Clarification on operation of Sukanya Samriddhi Account (SSA) in the cases of gender transformation of girl child: Department of Post Order dated 18.09.2023

No.FS-10/17/ 2020-FS-Part(1)
Government of India
Ministry of Communications
Department of Posts
(F.S. Division)

Dak Bhawan New Delhi – 110001
Dated: 18.09.2023

To,

All Heads of Circle

Subject: Clarification on operation of Sukanya Samriddhi Account (SSA) in the cases of gender transformation of girl child – Reg.

Madam/Sir,

Tamilnadu Circle in Lr. No. SB/100-6/2/2022 dated 19.07.2023 requested clarification on operation of SSA if gender transformation of the girl child in whose name account stands opened has happened.

2. The matter was taken up with Department of Economic Affairs (DEA), Ministry of Finance (MoF) vide this office ID note of even number dated 21.08.2023. In response, DEA, MoF in OM No. 14/1/2018-NS dated 14.09.2023 has clarified that the account shall be closed immediately and scheme interest rate shall be applicable from the date of opening of account till the medical board reconfirmed the gender and revised birth certificate was issued. Post-gender transformation, the POSA interest rate shall be applicable till the closure of account.

3. A copy of the aforementioned DEA, MoF’s OM dated 14.09.2023 is attached herewith for reference.

4. It is requested that the above guidelines may be circulated to all the offices concerned for information and guidance.

5. This is issued with the approval of Competent Authority.

Yours faithfully,

Encl:- As above

(Vijayan T C)
Assistant Director (SB-I)

Clarification on operation of Sukanya Samriddhi Account (SSA) in the cases of gender transformation of girl child PDF

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No. 12/2/2020 -CS.II(B)
Government of India
Ministry of Personnel, Public Grievances & Pensions
Department of Personnel & Training
CS.II(B) Section

3rd Floor, Lok Nayak Bhawan
Khan Market, New Delhi – 110003
Dated 21^st June 2021

OFFICE MEMORANDUM

Subject: Collection of vacancies for UD Grade LDCE for the SL Year 2018 to 2020 and abolition of vacant sanctioned posts of SSA in compliance with the cabinet decision – reg.

The undersigned is directed to refer to this Department’s OM of even number dated 30.12.2020 vide which the cadre units were requested to promote the JSAs of SL-2010 to 2012 to the grade of SSA on ad-hoc basis against the existing vacancies. It has now been decided (a) to abolish the vacant posts of SSA in compliance with the cabinet decision taken after the recommendation of the 1st cadre review of CSS in the year 2003 and (b) to collect the vacancies for UD Grade LDCE for the SL Year 2018 to 2020.

2. The sanctioned strength as on 01.07.2018 forwarded by the cadre units of CSCS is annexed as Annexure-I.
3. The cadre units of CSCS are therefore, requested to intimate the year-wise vacancies for UD Grade LDCE for the SL Years 2018 to 2020 and to abolish the vacant posts of SSA in compliance with the cabinet decision taken in the 1st Cadre Review of CSS in the year 2003 as per the format annexed at Annexure-II.
4. In case any clarification is required on this issue, Shri Raju Chowdhury, SO may be contacted on phone no. 24625816.

Encl: – As above.

(Bhagirath Jha)
Under Secretary to the Govt. of India

Annexure-I

Authorized sanctioned strength of SSA as on 01.07.2018 and final sanctioned strength to be achieved

Annexure-II

Format for vacancies for UD Grade LDCE and abolition of SSA post as per the Cabinet decision taken after recommendation of the 1^st Cadre Review, 2003.

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TIME BOUND

No,25/11/2015-CS-II(C)
Government of India
Ministry of Personnel, Public Grievances & Pensions
Department of Personnel & Training

3rd Floor, Lok Nayak Bhawan
Khan Market, New Delhi-110003
Dated 07th Dec, 2018

OFFICE MEMORANDUM

Subject: Filling up of unfilled vacancies in various grades of CSSS in regional offices of Staff Selection Commission – reg.

The undersigned is directed to refer to this Department’s OM of even number dated 06,09,2017 on the above mentioned subject and to say that at present the following posts of PAs & Stenos Grade ‘D’ of CSSS and SSA of CSCS at Regional Offices of SSC, are proposed to be filled upon transfer basis :

2, It is requested to give vide publicity to this OM within the Ministries/Departments of CSSS and forward the applications of willing officials for the above mentioned posts of Personal Assistant and Stenographers Grade ‘D’ of CSSS and SSA of CSCS at regional offices of SSC along with their Personal particulars in the enclosed proforma not later than 21.12.2018 to this Department for being considered for the aforesaid posts.

