SUKANYA SAMRIDDHI ACCOUNT

SCHEME, 2019.
CIRCULAR 155/2020

RAVI KUMAR- LDC-KOLKATA

 ELIGIBILITY
• BY ANY GUARDIAN OF :
• GIRL CHILD BELOW 10 YEARS
• RESIDENT OF INDIA
• ONLY 1 ACCOUNT PER ACCOUNT HOLDER
• BIRTH CERTIFICATE ISSUED BY MUNICIPALITY/REGISTRAR OF
BIRTH/DEATH OR INDIAN CONSULATE.

• MAXIMUM OF 2 GIRL CHILDREN IN ONE FAMILY:

• EXCEPTIONS OF MORE THAN ACCOUNTS ON ACCOUNT OF
TWINS/TRIPLETS SUPPORTED BY BIRTH CERTIFICATE.
• Example :
• FIRST INSTANCE : (Twins/Triplets)- Second berth no accounts
• FIRST INSTANCE : (SINGLE) then Second (twins/triplets))-allowed
 SUKANYA
• In case an account holder subsequently becomes NRI, then account can
be continued till Maturity and Benefits can be obtained on Non
Repartriation Basis and NO extention

• MIN DEP Rs 250/-(Multiples of 50) Max – Rs 1,50,000

• Excess of Rs 1,50,000/- in any FY-NO interest and returned immediately

• DEPOSITS CAN BE MADE TILL 15 YEARS

• MIN Rs 250/- deposit in Every F .Y in ONE account

• DEFAULT-IF MIN 250 NOT DEPOSITED IN A FY
• CAN BE REGULARISED BY PENALTY OF Rs 50 of each year and Min
Deposit to be Maintained.
 SSA
• Maturity -21 years from Date of Account opening

• ROI- Quarterly notified by goI-7.6%-ANNUALLY -CIR 472/21

• Interest shall be calculated for the calendar month on the

lowest balance in the A/C between the close of 15TH day
and the End of the month.

• INTERSET CREDITED AT END OF F.Y

• TILL 18- Guardian will RUN a/c.
• Latter child will run
 SSA
• PREMATURE CLOSURE:
• 1.DEATH OF A/C HOLDER-
• Till Death – Applicable rate of interest
• (But ROI from date of death to closure @ P.O Savings Rate.

• 2.On Extreme Compassionate Ground on Life Threatening

Disease or Death of Guardian. : Applicable ROI (But not before
completion of 5 years)

• 3. If marriage of the a/c holder – if signed on non-judicial stamp

paper attested by the notary supported that age is 18 years on the
date of marriage with proof :
• such closure shall be allowed before 1 month from the date of the
intended marriage or after 3 months from the date of marriage
• WITHDRAWAL:
• Max 50% of amount at the end of the FY preceding the year of
application for withdrawal for Education (18 years age or 10TH standard
which ever is earlier).
• Withdrawal in Lump sum or in installments not exceeding 1 per year,
for a maximum of 5 years

• Bank passbook will be given. Duplicate PB -Rs 50

• Transfer of account-form branch to branch /bank to bank/Post office -

Charges Rs 100 .

• NOMINATION –MAX 4

• TAX BENEFIT- 80 C (INTEREST ALSO EXEMPTED FROM IT)

• PAN has to be submitted by the depositor at the time of
opening of Account. If PAN is not available, Form 60

• Provided the PAN is submitted to the Branch within a

period of 6 months from the date of opening of the
Account

• Failure to submit the PAN within the specified period of

6 months, the account shall cease to be operational till
the time he/she submits the PAN to the branch
Senior Citizens’ Savings Scheme,
2019.
CIRCULAR 153/2020
 ELIGIBILITY
• An Individual, who is a resident citizen of India

• Age of 60 years on the date of opening of the account

• who has attained the age of 55 years or more but less than 60
years, and who has retired on superannuation or otherwise on
the date of opening of an account under this Scheme, subject to
the condition that the account is opened by such individual
within 1 month of the date of receipt of the retirement benefits

• Defence Services (excluding Civilian Defence employees) shall

be eligible to open an account under this scheme on attaining
the age of 50 years
 ELIGIBILITY
• The successor or legal heir of a deceased serving personnel shall not be
eligible to deposit the terminal benefits of such deceased personnel
under this scheme.
• iii) An account holder may open more than one account under this
Scheme but all deposits MAX Rs 15,00,000/

• open an account in individual capacity, or jointly with spouse.

