NFPE SALEM EAST

Launch of Sukanya Samruddhi Account

Tuesday, January 20, 2015, Chandigarh:

Prime Minister Narendra Modi will launch an ambitious project ‘Sukanya Samruddhi Account’ alongside ‘Beti Bachao-Beti Padhao’ scheme from Panipat on January 22.

The scheme will address the gender imbalance and discrimination by creating a positive environment in favour of the girl child.

An official spokesman for Haryana Government said today. As per the salient features of ‘Sukanya Samruddhi Account’ scheme of the Union Government, the account can be opened from the birth of the girl child till she attains the age of  10.

A girl child who has attained the age of 10 years, one year prior to notification will also be eligible. The account can be opened by an amount of Rs 1000 and in a financial year investment ceiling is Rs 1.5 lakh.

The investments floor in a financial year is Rs 1000.

The exemption on investments made under the scheme will also be eligible for exemption under 80C of Income Tax Act,  1961.

Similarly, 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.

The interest rate will be 75 bps over 10 years’ g-sec rate. This will be notified by the government annually based on existing yields. For Current Financial Year, this works out to 9.1 per cent. For sake of simplicity manner of calculation of interest will be similar to Public Provident Fund (PPF).

Contextually, this is one of the highest rates of interest rate offered by government on small savings scheme. The child can close the account earliest at the age of 21 years with option of keeping the account till marriage the spokesman added.

To view Department of Economic Affairs OM No.2/3/2014.NS-II dated 20/01/2015 please Click Here.