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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.
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.
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Posted: 02 Feb 2015 09:11 AM PST
New Delhi: : Central government employees will be entitled to 6% additional dearness allowance (DA) with effect from January 1, 2015, taking it to 113% of their basic pay.
DA is linked to the consumer price index (industrial workers). The government uses CPI-IW data of the past 12 months to arrive at a quantum for calculating any DA hike.
The increase DA is in accordance with the accepted formula, based on recommendations of the 6th Central Pay Commission. According to the formula, DA is calculated on the basis of the 12-month average of the Consumer Price Index for Industrial Workers.
The consumer price index (industrial workers) has remained stationery at 253 for last four months August to November and even for December, 2014; it is likely to remain same.
The CPI (IW) of other months January, February, March, April, May, June and July are 237, 238, 239, 242, 244, 246 and 252 respectively.
As such, the retail inflation for industrial workers between January 1 to December 31, 2014 would be used to take a final call on the matter.
Accordingly, the average inflation during this period had stood at 6.3 per cent.
In the above scenario, there is not so much scope for DA increase more than 6 percent from January, 2015.
However, the employees’ bodies are pressing hard to merge 50 percent dearness allowance (DA) with basic pay to provide relief to employees.
With merger of DA with basic pay, the salary and allowances paid in proportion of basic pay are increased. As per earlier practice DA was merged with basic pay once it breached 50% mark. But 6th Pay Commission has disallowed it.
TST
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Posted: 02 Feb 2015 09:08 AM PST
New Delhi: The central government has planned a reward scheme, in order to encourage youth, under which anyone coming out with an innovative business idea can receive financial assistance of Rs. 3 to Rs. 13 lakh from the side of government.
The MSME Ministry has proposed Rs. 200 crore fund for the purpose. The plan is to create 20,000 fresh start-ups. There is a plan to train one lakh youth, each year, under the programme.
As per media sources, 120 Rapid Incubation Centres will be created across the country in order to make the programme work.
Around 800 people will be trained in each centre amounting to 2.88 lakh people in three years.
Additionally, 20,000 businessmen will be provided with funds under MNREGA.
Even private individuals can create an incubation centre other than state and central government. The centre will issue 50 per cent amount – a maximum of Rs. 50 lakh.
The department is planning to reward 300 start-up ideas.
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Posted: 02 Feb 2015 09:06 AM PST
New Delhi: Allaying apprehensions of the state governments, the Centre on Monday said it is committed to strengthening MNREGA and is taking all steps to ensure uninterrupted flow of funds for the implementation of the improvised version of the rural job scheme.
Noting that MNREGA helped arrest distress migration of people from rural areas to urban centres, Rural Development Minister Chaudhary Birender Singh said he will request the Finance Ministry for more funds for implementation of the improved version of the scheme in which skill development is a major component.
Addressing the 10th Mahatma Gandhi National Rural Employment Guarantee Act (MNREGA) Divas here, the Minister said, "We are talking about creation of quality assets and physical infrastructure but why don't we have human assets under MNREGA?"
Singh said the government did not want to keep MNREGA workers unskilled labourers forever and efforts would be made to turn them into skilled ones.
"If 30 youngsters of a village are to be trained to become physically fit for joining Armed forces, and if such a training is given by a retired security personnel for two months, why they should not be treated at the same footing as MNREGA workers' training?," he asked.
"He (the trainer) is creating that quality asset, which is a human asset," the Minister said, emphasising the need for infusing skill componenent in MNREGA enacted for providing at least 100 days of guaranteed wage employment in a financial year to every household.
Singh said, "If we want to stop distress migration from villages, we will have to take such kind of steps."
Responding to some states about about delay in release of funds, the Minister hinted that in most cases, states were to blame more than the Centre as they did not follow procedures like sending audit reports while seeking money from the central government.
He also indicated that unspent money from one state will be sent to another state, which is in need of funds, because MNREGA is a demand-driven programme.
PTI
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Saturday, February 7, 2015
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