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Sukanya Samriddhi Yojana - An Account for Your Girl Child
Sukanya Samriddhi Yojana is a scheme introduced by the Central Government of India in January 2015. It is a savings account scheme for girl children and was an initiative under the larger “Beti Bachao, Beti Padhao” scheme.
What is the Objective of Pradhan Mantri Sukanya Samriddhi Yojana
“Sukanya Samriddhi” means prosperity of the girl child. The scheme was created with the aim of encouraging parents and guardians of girl children below the age of 10 years to begin saving money so that they may have a solid financial footing to continue with higher education, pursue entrepreneurial dreams or even marry the girl off.
How to Open the Account
Under this scheme, every girl below the age of ten years is made eligible for a special savings account with higher than normal interest rate and several other concessions. The account receives deposits for 14 years and matures at 21 years since the opening of the account.
1. Who Can Open the Account?
Either of the girl's parents or a legal guardian of a girl child, may open the account, provided the girl is less than 10 years old. Accounts can be opened for only 2 girl children per guardian/family. An exception is made in the case of twins and triplets.
2. What is the Eligibility Criteria?
The scheme is only for girls.
The girl for whom the account is being created should be below 10 years of age.
The girl should be an Indian citizen, residing in India.
3. Required Documents
Birth Certificate of the girl child
Address Proof
Photo Identity Proof
4. Residence
It is stipulated that the girl child availing the benefits of the scheme should be a resident of India throughout the duration of the scheme.
5. The Account in the Name of the Beneficiary
Only the girl child is meant to be the beneficiary of Sukanya Samriddhi Account (SSA), although the guardian is making the deposits. In the unfortunate case of premature death of the child, the guardian can claim for the balance amount and accrued interest since the day of the opening of the account.
6. One Girl One Account
The opening of an account is limited to one account per girl.
7. Authorized Banks to Open the Account
SSA can be opened in all post offices, public sector banks and a few authorized private banks. Form to open SSA can be downloaded from RBI’s website. However sukanya samriddhi yojana account cannot be opened online. The opening of the account has to be done at the concerned branch.
List of SSA Authorised Banks:
State Bank of India (SBI)
State Bank of Mysore (SBM)
State Bank of Hyderabad (SBH)
State Bank of Travancore (SBT)
State Bank of Bikaner & Jaipur (SBBJ)
State Bank of Patiala (SBP)
Vijaya Bank
United Bank of India
Union Bank of India
UCO Bank
Syndicate Bank
Punjab national bank (PNB)
Punjab & Sind Bank (PSB)
Oriental Bank of Commerce (OBC)
Indian Overseas Bank (IOB)
Indian Bank
IDBI Bank
ICICI Bank
Dena Bank
Corporation Bank
Central Bank of India (CBI)
Canara Bank
Bank of Maharashtra (BOM)
Bank of India (BOI)
Bank of Baroda (BOB)
Axis Bank
Andhra Bank
Allahabad Bank
Sukanya Samriddhi Yojana – FAQ’s
Here are some frequently asked questions about SSA that will give you more clarity on the minor details of the scheme.
1. Is account transferability possible?
SSA can be transferred from one bank to another or from a bank to post office or vice versa. The beneficiary of the account cannot be transferred.
2. What is the minimum contribution?
The minimum yearly contribution to SSA is Rs. 1000 per annum. The maximum is Rs. 1,50,000 per annum. The minimum amount to open an account is Rs. 1000.
3. When is the penalty imposed?
The penalty is imposed is depositor fails to meet minimum contribution of Rs. 1000 each year. The Penalty is Rs. 50.
4. What is the rate of interest per annum?
The rate of interest for SSA account for the financial year 2018-19 is 8.1%. The rate is revised at the end of every financial year.
5. What is the term period?
Deposits are made for 14years. The account matures at 21 years. However, if the girl wishes to close the account at any time after completion of 18yrs, for the sake of marriage, it is allowed.
New rules allow non-closure of account on the maturity of 21 years. Such accounts will continue receiving interest.
