Sukanya Samriddhi Yojana
On 21st January, 2015 under the ‘Beti Bachao, Beti Padhao’ Campaign Prime Minister Narendra Modi launched the Sukanya Samriddhi Yojana. In our nation a girl child is considered a burden from her education to the expense of her wedding so this scheme allows the guardians or parents of the girl child to save up for those expenses and ensuring that the girl child has a secure future.
Only a girl child is eligible
Only girl child of Indian nationality can apply for this scheme
The girl child should be of 10 years or below on the date that the account is opened.
Who can invest?
Only legal or natural guardians and parents of the eligible girl child are allowed to invest.
In a financial year minimum of Rs.1000 needs to be invested, thereafter multiples of 100 can be invested
In a financial year maximum of Rs.1,50,000 can be invested
From the date of opening of the account till 15 years the deposits can be made.
There is no limit on the number of deposits that can be made in a month or year and the deposits can be made in a spread out manner or in a lump sum based on your preference.
Rate of Interest
On the 10th of the month of before that the funds deposited will have the interest paid.
The rate of interest is 8.6%/ annum compounded yearly and by GOI quarterly the interest rates will be revised.
The account can be opened in any post office or in 28 specified banks across the country.
Until the girl child reaches 10 years of age the parents or guardians of the girl child will open and operate the account.
After attaining 10 years of age the girl child can operate the account on her own otherwise the guardian or parent can continue to operate the account.
The account is transferable anywhere in India from bank to bank, bank to post office and post office to post office.
Maximum of 2 accounts on 2 different girl child names can be opened by a parent or guardian.
The account matures after 21 years from the opening date or when the girl child is getting married which ever happens earlier.
If the girl child gets married before the maturation of the account she can decide to close or continue the account.
If the girl child succumbs to early death or becomes a non-citizen of India the account can be prematurely closed.
When the girl child passes 10th standard or reaches 18 years of age maximum 50% of the deposited amount can be withdrawn.
If the educational fee is lower than 50% the partial withdrawal amount will also be limited accordingly.
Secure future for the girl child from her education to marriage
Under Section 80C tax benefits are gained
Amount can be transferred to anywhere in the country.
Check this link to know more about Beti Bachao Beti Padhao Yojana.