3. Before sending the particulars, it may be ensured that the web based data in respect of the official(s) are updated.

Encl: As above

(Preeti Khanna)
Under Secretary to the Govt. of India

To
Under Secretary (Admn,) of all cadre units of CSSS/CSCS with a request to give wide publicity among eligible staff members.

BIO·DATA
1. NAME:
2. DESIGNATION:
3. CSL No.:
4. DATE OF BIRTH:
5. PRESENT MINISTRY/DEPARTMENT:
6. PERSONAL CONTACT NUMBER:
7. EDUCATIONAL QUALIFICATIONS:
8. EXPERIENCE (INCLUDING DEPUTATION DETAILS) :

9. MEDIUM
10. Reasons for seeking outstation post:

DATE:

(Signature of the applicant)

Source: DoPT

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F.No.1/3/2018-NS
Ministry of Finance
Department of Economic Affairs
(Budget Division)

North Block, New Delhi
Dated : 06.08.2018

Office Memorandum

Subject: Clarification regarding opening of Sukanya Samridhi Yojana Account(SSA) received from the customers- reg.

The undersigned is directed to refer to 116-57/2016-SB dated 12.07.18 on the subject mentioned above and to state that the eligibility condition for a girl child to be a beneficiary under the SSA is that she must be a Citizen of India as well as a Resident Indian under the Income Tax Act, 1961. Any girl child meeting the above requirements may be treated as eligible for the purpose of opening an account under SSA.

2. This has the approval of competent authority.

(Padam Singh)
Regional Director (Sr.)
Tele – 01123095155

Assistant Director (SB-I)
Department of Posts,
F.S. Division,
Ministry of Communication,
Dak Bhawan
New Delhi.

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(i) Sukanya Samriddhi Account has been specified under clause (viii) of Sub Section (2) of Section 80(C) of Income Tax Act 1961 and deposits under these accounts enjoy benefit of this Income Tax Section up to the overall maximum limit of Rs. One lakh Fifty Thousand (1,50,000).

(ii) 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.

(iii) By Finance Act 2015, a new clause (ba) has been inserted under clause (viii) of sub-section 4 of Section SOC 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.

GOVERNMENT OF INDIA
MINISTRY OF FINANCE
DEPARTMENT OF REVENUE
(CENTRAL BOARD OF DIRECT TAXES)
NOTIFICATION NO. 09/2015
INCOME-TAX

Dated – 21st January, 2015

In exercise of the powers conferred by clause (viii) of sub-section (2) of section (2) of section 80C of the Income-tax Act, 1961 (43 of 1961), the Central Government hereby specifies the ‘Sukanya Samriddhi Account‘ for the purposes of the said clause.

This notification shall come into force with effect from the date of its publication in the Official Gazette.

[F.NO.178/3/2015-ITA-1]

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Disclaimer :- The information is compiled by Akula.Praveen Kumar, Marketing Executive, Medak HO, AP Circle. Author of blog does not accepts any responsibility in relation to the accuracy, completeness, usefullness or otherwise of the contents.

Sukanya Samriddhi Account/Yojana is a Small Savings Special deposit Scheme for girl child. This scheme is specially designed for girl’s higher education or marriage needs.

Highest fetching interest scheme across all schemes.

The Scheme launched for the welfare of the girl child, to save and educate the girl child.

Features of Sukanya Samriddhi Account (SSA):

