SUKANYA SAMRIDDHI YOJANA

About Sukanya Samridhi Yojana:

• It was launched by Prime Minister Narendra Modi on 22nd January 2015 as a part of Beti Bachao Beti Padhao campaign.
• It is a small deposit scheme of Government of India.
• This scheme is exclusively for a girl child.
• The scheme will help in education and marriage expenses of a girl child.
• Among all the small savings schemes; at present Sukanya Samridhi Account Scheme has the highest rate of interest i.e.; 7.6 percent.

Status of the Scheme:

• Around 2.73 crore accounts have been opened under the scheme, having nearly Rs.1.19 lakh crore deposit.

Salient Features of Sukanya Samridhi Accounts

• Parents who want to open the accounts under this scheme can open the account in the name of a girl child till she attains the age of 10 years.
• Under the scheme only one account can be open in the name of a girl child.
• Interest on balance in the account will be calculated on yearly compounded basis and credited to the account.
• The account can be transferred anywhere in India from one post office/Bank to another.

Terms and Conditions:

• Birth certificate of a girl child at the time of account opening is needed to be submitted.
• The minimum amount that is needed to open the account is two hundred and fifty rupees and in multiples of fifty rupees.
• After initial deposits the deposits can be made in multiples of fifty rupees.
• In a year minimum of two hundred- and fifty-rupees deposits are must in one account.
• The total deposition in an account shall not exceed Rs 1,50,000 in a financial year and minimum account that is must to deposit is Rs 250.
• Withdrawal of up to a maximum of fifty per cent, is allowed for the purpose of education of the account holder, after the account holder attains the age of eighteen years or has passed tenth standard, whichever is earlier.
• The account will mature after 21 years from the date of opening or on marriage of the girl child under whose name the account is opened, whichever is earlier.

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Where Can the Account Opened?

The scheme will be operated through:

• All Post Offices,
• Branches of Public Sector Banks
• Private Sector Banks (only three viz. HDFC Bank, Axis Bank and ICICI Bank.)

Benefits of Sukanya Samridhi Account Scheme:

• One will get higher Interest Rate.
• Tax Benefit under Section 80C will be also there.
• If account will be not closed interest payment even after maturity will be there.
• Account can be transfer to anywhere in India.
• Girl child can operate the account after she attains the age of 10 years.
• Deposits need to be made in the account till the completion of a period of fifteen years from the date of opening of the account.

Related: How do I pay Sukanya Samriddhi Yojana online?

Eligibility:

• The parents / guardian can open the account immediately after the birth of the girl child till she attains the age of 10 years.
• Only one account is allowed per child.
• Under this Scheme an account may be opened for a maximum of two girl children in one family.
• More than two accounts can be also opened in a family if such children are born in the first or in the second order of birth as the twins/triplets.
• The above provision shall not apply to girl child of the second order of birth, if the first order of birth in the family results in two or more surviving girl children)

Documents Required:

• Sukanya Samriddhi Account Opening Form
• Birth certificate of girl child
• Identity proof (as per RBI KYC guidelines)
• Residence proof (as per RBI KYC guidelines)

Source: @livemint, @icicibank.com,  @msmex.in, @sapost, @pib.gov.in