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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Sukanya Samriddhi Yojana (SSY): Sukanya Samriddhi Account is a saving scheme for girl children

NOTIFICATION

New Delhi, the 12th December, 2019

G.S.R. 914(E) – In exercise of the powers conferred by section 3A of the Government Savings Promotion Act, 1873 (5 of 1873), the Central Government hereby makes the following Scheme, namely:-

1. Short title and commencement : (1) This Scheme may be called the Sukanya Samriddhi Account Scheme, 2019.

(2) It shall come into force on the date of its publication in the Official Gazette.

2. Definitions: (1) In this Scheme, unless the context otherwise requires,-

(a) “account” means an account opened under this Scheme;

(b) “account holder” means a girl child in whose name the account is held;

(c) “Act” means the Government Savings Promotion Act, 1873 (5 of 1873);

(d) “birth certificate” means birth certificate issued by the municipal authority or any office authorised to issue birth and death certificate by the Registrar of Births and Deaths or the Indian Consulate as defined in clause (d) of sub-section (1) of section 2 of the Citizenship Act, 1955 (57 of 1955);

(e) “family” means a unit consisting of a person and his spouse (both or either of whom are alive or deceased) and their children, adopted or otherwise;

(f) “financial year” means the period commencing on the 1st day of April and ending on the 31st day of March of the following year;

(g) “Form” means forms appended to this Scheme;

(h) “General Rules” means the Government Savings Promotion General Rules, 2018;

(i) “maturity” means maturity of an account on completion of a period of twenty-one years from the date of its opening.

(2) Words and the expressions used herein but not defined shall have the meanings respectively assigned to them in the Act and the General Rules.

3. Opening of account : (1) The account may be opened by one of the guardian in the name of a girl child, who has not attained the age of ten years as on the date of opening of the account.

(2) Every account holder shall have a single account under this Scheme.

(3) The application in Form-1 for opening an account shall be accompanied by birth certificate of the girl child in whose name the account is to be opened, along with required documents of guardian.

(4) An account under this Scheme may be opened for a maximum of two girl children in one family:

Provided that more than two accounts may be opened in a family if such children are born in the first or in the second order of birth or in both, on submission of an affidavit by the guardian supported with birth certificates of the twins/triplets regarding the birth of such multiple girl children in the first two orders of birth in a family:

Provided further that the above proviso shall not apply to girl child of the second order of birth, if the first order of birth in the family results in two or more surviving girl children.

4. Deposits : (1) The account may be opened with a minimum initial deposit of two hundred and fifty rupees and in multiples of fifty rupees thereafter and subsequent deposits shall be in multiples of fifty rupees subject to the condition that a minimum of two hundred and fifty rupees shall be made as deposit in a financial year in one account.

(2) The total amount deposited in an account shall not exceed one lakh fifty thousand rupees in a financial year:

Provided that the deposit in excess of one lakh fifty thousand rupees in any financial year, if accepted due to any accounting error, shall not be eligible for any interest and be returned immediately to the depositor.

(3) Deposits may be made in the account till the completion of a period of fifteen years from the date of opening of the account.

(4) An account in which minimum amount as specified in sub-paragraph (1) has not been deposited shall be considered as an account under default:

Provided that an account under default may be regularised any time till completion of a period of fifteen years from the date of opening of account on payment of a penalty of fifty rupees for each year of default along with the minimum annual deposit in respect of the defaulted years.

(5) In case of an account under default, if not regularised within the time specified under sub-paragraph (4), then the whole deposit, including the deposits made prior to the date of default, shall be eligible for interest at the rate applicable to the Scheme till closure of the account.

5. Interest on deposit : (1) Deposits in the account shall earn interest at the rate 8.4 per cent per annum.

(2) 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. The interest shall be credited to the account at the end of each financial year and any amount of interest in fraction of a rupee shall be rounded off to the nearest rupee and for this purpose any amount of fifty paisa or more shall be treated as one rupee and any amount less than fifty paisa shall be ignored.