• Who can open the account? – Sukanya Samriddhi a/c (or Khata) can be opened on a girl child’s name by her natural (biological) parents or legal guardian.
• What is the Age limit? – SSA can be opened in the name of a girl child from the birth of the girl child till she attains the age of  10 years.  ( As per SB Order No. 2/2015 : The Girl child who is born on or after  02.12.2003 can open account )
• How many accounts can be opened? – A depositor may open and operate only one account in the name of same girl child under this scheme. The depositor (or) guardian can open only two SSA accounts. There is one exception to this rule. The natural or legal guardian can open two or three accounts if twin girls are born as second birth or triplets are born in the first birth itself.
• How to open a SSA account? Accounts in name of the girl child can be opened in post offices or in any branch of a commercial bank that is authorized by the Central Government to open an account under this scheme rules.
• What is the minimum deposit to open the account? – The account may be opened with an initial deposit of one thousand rupees. The minimum contribution in any financial year is Rs 1000. Thereafter the contributions can in multiples of one hundred rupees.
• What is the maximum deposit amount? – a minimum of one thousand rupees shall be deposited in a financial year but the total money deposited in an account on a single occasion or on multiple occasions shall not exceed Rs 1.5 Lakh in a financial year.
• Deposits in an account may be made till the child completes fourteen years, from the date of opening of the account.
• Is there any penalty? – If minimum (Rs 1000 pa) amount is not deposited, the account will be treated as an irregular account. This can be regularized/renewed on payment of Rs 50 per year as penalty. Along with this, the minimum specified subscription for the year (s) of default should be paid.
• What is the mode of deposit? – The deposits in Sukanya Samruddhi scheme can be made in the form of Cash or Demand Draft or Cheque. Where deposit is made by cheque or demand draft, the date of encashment of the cheque or demand draft shall be the date of credit to the account. The cheque or DD should be drawn in favour of the postmaster of the concerned post office or the Manager of the concerned bank.The depositor (parents or guardian) has to write the account holder’s name (child’s name) and the account number on the backside of the instrument.
• What is the Rate of Interest on Sukanya Samriddhi Account? – The applicable rate of interest on SSA for the financial year 2014-2015 is 9.1%. This is one of the highest rates of interest offered by Government on small savings scheme
• Is interest rate fixed or variable? – The rate of interest is not fixed and will be notified by the central government on a yearly basis.
• The account can be transferred anywhere in India if the girl shifts to a place other than the city or locality where the account stands.
• Is Premature withdrawal allowed? – 50 % (half of the fund) of the accumulated amount in SSA can be withdrawn for girl’s higher education and marriage after she attains 18 years of age. The account’s balance at the end of preceding financial year is used for the calculation.
• Can the girl child operate the account? On attaining age of ten years, the account holder that is the girl child may herself operate the account, however, deposit in the account may be made by the guardian or parents.
• Is premature closure allowed? In the event of death of the account holder, the account shall be closed immediately on production of death certificate. the balance at the credit of the account shall be paid along with interest till the month preceding the month of premature closure of the account , to the guardian of the account holder.
• The scheme would mature on completion of 21 years of the girl child, from the date of opening of the account, with an option of keeping the account till marriage.
• Can the girl child continue the account after her marriage? – The operation of the account shall not be permitted beyond the date of the girl’s marriage.
• What are the required documents to open Sukanya Samriddhi Account? – Birth certificate of the girl child has to be produced. The depositor (parents or guardian) has to submit his/her identity and address proofs.
• On opening an account, the depositor shall be given a pass book. It will have date of birth of the girl child, date of opening of account, account number, name and address of the account holder and the initial amount deposited. The depositor has to present the passbook to the post office or bank at the time of depositing/receiving the interest/on maturity.

Tax Benefits on Sukanya Samriddhi Account Scheme

The amount that is deposited under Sukanya Samriddhi Account will be eligible for income tax exemption under Section 80C of Income Tax Act, 1961.
At present, only the contribution of up to Rs 1.5 lakh toward Sukanya Samridhi Yojana is eligible for tax deduction under Section 80C. But discussions are on to also exempt the interest income and withdrawal amount. We can expect a formal announcement on this in the coming Union Budget 2015-16.

(Issue of making interest income and withdrawal exempt from taxation can be done by Department of Revenue (DoR) through legislative amendments. The matter is under examination of DoR)

Sukanya Samriddhi Account vs Public Provident Fund (PPF)

Both Sukanya Samriddhi Account (SSA) and Public Provident Fund (PPF) aims to seed the savings habit but both schemes have their own pros and cons.
Stressing on the girls role in making the India competitive and prosperous nation, Prime Minister Shri Narendra Modi has today launched a new small savings account for the girl child “Sukanya Samriddhi Account” as an integral part of the “Beti Bachao-Beti Padhao” campaign.

