According to the directive from the government of India, Bank of Baroda is offering the Sukanya Samriddhi Yojana to its customers as a possible investment. This scheme aims are helping parents invest money in an account where they get a good rate of interest and build a sizable amount of savings that can then be used to fund the needs of their daughters. The tenure of this deposit is linked to the child’s age and requires investments to be made only for the first 14 years. It also provides facilities for partial withdrawals at specific times in the life of the child and can also be opened if the parents are blessed with twins. The process of opening the account is also very simple and the returns, attractive since the maturity benefits can be a sizable amount. It is also a great way for parents to be assured that they will be able for fund their daughters when they most need it.
(On 23 July 2018, the criteria for minimum annual deposit for the Sukanya Samriddhi Yojana account has been revised to Rs.250 from the earlier amount of Rs.1,000. Also the interest rate for the July-September quarter is 8.1%.)
Features of Sukanya Samriddhi scheme
- Account opening: Bank of Baroda Sukanya Samriddhi Yojana account can be opened only for a daughter who is 10 years old or younger.
- Multiple accounts can be opened in case the daughters are twins.
- Deposits: The minimum and maximum deposits for this account are pegged at Rs. 250 to Rs. 1.5 lakhs per year.
- A minimum deposit of Rs. 250 has to be made every year.
- Deposits paying term: Deposits need to be made only for the first 14 years from the date on which the account is opened. You can use the Sukanya Samriddhi Yojana calculator for calculating how much monthly amount you want to put in your Sukanya Samriddhi Account.
- Documents required: The supporting documents that need to be submitted will have to include the birth certificate of the child.
- In case the daughters are twins, a certificate affirming the same will also be required.
- Interest rate: The current interest rate offered by the government is 8.1% per annum.
- Withdrawal: Once the girl is 18 years old a partial withdrawal of up to 50% of the account balance can be withdrawn for expenses of education or marriage.
- Bank of Baroda Sukanya Samriddhi Yojana account will mature once the girl attains the age of 21 years.
Premature closure: The account cannot be closed prematurely except under two circumstances:
- If the account holder passes away and
- If the account holder can prove to the central government that continued contributions to the account would not be affordable.
- The account can also be transferred from one bank to another or even to a post office.
Sukanya Samriddhi Yojna Tax Benefits
The tax benefits provided by this scheme are done so under section 80C of the IT Act. Since this is an investment offered under 80C, the maximum benefit that can be claimed is Rs. 1.5 lakhs every year.
The Sukanya Samriddhi Scheme is a good investments to make since it will help parents put aside finances that would be essential for the family when their daughter grows up and is ready to go ahead with higher education or even get married.
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