INVP_009 - Taxpublishers.in

SUBSCRIBE FOR FULL CONTENT


The Tax Publishers Investment in Sukanya Samriddhi Account 1. 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 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: It is 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: It is 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. 2. 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. It is 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 above has not been deposited shall be considered as an account under default. It is 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. SUBSCRIBE FOR FULL CONTENT

The Tax Publishers

1. 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 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:

It is 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:

It is 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.

2. 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.

It is 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 above has not been deposited shall be considered as an account under default.

It is 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.