• In case of a joint account, the age of the first account holder shall be
considered to determine the eligibility to open the account and there
shall be no age-limit for second applicant.

• Both the spouses can open single account and joint accounts with each
other with the maximum deposit of upto Rs 15 lac /- in each account
provided both are individually eligible to open the account
 SCS SCHEME
• Minimum deposit Rs 1000/- (multiples of Rs 1000/-)
• Maximum deposit Rs 15,00,000/-

• Period of deposit : 5 years.

• Extended ONLY ONCE for a further period of 3 Years (by making an
application within a period of one year from the date of maturity.)

• The account holder may close the account any time after one year from
the date of extension of account without any deduction.

• ROI : 7.6 % PA (QUARTERLY PAID) – 596/22 – (NOW 8 % FROM 1.1.23)

• REF 792/22

• Deposited amount in excess of maximum ceiling, shall carry ROI- Post

Office Savings
 SCS SCHEME
• Premature closure of an account
• Account closed before one year after the date of opening of
account- interest paid on the deposit in the account shall be
recovered from the deposit and the balance shall be paid to the
account holder.

• Account is closed after the expiry of one year but before the expiry
of two years from the date of its opening, an amount equal to 1.5 %
of the deposit shall be deducted and the balance shall be paid to the
account holder.

• In case the account is closed on or after the expiry of two years from
the date of its opening, an amount equal to 1 % of the deposit shall
be deducted and the balance shall be paid to the account holder.
 SCS SCHEME
• CLOSURE OF ACCOUNT : 5 YEARS OR 8 YEARS

• DEATH OF THE ACCOUNT HOLDER : Refunded with interest as

applicable to this Scheme till the date of the death of the account
holder, to the nominee or the legal heirs,

• The interest on deposits from the date of death of the account holder
till the date of final closure of the account, the interest shall be the
rate as applicable to Post Office Savings Account:

• In case of a joint account, or where the spouse is the sole nominee,

the spouse may continue the account on the same terms and
conditions as specified under this Scheme, if the spouse meets
eligibility conditions under the Scheme on the date of death of the
account holder
• Transfer of account-form branch to branch /bank
to bank/Post office - Charges Rs 100 .
• NOMINATION –MAX 4

• TDS is deducted at source on interest, if the

interest amount is more than
• Rs 50,000/- per annum for Senior Citizens;
• and Rs 40,000/- for others.
• On submission of Form 15G/H by the SCSS
account holders, no deduction of tax
• PAN has to be submitted by the depositor at the time of
opening of Account. If PAN is not available, Form 60

• Provided the PAN is submitted to the Branch within a

period of 6 months from the date of opening of the
Account

• Failure to submit the PAN within the specified period of

6 months, the account shall cease to be operational till
the time he/she submits the PAN to the branch
 CIRCULAR 154/2020

Not only a tax saving scheme

but also a sound investment option.
 PPF SCHEME
• All the Branches are authorised to open accounts
• ELIGIBILITY :
• An Individual (Resident above 18 ) -NO upper age limit
• Guardian for Minor

• NOT ELIGIBLE :
• NRIs / HUFs are not eligible.
• Joint account shall not be opened under this Scheme.

