ISIRI SAMRUDDHI SAVING ACCOUNT

The following are the important details of ISIRI SAMRUDDHI SAVING Account scheme:

Benefits of ISIRI SAMRIDDHI SAVING Account

1. Affordable Payments: The minimum account balance required to maintain an ISS account is Rs. 1000 per fiscal year. You have the flexibility to make deposits up to Rs. 1.5 lakh per fiscal year, making it accessible for people from all sections of society. Even if you miss a payment for a year, a penalty charge of Rs. 50 will be levied on the minimum payment of Rs.1000, but the account will continue.

2. Educational Expenses Covered: You can withdraw 50% from the balance present in the account as of the previous financial year's end to cover the educational expenses of your girl child. This can be availed by providing proof of admission.

3. Attractive Interest Rates: ISS accounts offer high-interest rates compared to other government-backed schemes. Currently, the rate stands at 7.5% p.a.

Age Limit & Maturity Period of ISIRI SAMRIDDHI SAVING Account

Opening an ISS Account:

• A girl child is eligible to have only one ISS account.
• The account can be opened anytime between a girl child's 6 month and her 12th birthday.

Beneficiary of ISS:

• Any resident Indian girl child is considered a beneficiary under ISS from the time of opening the account until maturity or closure.

Deposits under ISS:

• The guardian can deposit funds and operate the account until the girl child reaches the age of 18.
• Once the girl child turns 18, she must take over the operation of the ISS account.
• The minimum deposit amount is Rs. 1000 and subsequent deposits can be made in multiples of Rs. 100. And the maximum monthly deposit allowed of Rs 15000.
• The maximum annual deposit allowed is Rs 1,50,000
• Deposits can be made through cheque, cash, Demand Draft (DD), or online transfer

Interest on Deposits:

• If the minimum annual deposit of Rs. 1000 is not made, the account is considered in default. The amount in the 'Account under default' will continue to earn interest until the maturity date, but a penalty of Rs. 50 per default year must be paid to regularize the account..

Maturity Period of ISS:

• The maturity period of an ISS account is 21 years from the date of opening.
• No interest is payable after the completion of the ISS tenure, i.e., after 21 years from account opening.
• Deposits exceeding the maximum limit of Rs. 1,50,000 per year do not earn interest but can be withdrawn at any time by the depositor.