There are many confusion in mind of everyone one who is going to invest in SSA for their daughter. Here are some of the frequently asked questions by people who want to know more about Sukanya Samriddhi Yojana (SSY).
6 Tax saving and operating issues for Sukanya Samriddhi Account are explained below:
- Question: If both the husband and wife deposit for their 1 daughter proportionately, Can they both claim the income tax exemption u/s 80C? Let us assume if both invest Rs.75000 for a total of Rs.150000 P.A. which is maximum investment in Sukanya Samriddhi Account.
Answer: Only one person either father or mother, who will be nominated on Sukanya account, can avail tax exemption.
- Question: If the Parents have 2 daughters, can both father and mother be nominated for 2 daughters separately?
Answer: Yes. The father can be nominated as guardian for one daughter and mother can be nominated for one daughter. So the both father and mother can get tax exemption benefits in this case u/s 80C.
- Question: Sometimes SBI branch and Post office wants to verify the identity of baby physically. Is it right?
Answer: It is on their procedure of Sukanya Samriddhi Account to restrict fraud or miss-presentation of guardians or parents. You have to co-operate them for all Account opening formalities.
- Question: Can I transfer my SSA account from one post office branch to another branch.
Answer: Yes. You can transfer the Sukanya Samriddhi account to another post office, if they are not co-operating you properly.
- Question: Many Sukanya authenticated banks are not ready to open Sukanya Accounts at present and the Parents has to open account with Post office, as the age of their girl child is going to cross 10 years soon.
Answer: This year is the starting period for Sukanya Account and authenticated banks have to develop software and back-office system to start account opening of Sukanya account and by next year, almost every authenticated bank will be ready to operate Sukanya account. You need to patience for the time being and if your daughter’s age is crossing 10 years, then you can open account at post office immediately.
- Question: Which installment payment is more beneficial- monthly or yearly?
Answer: If you are paying one time annual installment at the end of the financial year, then depositing monthly installment is more beneficial as the interests are calculated on monthly basis. But, if you are paying one time annual installment at the starting of the financial year, then you can also become more beneficial. It has been explained at Sukanya Samriddhi Calculator Page.
- Question: What are the documents required to open SSA?
Answer: You have to provide Date of birth certificate of the girl child, 2 passport size photographs and ID proof of parent or guardian.
- Question: If I forget to invest any money in any year what will happen?
Answer: If anyhow you forget to pay installment any year then you have to pay a penalty of Rs.50 and reactivate your account and start it from where it was stopped.
- Question: What will happen if girl child dies unfortunately?
Answer: If such incident occurs then SSA will be closed immediately and funds will be returned to the nominee.
There are many other queries which are still in doubt as there are no clear indications from government on those points. If you have any questions in you are always welcome to post them here and we will try to answer it as early as possible.