Features of Sukanya Samriddhi Account

It is essentially an effort and initiative of the Indian Government, to try and secure the future of the girl children of India. It can be made use of by the girls’ parents to save money in small portions to fulfill needs such as education & marriage.
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Sukanya Samriddhi yojana is a small savings scheme launched by the Prime Minister to encourage savings that will eventually be used to fund the education and marriage of the girl child. The features of the Sukanya Samriddhi scheme are as follows:

  1. The account can be opened on behalf of the girl child by her parents or legal guardians.
  2. A maximum of 2 accounts can be opened, and in the case of twins, a total of 3 accounts can be opened.
  3. Minimum deposit amount = Rs.250 per year ; Maximum deposit amount = Rs.1,50,000 per year.
  4. High interest rate of 8.1% p.a.
  5. Tax benefits and advantages: Tax rebate under Section 80C of the Income Tax Act, 1961 for all deposits made under this scheme.
  6. The account can be prematurely closed in the event of death of the depositor.
  7. Revival of the account costs Rs.50, which has to be paid towards the end of the year in addition to the minimum amount for that year.
  8. Deposits can be made through cash, cheque, and demand drafts.
  9. Upon attaining the age of 18, the girl child in whose name the account has been created, can withdraw up to 50% of the balance.
  10. Account will mature after 21 years from the date on which the account was created, or on the date of marriage of the girl child in whose name the account was created.
  11. All the accrued interest will be paid to the account holder (girl child) on maturity.
  12. Minimum deposit of Rs.250 must be made each year to prevent the account from being deactivated.
  13. Interest rates differ, year to year.

The Sukanya Samriddhi scheme was created as a way for parents to save for the education and marriage of the girl child, with a high rate of interest and tax saving benefits, the scheme will have a popular response as a tax savings instrument as well.

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%.

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