Sukanya Samriddhi account is a small savings scheme launched by the Government of India to safeguard the future of girl child. The scheme has been launched by the Prime Minister Narendra Modi as a part of the ‘Beti Bachao Beti Padhao’ campaign. One of the major motives behind the launch of this plan is to popularize domestic savings which has gone down from 38% in 2008 to 30% in 2013. The Sukanya Samridhi Scheme is expected to fulfill the future demands of girl child by helping parents to save for their education and marriage. The scheme was launched on 22nd January 2015.
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%.
Who can open a Sukanya Samriddhi Account?
The Sukanya Samridhi account can be opened by parents or legal guardian of a girl child. The account can be opened in any post offices or authorized commercial banks. A minimum deposit of Rs, 250 is required to open this account. The maximum deposit accepted by this account is Rs. 1, 50,000. The account provides a grace period of 1 year. For example, a girl born between 2nd December, 2003 and 1st December, 2004, can open a Sukanya Samriddhi Account by 1st December, 2015. The Sukanya Samridhi account can be closed after completion of 21 years.
Sukanya Samriddhi Scheme Eligibility for the girl child
The eligibility for Sukanya Samriddhi account includes:
- Only girl children are eligible to hold Sukanya Samriddhi account.
- The maximum age of a girl child should not be more than 10 years.
- A proof of age of the girl child needs to be attached.
Sukanya Samriddhi Yojana eligibility for parents
- Parents and legal guardians are eligible to open Sukanya Samriddhi account on behalf of their children.
- One legal guardian/parent is eligible to open maximum two accounts.
How many accounts can be opened by parents?
Usually, the Sukanya Samridhi scheme allows only one account can to be opened against one girl child. The maximum number of accounts allowed under this scheme is two. In case of triplets or twins, there is a provision of opening three accounts by the same parents or legal guardian.
Not only the Sukanya Samriddhi account ensures a secure financial future for the girl child, parents or legal can also enjoy income tax benefits on the contribution made towards this scheme under section 80C of the Indian Income Tax Act, 1961. Besides, the maturity benefits received at the end of this scheme is also tax-free.
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