6. Is premature withdrawal allowed?
Premature withdarwal is allowed on these grounds:
Death: The death of the child.
Medical Emergencies (Compassionate Grounds): If the girl child faces a serious illness or medical emergency.
Financial Inability: If the depositor is unable to meet the minimum payments and the authorities recognise the financial strain.
Marriage: If the girl gets married after the age of 18yrs and before maturity of account, it can be closed in the period of 1 month before marriage and 3 months after marriage.
Partial Withdrawal: On completion of 18yrs, up to 50% of savings in the bank can be withdrawn for the purpose of higher education.
7. What is the tax benefits?
The depositor (guardian of the child) is eligible for Income Tax deduction on the amount deposited every year. Note that only one guardian (mother, father or legal guardian) can claim a tax deduction, not both!
Benefits and Drawbacks of the Scheme
The Sukanya Samriddhi Yojana scheme is designed to be an easily accessible savings scheme for middle and lower classes. This brings with it several advantages and a few disadvantages.
Benefits
Low Minimum Investment: With a yearly minimum of Rs. 1000 per year, this savings account can be kept alive through thick and thin. As your income increases, deposits can increase with it, to the maximum of 1.5lacs per year, according to one’s convenience and financial situation. This makes it flexible in comparison to other savings schemes in the market.
Tax Benefits: One depositor, either the mother, the father or in other cases, legal guardian, can avail of 100% tax exemption on Income tax for the amount deposited in this scheme. The amount in the savings account is exempt from taxation even after maturity!
Flexibility: The account offers the option of premature closure on the occasion of marriage or withdrawal of a partial amount of saving (50% or lower) to pursue higher education after matriculation.
High-Interest Rate: SSA has the highest interest rate among all small savings schemes offered by the Government. It is a high priority scheme for the Government and interest is calculated to be .75% above the average Government-Sector yield for the previous ten years.
Low Risk: Even though the interest rate is revised every year it will be stable and remain high among savings schemes. As it has the backing of the Government and does not depend fully on the markets, like mutual fund investments, the risk of markets is mitigated.
Drawbacks
The Threat Of Inflation: We cannot predict or calculate with surety the intensity and prevalence of inflation over a period of 21 years. If inflation rates go up and the yearly revised interest for SSA scheme does not counter it in the long run, the savings may be ineffective.
Inferior Market Linked Schemes: While SSA is low on risk, riskier savings schemes based on mutual funds provide higher interest in the long run. The interest for SSA has decreased from 9.1% at launch to 8.1% in the current financial year while market linked schemes have shown a high interest of 12% over the past 20 years.
Not as Flexible as Market Linked Schemes: Equity Linked Savings Schemes usually have a lock-in period of 3 years. After this period, you can liquidise your earnings and invest it in other places or schemes for greater earnings. SSA does not offer this level of flexibility.
How to Calculate the Maturity Value of Sukanya Samriddhi Yojana
You could use a table to calculate the yearly amount you can save using SSA. Note that investing amounts monthly can change the final yearly amount as interest is calculated monthly for this account.
1. How to Make Your Own Calculator?
You can calculate the maturity value of your SSA by using a calculator made on a data sheet. The columns you need to fill are shown in the table below.
A
B
C
D
E
F
G
1
Age of Girl Child
Account Age
Date Of Deposit
Deposit Amount
Principle Amount at Year End
Total yearly interest
Total amount at year end
2
3
D3 + G2
E2 + F2
Age of Girl Child: Enter age of girl child
Account Age: Enter the number of years the account has been open for.
Date of Deposit: The date on which you last deposited an amount toward the scheme
Deposit Amount: The amount deposited
Principle Amount at Year End: Here, the total amount from the end of the previous year is added to the amount deposited in the current year. For example, in the second row, the formula would be D3 + G2, the numbers progress on each row
Total Yearly Interest: Insert the interest calculated on the principal. at the interest rate for the current year here.
Total Amount at Year End: Add principle amount and current year’s interest. E2 + F2
Benefits of the Calculator
You can calculate yearly savings accurately.
