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Sukanya Samriddhi Yojana

Sukanya Samriddhi Yojna is a special prosperity scheme for the girl child launched by the Prime Minister of India, Mr. Narendra Modi on 22nd January 2015. The scheme was launched as a part of the 'Beti Bachao Beti Padhao' campaign by the Government of India.

The aim of scheme is to ensure a bright future for the girl child by promising her financial independence

The deposit scheme’s aim is to facilitate the education and marriage expenses for the girl child. It fetches a good interest rate and provides tax benefit on its investment under section 80 C of Income Tax Act, 1961.

Features of Sukanya Samriddhi Yojana

  • Account can be opened in any post office or authorized branch of banks

  • Birth certificate of child girl, identity and residence proof of parent and legal guardian are the required documents to open the account

  • Opening amount of the account is INR 1000

  • Only one account is permissible for one girl child, maximum of two girl children can be covered in this scheme for parents or three in case of twin girls as second birth or the first birth itself results in three girl children.

  • The account can be opened by parents or legal guardians of the girl child

  • 50% amount can be withdrawn once the girl child turns 18, initially this was not allowed

  • Girl child is allowed to operate the fund after 10 years of age

  • Maturity amount is exempted from income tax

Benefits of Sukanya Samriddhi Yojana

  • Avail one of the best interest rates available in the market
  • Anywhere in India, the account can be transferred
  • Girl child can also operate the account, thus, giving her exposure to financial management
  • No limitation on number of deposits in a year, however, there is an annual ceiling.
  • No tax on interest or maturity amount
  • Give financial independence to girl child

Eligibility of Sukanya Samriddhi Yojana

Entry ageFrom birth
Maximum entry age10 years
Minimum limit for deposits per yearINR 1000
Maximum limit for deposit per yearINR 1.5 lakh
Withdrawal age18 years
Maturity duration of account21 years
Mode of paymentCheque, cash, DD or online

Other details of Sukanya Samriddhi Yojana

  • No interest will be credited after the maturity period of 21 years if fund is not withdrawn

  • Multiples of 100 can be deposited in the account with a minimum of INR 1000 per year

  • Need to pay in this scheme for 14 years after opening the account, which means if the account was opened on X age of the girl then the payment needs to be made X age of the girl + 14 years

  • The interest rate since its launch is as follows: From April 1, 2014: 9.1% From April 1, 2015: 9.2% From April 1, 2016 -September 30, 2016: 8.6% From October 1, 2016-December 31, 2016: 8.5% From July 1, 2017- December 31, 2017: 8.3%

  • A passbook will be issued after the account is opened bearing the date of birth of the girl child, date of opening of the account, account number, name and address of the account holder and the amount deposited.

  • If original passbook is lost then duplicate passbook will be issued for a fee of INR 50 rupees.

  • Non-resident Indians cannot open a Sukanya Samriddhi Yojna

  • Premature closure of an SSY account can be put forward in the event of death of the account holder or on extreme compassionate grounds such as medical support in life-threatening diseases.

  • Maturity amount will be given directly to the girl child

  • Sukanya Samriddhi Yojna scheme is also available for adopted girl child

Review of Sukanya Samriddhi Yojana

Sukanya Samriddhi Yojna scheme is a great initiative by the government of India for the empowerment of girl child. It helps the parents and guardians to systematically save and build a corpus for growth and development of the girl’s bright future. The best thing about the scheme is it has been kept affordable for the masses and offers one of the best returns in small deposit schemes in the market. So, don’t miss out on this lucrative scheme, and give your girl child the best future she deserves as a woman plays a key role in shaping the future of the society and the country.

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5.0 (6 votes)