Sukanya Samriddhi Savings Account – RBI Instructions and more details

Sukanya Samriddhi Account – RBI Instructions, Application Form, Passbook format, Tax Exemption details

Central Government has introduced a new Saving Scheme Sukanya Samriddhi Account, only for the female child below 10 years with Tax exemption. The details about the scheme are given below:

RESERVE BANK OF INDIA

RBI/2014-15/494 IDMD(DGBA).CDD.No.4052/15.02.006/2014-15 March 11, 2015

Dear Sir/Madam,
Sukanya Samriddhi Account
We forward herewith a copy of the Government of India Notification No. G.S.R.863(E) dated December 02, 2014 regarding the Sukanya Samriddhi Account for necessary action at your end. The Government of India, vide this Notification, has notified the Sukanya Samriddhi Account Rules, 2014, which came into force with effect from December 02, 2014.

2. Reporting of the Sukanya Samriddhi Account transactions i.e. receipt, payment, penalty, etc. may be directly done through the Government Account at Central Account Section, Reserve Bank of India, Nagpur on daily basis like the transactions of PPF, 1968, in order to have uniformity in reporting, reconciliation and accounting.

3. The Agency banks are required to observe the rules and regulations of the Scheme, and non-observance of rules and regulations would attract penal action, including de-authorization of the branch or bank. Pecuniary liabilities, if any, arising from such non-observance shall be borne entirely by the bank.

4. You may, therefore, approach Central Account Section, Reserve Bank of India, Nagpur for necessary arrangements to report Sukanya Samriddhi Account transactions with immediate effect.

5. Specimen of account opening application form and the passbook of the Sukanya Samriddhi Account are also enclosed for ready reference and necessary action at your end.

6. The contents of this circular may be brought to the notice of the branches of your bank operating the PPF, 1968 Scheme. These instructions should also be displayed on the notice boards of your branches for information.

Yours faithfully

(R. K. Singh)
Deputy General Manager
RBI Circular

Finance Ministry Notification dated 2.12.2014

Application Format

Passbook Format

Sukanya Samriddhi Account – Features and Tax Exemption details