Apr 302017
 

Sukanya Samriddhi Account in post office. With the implementation of the SSA in the nation, the parents of female children are flocking to the banks and the post offices near them to open an account as soon as possible. The alluring tax benefits and the high interest rates make this small investment scheme more profitable than the others.

Sukanya Samriddhi Account in post office

Apart from the nationalized banks, the government has also kept the provision of opening the Sukanya Samriddhi account in the nearby post offices. The procedure of opening the account and the benefits one will acquire will be the same. There is no much difference between the process of opening a SS account in the bank and the post office.

Documents required in the post office

As it has already been mentioned that the method of proceeding is same, the parents willing to open an account under the system will have to produce the certificate of age of the female child, the residential proof, the relation proof and the ID proof in the post office. All these documents will have to be attached with the application form.

Opening an account in the post office

An advantage of opening a Sukanya Samriddhi account in the post office is that the willing candidates will not be bothered by the agents, as in the banks. All they need to do is get to the nearest post office. Then the candidate will have to collect the application form from the counter and fill it up with all the details. Once this has been done, the necessary attested documents will have to be attached with the form. Then the form needs to be submitted. Once they have deposited the specific amount in the post office, the Sukanya Samriddhi Account will be activated. The candidates will then have to get hold of the passbook for keeping a track of the entries.

Sukanya Samriddhi Account in post office

Initial sum to be deposited in the post office

According to the guidelines of the scheme, the candidate, willing to open a SS account in the post office will have to deposit the primary sum of Rs. 1000 in the account. Once this has been done, the person can make any number of deposits in the account. All the deposits must be multiples of Rs. 100. The government or the post office will not deduct any amount for the number of deposits made in the account.

People who must be present

During the activation of the account, the female child, in whose name the account will be opened, is not required to come to the post office. As the verification of the ID and the papers will be required, the official guardian or the parents of the female child will have to be there in the post office. The person will be asked to sign the documents and for aiding other kinds of verifications.

When the account has been opened, the person will have to make sure that he/she collects the passbook. It will come in handy for withdrawing the money at the end of the tenure.

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Apr 222017
 

Nomination of the Sukanya Samriddhi account or SSA. Nomination is a process by which, the actual holder of the bank account or the locker will be able to transfer the rights of taking possession of the cash or the belongings kept in the account or the locker respectively. The right of nomination will come into operation once the person holding the account or the locker has passed away. In the death of the account or the bank locker holder, the authority of the bank will be able to get in touch of the nominee and handover the rights of accessing the cash in the bank account or the valuables in the bank lockers. If the details of the nominee have been mentioned by the actual holder, the issues of producing court order and succession documents can be averted.

Succeeding Nomination

All the banks and other financial institutions have made it mandatory for the account or the bank locker holder to nominate someone for succession purpose. If the owner of the account wants, then he/she can easily change the name of the nominee. The provision of cancelling the previously nominated person and selecting someone else is also there. In such a case, the actual holder of the account will have to collect a DA1 form from the branch. All the banks provide a softcopy of the form on their respective websites. Thus, the person will be able to log onto the official web page and get the Sukanya Samriddhi Yojana application form downloaded and then printed out. The application form must be filled with all the details of the new person and submitted to the bank authorities.

Nomination SSA

Nomination of the Sukanya Samriddhi Account or SSA

According to the guidelines of the Yojana, there is no provision of nomination anyone else. The only person, who can get the proceeds of the account, that too after the maturity term, is the female child in whose name the account has been opened in the first place. The bank will only provide the provision of selecting a nominee is if the female child dies due to any reason.

What if the female child dies?

In case the female child, in whose name the account has been opened, passes away, the banks have kept the following two provisions:

  1. The parent and/or the legitimate guardian, who is the main depositor the money in the account, will have to take the necessary measures to close or deactivate the savings account with immediate action.
  2. The cash amount saved in the account, along with the accumulated interests, will be immediately given to the parent, who had opened the account in the name of the female child.

What if the parent dies?

In case the parson depositing the amount in the savings account, on behalf of the female child, passes away, the guidelines of the Yojana suggests the two things:

  1. On the passing away of the legal guardian or the parent, the entire amount of cash deposited and the interest amount will be immediately handed over to the female child or other members of the family. It will happen if the family members choose to deactivate the account.
  2. If the family members want to keep the SS account, then the amount will be kept in the account. The government will continue to add the interest amount at the same rates. Once the term of maturity is completed, the total accumulated amount will be passed into the hands of the female child.

Closing the account

Under the guidelines of the Yojana, the activities of the SS account will only be deactivated if the depositor or the female child passes away. For doing this, the party will have to produce official documents for supporting the claim.

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