• In case an account holder subsequently becomes NRI, then

account can be continued till Maturity and Benefits can be
obtained on Non Repartriation Basis and NO extention
 PPF SCHEME
• Limits of Subscription
• Initial Minimum Deposit : Rs 500/-

• Minimum deposit : Rs 500/- (In a Financial Year)

• Maximum deposit : Rs 1,50,000/- (In one lump sum or

in any number of installments in a Financial Year)

• (Deposits may be made in multiples of Rs 50/-)

 PPF SCHEME
• Duration : 15 years from the end of the Financial Year
• Extended for one or more block period of 5 Years (Request
for extension of account for each maturity period shall be
made by the account holder before the expiry of 1 year
from the maturity of the account).
• MATURITY :
• It requires minimum 16 yearly contributions and the
account matures for closure on the 1st day of the 17th
Financial Year)
• ROI : 7.1% (ANNUALLY) –472/21
• (Calendar month on the lowest balance at the credit of an
account between the close of 5TH day and the end of the
month)
 PPF SCHEME
• DISCONINUATION OF ACCOUINT :
• Any account which the account holder deposited Rupees 500/-
in the initial year, fails to deposit the minimum amount in the
following years, shall be treated as discontinued.

• May be revived during its maturity period on payment of a fee

of Rs 50/- along with arrears of minimum deposit of Rs 500/-
for each year of default:

• LOAN : AFTER 1 YEAR BEFORE 5TH YEAR- 25 % OF 2ND YEAR

CREDIT (ONLY ONE LOAN IN FY)
• ROI : 1 % (6%- IF PRINCIPAL NOT PAID IN 36 MONTHS)
• REPAYMENT : PRINCIPAL IN 3 YEARS (INT IN NEXT 2 MONTHS)
 PPF SCHEME
• WITH DRAWAL :

• Any time after the expiry of 5 Years - avail withdrawal

from the balance to his credit, an amount not exceeding
50 % of the amount that stood to his credit at the end
of the 4th Financial Year immediately preceding the
year of withdrawal or at the end of the preceding year,
whichever is lower
 PPF SCHEME
• Premature closure of account :
• Treatment of life threatening disease of account holder his spouse
or dependent children or parents
• OR
• Higher education of the account holder, or dependent children
• OR
• On change in residency status of the account holder

• Provided that an account under this Scheme shall not be closed

before the expiry of 5 years from the end of the Financial Year in
which the account was opened
• (1% PENALTY)

• DEATH : ACCOUNT WILL BE CLOSED

 PPF SCHEME

• Protection of credit balance from attachment : Amount

standing to the credit of any account holder shall not be
liable to attachment under any order or decree of any
court in respect of any debt or liability incurred by the
account holder.
• Transfer of account-form branch to branch /bank
to bank/Post office - Charges Rs 100

• NOMINATION –MAX 4 (CANCELLATION CHG:Rs 50)

• TAX BENEFIT: RS 150000/ under 80 C

• Interest credited is totally exempted from IT
• Balance held in the PPF account is completely
free from Wealth Tax
• PAN has to be submitted by the depositor at the time of
opening of Account. If PAN is not available, Form 60

• Provided the PAN is submitted to the Branch within a

period of 6 months from the date of opening of the
Account

• Failure to submit the PAN within the specified period of

6 months, the account shall cease to be operational till
the time he/she submits the PAN to the branch
REVISION (KVP 7 %- 123 MONTH) REVISED TO 7.2% WEF 1.1.23 –
PERIOD 120 Months
SUKANYA ( <10 years) PPF SENIOR CITIZEN
•MIN AND MAX RS 250/- & (X 50) Rs 500/- (x50) RS 1000/ (X1000)
RS 1.5 LAC Rs 1.5 LAC RS 15,00,000
PERIOD 15 YEARS 15 year + 5 years 5 YEARS + 3 YEARS
WITHDRAW 50% EDUCATION 5O % AFTER 5 YEARS
MATURITY 21 YEARS
ROI 7.6 % 7.1 % 7.6 % (8%FROM
1.1.23)
INTEREST PAYM ANNUALLY ANNUALLY QUARTERLY

DUP PB CHG 50/-

TRANSFER OF 100/- 100 RS 100
A/C CHG
NOMINATIO 4 4 4
IT 80 C EXEMPTED 1.5 LAC 80 C EXTEMTED 50000/- INTEREST
LOAN 25% OF CREDIT
AFTER 2ND YEAR
REPAYMENT : 36 M
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