(3) Interest shall be credited at the end of the financial year irrespective of the change of the account office due to transfer of the account during the financial year.

6. Operation of account :

(1) The account shall be operated by the guardian till the account holder attains the age of eighteen years. The account shall be operated by the account holder herself after attaining age of eighteen years by submitting necessary documents.

7. Premature closure of account :

(1) In the event of death of the account holder, the account shall be closed immediately on application in Form-2, on production of death certificate issued by the competent authority and the balance at the credit of the account and interest due thereon till the date of death shall be paid to the guardian.

(2) 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.

(3) Where the accounts office is satisfied that in case of extreme compassionate grounds such as medical support in life-threatening diseases of the account holder or death of the guardian that the operation or continuation of the account is causing undue hardship to the account holder, it may, after complete documentation establishing the grounds for such closure, by order and for reasons to be recorded in writing, allow premature closure of the account. Outstanding balance in the account with interest due as applicable to the Scheme shall be paid to the account holder or guardian, as the case may be:

Provided that no premature closure of an account under this sub-paragraph shall be made before completion of five years from the date of opening of the account.

8. Withdrawal : (1) On an application in Form-3, withdrawal of upto a maximum of fifty per cent. of the amount in the account at the end of the financial year preceding the year of application for withdrawal, shall be allowed for the purpose of education of the account holder:

Provided that such withdrawal shall be allowed after the account holder attains the age of eighteen years or has passed tenth standard, whichever is earlier.

(2) The application for withdrawal under sub-paragraph (1) shall be accompanied by documentary proof in the form of a confirmed offer of admission of the account holder in an educational institution or a fee-slip from such institution indicating such financial requirement.

(3) The withdrawal under sub-paragraph (1) may be made in one lump sum or in instalments, not exceeding one per year, for a maximum of five years, subject to the ceiling specified in sub-paragraph (1):

Provided that the amount of withdrawal shall be restricted to the actual requirement on account of fee and other charges required at the time of admission as shown in the offer of admission or the relevant fee-slip issued by the educational institution.

9. Closure on maturity : (1) The account shall mature on completion of a period of twenty-one years from the date of its opening.

(2) The closure of the account may also be permitted before completion of twenty-one years if the account holder on an application makes a request for such closure for the reason of intended marriage of the account holder on furnishing of a declaration duly signed on non-judicial stamp paper attested by the notary supported with proof of age confirming that the applicant will not be less than eighteen years of age on the date of marriage:

Provided that no such closure shall be allowed before one month from the date of the intended marriage or after three months from the date of marriage.

(3) On an application in Form-4 by the account holder, the balance outstanding along with interest as applicable under paragraph 5 shall be payable to the account holder.

10. Application of General Rules :

Provisions of the General Rules shall, so far as may be, apply in relation to the matters for which no provisions have been made in this Scheme.

11. Power to relax :

Where the Central Government is satisfied that the operation of any of the provisions of this Scheme causes undue hardship to the account holder, it may, by order and for reasons to be recorded in writing, relax the requirement of that provision or provisions in respect of such account holder, in a manner not inconsistent with the provisions of the Act.

[F. No. 2/2/2018-NS (Pt. I)]
RAJAT KUMAR MISHRA, Jt. Secy

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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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Government Decides to Fix Interest Rates at 8.7% for General Provident Fund(GPF) and other Similar Funds Including Special Deposit Scheme, 1975(SDS,1975) for Non-Government Provident, Superannuation and Gratuity Funds for the Financial Year 2015-16

It was decided by the Government to link the interest rates of State PFs (General Provident Fund and other similar funds) including Special Deposit Scheme, 1975 (SDS, 1975) for Non-Government Provident, Superannuation and Gratuity Funds for the FY 2015-16 to Public Provident Fund (PPF) rates. In pursuance of that decision, the Government has decided to fix the rates 8.7% per annum applicable to the following:-

• The General Provident Fund (Central Services).
• The Contributory Provident Fund (India).
• The All India Service Provident Fund.
• The State Railway Provident Fund.
• The General Provident Fund (Defence Services).
• The Indian Ordnance Provident Fund.
• The Indian Ordnance Factories Workmen’s Provident Fund.
• The Indian Naval Dockyard Workmen’s Provident Fund.
• The Defence Services Officers Provident Fund.
• The Armed Forces Personnel Provident Fund.