It can calculate sukanya samriddhi yojana maturity amount based on monthly and yearly investment.
It can be set-up to excel with the proper formulas.
You can avoid mistakes while calculating.
What are Its Limitations
If automated in excel or other software, the calculator does not keep deposit cap at 1.5lacs yearly.
Interest rate changes yearly and must be input manually
How to Close the Account?
As SSA had only begun in 2015, no deposit as yet has reached maturity, and there is some confusion about the closure of the account.
1. When Can You Close the Account
SSA is a savings account, and as such, it cannot be closed before maturity in ordinary cases. There are only 3 instances when the account can be closed, apart from closure when the account has achieved maturity at 21 yrs since opening.
Death of the child
Life-threatening illness or medical emergency
Financial Inability of the guardian to meet minimum payments
The marriage of the girl child, after 18 yrs of age
2. What Documents Required at the Time of Closing the Account?
In Case of Closure due to Death of The Girl Child: Death Certificate
In Case of Medical Reasons: Medical Certificate and Doctor’s recommendation. This type of closure is only given on the strictest grounds.
In Case of Closure due to Financial Difficulty: Income certificate. As per notifications are given it is said that government authorities need to investigate this on a case by case basis and make the decision to terminate the account.
In Case of Account Maturity: Regular bank or post office passbook and related documents.
What are the Recent Updates Till 2018
Partial withdrawal of savings for higher education can be made either as a lump sum or as up to 5 yearly instalments.
There is an option to continue the account after marriage. Marriage is no longer compulsory grounds for closure.
Life-threatening illness or medical emergency is now considered cause for full closure.
Accounts can be transferred from post office to bank and vice versa.
Few private banks have been authorized to open SSA accounts – ICICI, HDFC, Axis and IDBI.
Balance, interest and withdrawal on SSA are non-taxable.
The electronic deposit has been allowed for those banks and post offices that have the facility.
The scheme can be availed for adopted daughters.
Interest for a current financial year (2018-2019) has been pegged at 8.1%
The Government has given a high priority to this scheme, and it has the highest interest rate for savings schemes. It is an easily accessible scheme for middle and lower income families, and it has the potential to make drastic improvements in the lives of girls in India, in the coming decades. Read more
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Helping Toddlers to Manage Anger
Anger is a normal feeling in toddlers. But it can have undesirable consequences if not addressed correctly. Find out the reasons of anger in toddlers, and how to help them overcome anger issues.
Anger is a common behavioural problem during toddlerhood. While it can be challenging for parents to deal with anger issues in toddlers, understanding what makes them angry and counselling them at the right time can help them build anger management skills.
What Is Anger?
Anger in toddlers is the result of feeling disturbed, disappointed or anxious over an unpleasant situation and their inability to cope with these feelings. Angry feelings, if not dealt appropriately, may further trigger aggressive behaviour among toddlers, instigating them to cause harm to a person or property.
What Causes Anger in Toddlers?
Anger issues in toddlers can be attributed to any of the following reasons:
To achieve the desired goal
Lack of adequate and positive attention, especially from parents ||
Physical attack such as hitting or pushing
Verbal harassment such as being mocked or criticized
Feeling rejected or isolated from friends or family
Feeling helpless in meeting expectations set by others
Unwillingness to comply with disciplinary rules
Lack of good sleep
Listening to “no” for a request
Feeling sick, tired or hungry
Changes in the social environment such as, arrival of a new baby, death of a family member or moving to a new house
Invasion into privacy or rights over a property such as toys
How Do Toddlers Express Anger?
Every child has a different way of expressing his or her anger. Angry toddlers may cry, sulk, become silent, get moody, throw tantrums or stop talking. Some may start shouting aggressively or even use physical assault to vent out their feelings. A few others may simply tell their parents or other adult supervisors why they are angry and indirectly seek comfort or advice on tackling the situation.
How Can Anger Affect Toddlers’ Health?
Anger can have adverse effects on the overall well-being of toddlers. It can cause sleep issues, grumpiness, headaches, body pains, low self-confidence and several other behavioural problems. Hence, it is quite essential that children are allowed to vent their anger, albeit in the right and safe manner.