Sukanya Samriddhi Account was initially introduced by Shri Arun Jaitely in his maiden budget speech but has been officially launched today by Prime Minister Shri Narendra Modi. He has handed over bank account details to five girls under the “Sukanya Samridhi Yojna” (girl child prosperity scheme).
Sukanya Samridhi Yojna is a special deposit scheme for girl child only but one another popular scheme to benefit child (irrespective of girl or boy) is Public Provident Fund (PPF).

Let’s see the difference between Sukanya Samriddhi Account and Public Provident Fund (PPF)

Sukanya Samriddhi Account vs Public Provident Fund (PPF)

Note:

1. Interest rate under both the schemes will be notified each year by the Government.
   2. Interest will be compounded yearly under both schemes.
   3. Loan on the PPF balance is restricted to 25% of the balance at the end of 2nd year.
   4. At present interest earned on SSA account is taxable in the hands of guardian but it may get tax rebate in the upcoming budget.
   5. Contributed amount get deduction u/s 80c up to Rs.1.5 lakhs including all other eligible investments.

Source : http://akulapraveen.blogspot.in/ &  http://sapost.blogspot.in/

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The recently launched Sukanya Samriddhi Account (SSA) and Public Provident Fund (PPF) can be useful instruments for saving for the future needs of the children. The Sukanya Samriddhi Account can only be opened in the name of the girl child while PPF scheme can be availed by all. Experts say PPF scores over Sukanya Samriddhi Account in terms of liquidity (partial withdrawal facility) and other flexibilities. But Sukanya Samriddhi Account could potentially give higher returns, they add.

Eligibility: A Sukanya Samriddhi Account can be opened by the guardian in the name of a girl child till she attains the age of ten years. Only one account is allowed per girl child. Parents can open this account for a maximum of two children.

Limit: An investor can open PPF accounts in the name of minors but a maximum of Rs.
1.5 lakh can be deposited every year including all the accounts. In case of Sukanya Samriddhi Account, a maximum of Rs 1.5 lakh can be deposited per account.

Account Opening: A Sukanya Samriddhi Account can be opened with an amount of Rs.
1,000 while it is Rs 100 for a PPF account. Both these accounts can be opened at post offices and banks.

A charge of Rs 50 will be levied both in Sukanya Samriddhi Account and PPF if the minimum contribution is not made every year.

Minimum and maximum contribution: In an Sukanya Samriddhi Account, a minimum of Rs. 1,000 has to be deposited every year and the maximum limit is Rs. 1.5 lakh. And there is no limit on number of deposits either in a month or in a financial year.

In case of PPF, an individual but has to deposit a minimum of Rs. 500 in a financial year while the maximum limit is Rs.1,50,000. And deposits can be made in lump-sum or in 12 installments.

Maturity: The Sukanya Samriddhi Account can be closed after the girl child in whose name the account was opened completes the age of 21. If account is not closed after maturity, the balance will continue to earn interest as specified for the scheme from time to time. The maturity period of a PPF account is 15 years but it can be extended in blocks of five years.

Taxation: In terms for taxation, deduction up to Rs. 1.5 lakh is allowed under Section 80C in both the Sukanya Samriddhi Account and PPF. Also, both the schemes qualify for tax-free status on withdrawal and interest income.

Withdrawal: Partial withdrawal is permissible every year from the seventh financial year of opening the PPF account. In case of Sukanya Samriddhi Account, up to 50 per cent of the accumulated amount can be withdrawn after the account holder turns 18 while full withdrawal is possible after she turns 21.

Interest rate: The interest rate on Sukanya Samriddhi Account and PPF is not fixed. The government will every year declare the interest rate of the scheme. For 2014-15, the government would be paying 9.1 per cent interest on Sukanya Samriddhi Account against 8.7 per cent on PPF.

Loan: A loan facility is available from the third financial year of opening the PPF account. In Sukanya Samriddhi Account there is no such facility.

What Experts Say: Anil Rego, CEO of Right Horizons, a wealth management firm, said the choice between Sukanya Samriddhi Account and PPF is a trade-off between more flexibility and higher returns. PPF offers more flexibility while Sukanya Samriddhi Account can potentially give higher returns, he added. Investors with surpluses can look at the distributing their investments in both the schemes, Mr Rego added.

Suresh Sadagopan, the founder of Ladder 7 Financial Advisories, says both the Sukanya Samriddhi Account and PPF are similar schemes in nature in the debt space under Section 80C. The Sukanya Samriddhi Account is a good alternative if investors are comfortable at locking their money for a long time, he added.

Source : NDTV

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