Sukanya Samriddhi Account for NRI

Non-resident Indians(NRIs) have always found a way to stay in touch with their native land. Through means of investment, they find a way to be citizen of India & live in a different country. Investment in Sukanya Samriddhi is highly popular amongst NRIs.

“Global Village”, this is the term used to define the world as it currently stands, welcoming people from different parts of the globe to become integral members of this village. New opportunities have paved way for people to explore unknown territories, moving away from the comfort of their home to rediscover themselves. Indians have been in the forefront of experimentation, finding places for themselves in different parts of the globe. This ambitious nature of Indians accounts for the large population of NRIs or Non-Resident Indians who call the world their home.

Regardless of how far these NRIs might be from their homeland, they always find ways to stay connected. One way to maintain this connection is through investments in India, investments which can help both the individual and the country grow. The Sukanya Samriddhi Scheme is one such avenue which aims to promote the welfare of the girl child by offering financial security to fulfil her educational and marriage needs.

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 7.6%.

Status of Sukanya Samriddhi Accounts for NRIs

Launched by Prime Minister Narendra Modi, the Sukanya Samriddhi Scheme aims to elevate the status of girls in the country, with a vision to put them on par with global standards. This scheme has elicited a lot of response from the NRI community abroad but as per the current provisions of this scheme NRIs are not eligible to open Sukanya Samriddhi account for their daughters.

With increased participation of the NRI community in Indian life and politics, there is a possibility that this scheme might be extended to cover NRIs in the future. This would depend on the government in power at that time and is currently nothing more than a speculation. The status quo, as of now does not permit NRIs to open a Sukanya Samriddhi Account.

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