How to Help Toddlers Manage Their Anger?
The children themselves may not understand what is making them angry and which anger management skills can help them cope with the situation. However, waiting for the toddlers to calm down and then talking through angry feelings can be an effective way to channelize their aggression constructively. Here are a few strategies to facilitate toddlers respond to their anger outbursts.
Acknowledge that your child is angry and give him an opportunity to explain the reason. Ask him, whether he is a little angry or very angry
Listen calmly to the reasons and feelings of anger, without interrupting or judging
In case you are unable to understand what the toddler is conveying, politely ask him to slow down and explain the situation again
Use the conversation as an opportunity to discuss with toddlers how the problem can be solved and what can be done to make them feel good again. Let them make suggestions
Explain to the toddlers what is considered the right way to deal with anger and set acceptable limits for an inappropriate behaviour. For example, whenever they are angry, they should take a deep breath and count to ten instead of shouting. Tell them that if they throw a tantrum, their weekend outing may get cancelled
Give them a comforting hug or verbal assurance that you are there to support them through their anger
Praise their efforts and positive behaviour in managing anger
Safe and Creative Ways to Manage Anger
You can also help your toddlers vent their angry feelings using following ways:
Read books and tell them stories about anger
Ask them to squeeze a ball or cushion as powerfully as they can
Persuade them to listen to the music, dance to their favourite beats or run round the garden
Give them crayons or paint, and ask them to draw what they are feeling. Play–dough is also a good option
Let them scream their heart out using a punch bag or a pillow
Fill up a water balloon and throw it against the floor or wall outside the house
It is not so difficult to handle anger issues in toddlers, as long as you can help them. Talk about their feelings and provide them support to deal with it. Read more
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10 Must Haves You Wished You Knew Before Your Delivery
Hey Mommies!First of all, many many congratulations for becoming a new mom! You are about to embark on the most beautiful, super-busy yet enjoyable and life-changing journey. When I was expecting my cute little one, I had several questions in my mind and I used to spend hours surfing through the internet. How I wished all relevant information to be collated and present at one place to make my life easier! So here I go, jotting down all that you would need based on my experience of 1 year, in this article and I bet if you can follow this and save a lot of mess!Diapers: This is the first and foremost thing which comes to our mind when we think of babies. Isn’t it? And, many of our relatives ask us to not use any diaper as it would cause n number of problems. Well, that’s a myth! No such evidence exists to prove it. In fact, diapers can be used every time but with some precautions. Firstly, before putting them on, you should either apply coconut oil on baby’s skin or a good diaper rash cream (the ones which have zinc oxide are recommended). Don’t put the diaper on a wet skin as it would certainly cause rashes. Wait for the skin to get dried up and then apply the cream and then the diaper. Secondly, diapers should be changed every 3–4 hours. I would highly recommend Pampers. They offer various types- Premium Soft Pants, Baby dry, Active Baby etc. Do check all of them out, and use the ones you find most suitable for your baby. I found Active Baby Side Taped Diapers most comfortable for my baby. Also, I would recomment B4 Nappi Rash Cream, I have been using it since a year now :)Baby Wipes: Use baby wipes to clean poops, especially in the initial days, but which one to use is most important. Make sure you don’t buy those scented ones. They are filled with chemicals and are quite irritating for baby’s skin. Instead opt for water based unscented wipes. I initially used Luvlap Baby wipes, but they were quite thin, chemical based and not comfortable for my baby. Then I switched to Mother Sparsh wipes and have been using over a year now. They are very thick in nature, and give the feeling of wet cotton cloth. Swaddle blankets: Swaddling newborns gives them warmth and coziness and they feel as if they are in the womb. Swaddling is essential for a comfortable nap. I used