How to Check Sukanya Samriddhi Account Balance

Basic things you need to know Sukanya Samriddhi Account

• The Sukanya Samriddhi account can be opened by making a minimum deposit of Rs. 1000 and maximum deposit of Rs. 1, 50,000. The depositor can avail tax benefits on the deposited amount.
• The account can be opened by parents or legal guardian on behalf of their girl children.
• The maximum age of a girl child needs to be 10 years for opening this account.
• The account can be opened by downloading the common SSA account opening form released by the Reserve Bank of India or collecting the account opening form available in banks or post offices.
• The filled application form should be followed by your KYC documents, proof of birth of your girl child, photo ID (both you and your child) and 2 photographs of your girl child.
• The amount received as maturity benefits form Sukanya Samriddhi account is free from income tax.
• The duration of a Sukanya Samriddhi Account is 21 years.
• The account allows premature withdrawal when a girl child completes 18 years.
• The account has a lock-in period of 8 years, excluding the entry age which is 10 years.
• The account provides a relaxation of 1 year for girl children born between the period of 2^nd December, 2003 and 1^st December, 2004. They are eligible to open Sukanya Samriddhi accounts by 1^st December, 2015.
• The account holder receives tax benefits on the deposits made towards the account. Also, maturity benefits offered the account is also non-taxable.

How to Check Sukanya Samriddhi Account Balance

The Sukanya Samriddhi accounts offered by both banks and post offices come with passbooks. These passbooks would contain your personal details as well as Sukanya Samriddhi Account balance held in your account. The Sukanya Samriddhi account does not accept online deposits. You need to pay your deposit via cheque or demand draft and get it updated in your passbook. The amount deposited in the account grow at a steady pace.

Tax benefits on Sukanya Samriddhi Yojana

Sukanya Samriddhi Yojana is the only saving scheme under section 80C that enjoys the triple E tax exemption status. It means that the deposits, proceeds, the accrual interest rate amount and the maturity amount in this scheme are tax exempted. The only drawback of the scheme is the limit an account can hold, which is curtailed to Rs.1.5 lakh.

Transfer of Existing Sukanya Samriddhi Account

Those holding Sukanya Samriddhi Account can transfer their accounts anywhere in India if they are re-locating, or feel they want to transfer the account from a post office to a bank or from one bank to another. The procedure is pretty simple. One can transfer their account from a post office to any post office or to any bank that falls under the ambit of the Reserve Bank of India (RBI) – anywhere in India. Here are the steps you need to take to transfer an existing Sukanya Samriddhi account:

• You first need to visit the post office holding your account with your updated passbook and KYC documents. Presence of the girl child during the transfer is not required.
• Submit your KYC documents and surrender your passbook. Let the executive know that you are closing the account in the post office and wish for the account to be transferred to a bank.
• The executive would then close your account and give you an application of transfer to be provided at the bank. He will also brief you on the necessary documents required for the transfer.
• Visit the bank you wish the account to be transferred to and submit the transfer application given to you by the post office executive.
• For proof of identification and address submit your KYC documents.
• The bank executive will then hand you a new passbook which will state the outstanding balance from the previous account.
• The bank will then activate your account in due time. From there you can continue the process of making contributions for the welfare and future of your girl child.