Launched by Prime Minister Narendra Modi in January 2015, the Sukanya Samriddhi Scheme is designed to provide a bright future for the girl child in India. This scheme aims to bridge the gap between the male child and the girl child, helping girls achieve equality and financial freedom in life. Part of the “Beti Bachao Beti Padhao” campaign, this small savings scheme hopes to facilitate the educational and marriage needs of girls, changing the way our society sees them.
While this scheme has been created keeping the interests of the girl child in mind, it should be noted that successful implementation of this scheme could go a long way in improving the overall condition of the country, propelling it to greater heights.
Benefits of Sukanya Samriddhi Account
Opening a Sukanya Samriddhi Account can be beneficial for all parties involved, with some of the benefits highlighted below.
- Easy to open – This account can be opened by the parent/legal guardian of a girl child without ant hassles. Simple documentation and paperwork make it a seamless affair.
- Low deposit amount – This account can be opened with a minimum deposit of Rs 1,000 with an option to increase it in multiples of Rs 100. This low amount ensures that maintaining this account is not financially taxing on the family. A maximum deposit amount of Rs 1,50,000 per year is permitted under this scheme.
- High Interest – This account earns an interest of 9.2% per annum. This interest is compounded and credited annually, building a corpus of funds at maturity.
- Flexible deposit modes – Deposits towards this account can be made either in the form of cash, cheque or demand draft.
- Account operation – The girl child under whose name an account is opened can choose to operate it once she attains the age of 10 years, giving her freedom to choose for herself.
- Tax exemption – Deposits made towards this scheme are eligible for tax deduction under Section 80C of the Income Tax Act, making them a great tax saving avenue. The interest earned and the amount paid at maturity are also tax-free, ensuring that the girl child has the full amount at her disposal.
- Payment only to girl child – As per the provisions of this scheme, the maturity amount will be paid only to the girl child under whose name an account is opened. This ensures that the money can be used by the girl accordingly, ensuring that no one else usurps this money.
- Premature withdrawal – A girl child can choose to withdraw a portion of the amount when she turns 18 years old. This amount can be used for higher studies or towards marriage preparations.
- Easy revival – An inactive account can be revived by paying a fee of Rs 50 plus the minimum deposit for that term.
- Additional interest – An account will continue to accrue interest even after maturity, till the date it is officially closed.
- Transfer – An account can be transferred to any authorised post office or bank in the country, ensuring that relocation has no impact on the future of the girl child.
Note - The Sukanya Samriddhi Yojana interest rate is determined by the government and is subject to change. The interest rate mentioned here is for the year 2015-2016.
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