muslin swaddle for my baby. At least buy 4–5 of them, they are useful in winters as well as summers. And, since they are quite long, they can be used for more than a year.Dry sheet: Dry sheets are required if you want to avoid any mess seeping into your bedsheet and mattress. They are easily available onlineMittens, Booties and caps: Newborns, especially preemies, require mittens, botties and caps in order to maintain their body temperature and to feel warmth. FirstCry offers good range covering various sizes and varieties. Do check that out!Clothes: Check out FirstCry app for clothes too! They offer good brands and all sizes.Nursing pads and breast pump: Nursing pads are the must! You wouldn’t want leaking breasts and trap moisture against your skin. Lansinoh pads are the most used worldwide. I used Luvlap ones, they aren’t that expensive and are good absorbents. Thermometer: Do buy a baby thermometer if you don’t have already, will be quite useful especially during certain vaccinations.Cosmetics: There are quite a lot of brands out there. Cetaphil, Sebamed are the most common ones across the world. I would recommend Sebamed since I used only their products throughout. In addition, I would recommend buying different types of massage oils, as it’s more effective for the baby. I used Cold Pressed Virgin Almond Oil by Forest Essentials, Parachute Coconut Oil, and Figaro Extra Virgin Olive Oil.Bib/Burp cloth: Bibs and Burp cloth are extremely important if you want to avoid changing your baby’s clothes every now and then! Do checkout FirstCry for these.I do hope that this article is very helpful for you and saves you a lot of time!PS: All of the above product/website recommendations are solely based on my experience. Feel free to explore other alternatives as you like. Read more
Sai Prasanthi R L has added a new answer
Guardian of 0 children
16 hours ago
Q. Hlw dr its my 6th month pregnency can i intimate with my partner
Sai Prasanthi R L
Mom of a 10 yr 2 m old boy
15 hours ago
A. Hello dear! If your pregnancy is going on fine without any high risk factors then it’s okay. Still, would advise you to check with your doctor once before going further. Maintain a good personal hygiene routine and a healthy lifestyle
Abhaya Rajput has added a new answer
Expecting Mom due this month
12 hours ago
Q. My breasts feel full and heavy, but there’s no milk when pumping and during feeding baby —what do I do?
Abhaya Rajput
Mom of a 14 yr 4 m old boy
6 hours ago
A. Hello there ma’am please do not worry about it too much. But it is really very difficult to say anything without proper examination. It is advisable to get yourself evaluated by a doctor and follow doctors advise properly. You can also book online doctor’s appointment on FirstCry where the doctor can help you and guide you properly.
Thanks and take care
Dr Disha Patel has added a new answer
Expecting Mom due in 6 months
12 hours ago
Q. can I take medicine pcm n citrazene in pregnancy fir sore throats n fever
Dr Disha Patel
Ayurvedic Physician
7 hours ago
A. dear mom.
better to take tab pcm for time being n do take steam inhakation couple of tines a day, follpw good home renedies for cold, taje more rest .
Swati Kar Samanta has added a new answer
Mom of a 9 m old child
6 hours ago
Q. hi everyone good morning,
sorghum can I give to my 10 month baby is it safe or not please revert I waiting for your reply
Swati Kar Samanta
Mom of a 2 m old girl
4 hours ago
A. Yes but first give in very small quantity to judge the reaction of your baby.
Rashmi has added a new answer
Expecting Mom due this month
3 hours ago
Q. #asktheexperts is it okay that the baby is kicking less than usual?
Rashmi
Mom of a 9 yr 7 m old girl
3 hours ago
A. Yes it is the what part is that your child is kicking if you feel that there is a movement of your child whether it is a cake or slight movement also you know that your child is doing fine so there is no problem in that if the movement is less it’s completely alright
Dr Sameer awadhiya has added a new answer
Guardian of 0 children
3 hours ago
Q. #asktheexperts what to do if the baby’s nose is blovked
Dr Sameer awadhiya
Paediatrician
3 hours ago
A. Nasal blockage is very common, specially in small children because of the narrow nasal cavity. Any kind of saline drops like nasal clear will be helpful in dissolving the stuffy secretions, which can be taken out by vnasal aspirator gently also steam inhalation will be helpful also, try to avoid keeping the child directly under the fan.
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