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  • Sukanya Samriddhi Account in Post Office

    As of October 2015, the current Prime Minister of India, Narendra Modi launched in the beginning of the year, a small deposit scheme to save for the girl child, being one of the efforts as a part of the 'Beti Bachao Beti Padhao' campaign. The scheme specially for girls' higher education or even marriage needs. While the marriage needs of a girl child is often debatable in India, the needs of education for a woman are increasing by the year.

    This scheme’s application can be submitted for girls upto the age of 10 years of age along with a one year grace period. Besides this, opening an account for the same is also is a hassle-free affair. You can open the account registering yourself as a guardian in the name of a girl child till she attains the age of ten years. A single account can be opened per girl child. Parents are allowed to open this account for a maximum of two children, but it is totally worth it for the child. However, in the case of twins or triplets, the facility may be extended to the third child, based on the situation. The account can be opened in post offices as well as authorized bank branches.

    How To Open a Sukanya Samriddhi Account in a Post Office?

    The government's initiative to encourage a girl child’s education and being able to save funds for them has received a tremendous response through the Sukanya Samriddhi and is indeed commendable. A lot of institutions are yet not aware of the Sukanya Samriddhi Yojana. But the post offices around the corner of your home perhaps is the most convenient place to open up an account. Here is how one can do it:

    1. You need to first download the form from the respective government portal.
    2. Fill in the necessary details in the form
    3. You need, carry all documents necessary that includes:
      1. Photographs of the girl child and parent/guardian together
      2. ID proof
      3. Address proof
      4. Aadhaar card is very useful for the same.
      5. Birth certificate of the girl child
    4. Submit all of the above and the application form at the post office.

    It might be possible that some post offices may still not be aware of the scheme. So, have patience and wait for them.

    The minimum deposit that can be made towards this account is Rs 1000 and the maximum being Rs 1,50,000. The interest rates earned on this account is 9.1%, at the time of withdrawal. Partial withdrawal can be made when the girl turns 18. The full amount is withdrawable at the age of 21. This scheme falls under the Sec 80C (Rs 1.5 lakhs per year) tax free benefit. The number of deposits in a year can be as many times as they want. Note that if one misses a deposit for a particular year, penalty of Rs 50 each year is payable.

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