The rate of interest is applicable to the above funds w.e.f. 1st April, 2015 and until further orders.

Recently, the Government had kept the interest rates for PPF and other Small Savings Schemes intact.

However, interest rates for 5 year Senior citizen Saving Scheme and Sukanya Samriddhi Account Scheme have been increased from 9.2 to 9.3% and 9.1 to 9.2% respectively, keeping in view the commitment of the Government towards the welfare of the girl child and the senior citizens.

Source: PIB News

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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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New Delhi: As many as 1.80 lakh accounts have been opened under the ‘Sukanya Samridhi’ scheme in less than two months of launch of the special programme for the girl child, with the maximum number of accounts in Karnataka and the least in Bihar.

On January 22, Prime Minister Narendra Modi had launched a small deposit scheme for the girl child, as part of the ‘Beti Bachao Beti Padhao’ campaign. The deposits would fetch an interest rate of 9.1 per cent and provide income tax rebate as well.

As per data available with the Finance Ministry, 56,471 accounts have been opened in Karnataka, followed by 43,362 accounts in Tamil Nadu and 15,877 accounts in Andhra Pradesh.

However, Bihar accounted for the least number of accounts opened at just 204, followed by Kerala (222) and West Bengal (334), the data showed.

The National Capital saw 2,054 accounts being opened while 4,177 accounts were opened in Haryana and 7,620 in Uttar Pradesh.

As per the details of the scheme, ‘Sukanya Samridhi Account’ can be opened at any time from the birth of a girl child till she attains the age of 10 years, with a minimum deposit of Rs.1,000. A maximum of Rs. 1.5 lakh can be deposited during the financial year.

The account can be opened in any post office or authorised branche of commercial banks.

The account will remain operative for 21 years from the date of opening of the account or marriage of the girl child after attaining 18 years of age.

To meet the requirement of higher education expenses, partial withdrawal of 50 per cent of the balance would be allowed after the girl child has attended 18 years of age.

Source : NDTV

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RESERVE BANK OF INDIA

RBI/2014-15/494

IDMD(DGBA).CDD.No.4052/15.02.006/2014-15

March 11, 2015

Dear Sir/Madam,

Sukanya Samriddhi Account

We forward herewith a copy of the Government of India Notification No. G.S.R.863(E) dated December 02, 2014 regarding the Sukanya Samriddhi Account for necessary action at your end. The Government of India, vide this Notification, has notified the Sukanya Samriddhi Account Rules, 2014, which came into force with effect from December 02, 2014.

2. Reporting of the Sukanya Samriddhi Account transactions i.e. receipt, payment, penalty, etc. may be directly done through the Government Account at Central Account Section, Reserve Bank of India, Nagpur on daily basis like the transactions of PPF, 1968, in order to have uniformity in reporting, reconciliation and accounting.

3. The Agency banks are required to observe the rules and regulations of the Scheme, and non-observance of rules and regulations would attract penal action, including de-authorization of the branch or bank. Pecuniary liabilities, if any, arising from such non-observance shall be borne entirely by the bank.

4. You may, therefore, approach Central Account Section, Reserve Bank of India, Nagpur for necessary arrangements to report Sukanya Samriddhi Account transactions with immediate effect.

5. Specimen of account opening application form and the passbook of the Sukanya Samriddhi Account are also enclosed for ready reference and necessary action at your end.

6. The contents of this circular may be brought to the notice of the branches of your bank operating the PPF, 1968 Scheme. These instructions should also be displayed on the notice boards of your branches for information.

Yours faithfully

(R. K. Singh)
Deputy General Manager

Source: http://rbidocs.rbi.org.in/rdocs/notification/PDFs/494SSAC110315.pdf

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