 14 years from the date of opening of account.
Maturity
21 years from the date of opening of account.
Penalty
Rs.50 per year if minimum contribution is not made.
Mode of Deposit
Cash or Demand Draft or Cheque
Premature
Withdrawal
Allowed up to 50% for the girl’s higher education and marriage after she attains 18 years of age
Loan
No loan can be taken on the SSA balance.
Taxation on Maturity
No tax will be levied on the maturity amount.
My daughter is born on 10th November 2003 can I open an account
No, your daughter is not eligible for this scheme.
@Sherine,
If your are filing your income tax in India you can surely invest and claim benefit. also for the better future of your daughter as well you can invest.
Sir,
Would like to know if NRIs can open this account. My sister with her family is abroad working there. Can she open an account for her daughter or me open an account for my niece as a guardian.
Thanking you in anticipation, look forward to receive your reply.
With kind regards
Sherine
Hi Sherine,
It is still not clear whether NRIs would be allowed to invest in this scheme or not. I’ll update it here whenever there is clarity regarding the same.
Can you please upload the filled application form for better understanding
I’ll do that by tomorrow positively.
I went to the nearby post office to my house and found that most of the Post offices are migrating to Core Banking and no new accounts are being opened till 1st April. Alternatively, I went to SBI Branch near to my house and Bangalore Main Branch, they told to visit after 1st week of Apr. So I intend to open the account but not getting any proper direction.
I think you should wait for a few more days for these banks/post offices to receive precise guidelines regarding this scheme.
i think some mistake your calculator just like when i invest a 1000 per year then the interest was 9.10 then the money is 1091
now when i am deposit per month 100 rs then the total amount was 1200
interest was 9.10 then total amount was 1259 how ?
From where have you picked Rs. 1259 Prakash?
according to your calculator when i am deposit 6000 per year then the total amount was 3,15,630 found
when i am deposit 500 per month then total amount was 1 year is 6000then the total amount 3,12,652 found
why amount is differ each other
The calculation in the table is correct. In monthly option, you’ll get interest on your monthly deposit. In lumpsum deposit, interest will be calculated on the whole amount for the whole year.
1) Sir please let us know when you get to know if any of the PSU banks are providing this forms
2) Secondly when is the last date to enroll in this scheme
3) If we get enrolled in the nearest post office today, tomorrow will there be a option for people to shift to a PSU banks
4) Have you come across any information regarding online payment for this scheme
Hi Anil,
1. It really depends on the authorised banks how soon they make their forms available. It is not in our hands.
2. There is no last date for this scheme.
3. Yes, there will be an option to migrate your account to an authorised bank.
4. No info as yet about online payment facility.
Hi
can you pls let me know whether can i deposit 1.5 lacs per child or my overall limit is 1.5 lacs
Hi Ankith,
You can deposit Rs. 1.5 lakh in each of your accounts i.e. a total of Rs. 3 lakh.
Thanks Shiv. Economic times link says otherwise.
http://economictimes.indiatimes.com/wealth/savings-centre/analysis/budget-2015-is-the-sukanya-samriddhi-yojana-better-than-ppf/articleshow/46483823.cms
even postmaster is not clear ..i have opened accounts of 2 daughters .i am really confused.shud i cancel 1 account n open another account in my wisfe name . pls help
Hi Ankit,
As per the wordings of the Circular – “the total money deposited in an account on a single occasion or on multiple occasions shall not exceed one lakh fifty thousand rupees in a financial year”. At the same time, two accounts can also be opened. So, I think one can contribute a total of Rs. 3 lakh in two accounts. I think we will get further clarity on this in a few days time.
Please tell me.
Merit beti ki dob 22-05-2005 hair,uska account kholne ki kya prkriya Kari,,
Aapko beti ka birth certificate aur apna id proof, address proof post office le jaana hoga. Wahaan ja ke aapko poori prakriya bataayi jaayegi.
Sir,
I have approached post master about this account, he is asking aadhar card.my baby is just 11 months old.Is it mandatory to have aadhar card for this account. I have read that date of birth certificate is enough and parent’s address proof is needed for this account. But they are asking aadhar card to open this account.clarify my doubt as soon as possible.
Hi Sandhya,
I don’t think the girl child’s UIDAI Aadhaar Card is mandatory to open this account. Even if they are insisting for a Aadhaar Card, you can provide the guardian’s Aadhaar Card. Even then if they don’t open the account, then I think you should wait for a few more days to get clarity in this matter.
THANKS SIR.
You are welcome Sandhya!