Sukanya Samriddhi Yojana Account for OCI & PIO

Sukanya Samriddhi Yojana is essentially the Indian Government’s initiative to provide equality and freedom the girls of the nation. It aims to provide maximum benefits and provisions to the girl children of India and opening an account is super easy!
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All about Sukanya Samriddhi Yojana Account for OCI & PIO

Sukanya Samriddhi Yojana was a savings scheme launched by the government for the welfare of the girl child. This account lets parents secure the financial future of their girl child by investing in the account. The account can be opened for any girl child below the age of 10 years. The parent or guardian will deposit the money in the account which has been opened under the name of the girl child. The minimum amount that needs to be deposited in the account is Rs.250 a year. The plan comes with many advantages such as partial withdrawals.

(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 is eligible for Sukanya Samriddhi Yojana Account?

Every girl child who is below the age of 10 years is allowed to open a Sukanya Samriddhi Yojana account. The account can’t be opened for boys or for girls over the age of 10 years. The account can be opened by the guardian or the parent of the girl child. Only one account is allowed for each girl child and two accounts for every family.

Sukanya Samriddhi Yojana account for OCI & PIO individuals

It is very well known that all Indian nationals are eligible for the Sukanya Samriddhi Yojana scheme. But there are others like OCI & PIO individuals who might want to open a Sukanya Samriddhi Yojana account for their children. The scheme specifies that an NRI can’t open an account when they are in another country but they can open the account for their girl child once they are in India.Given below is the eligibility for OCI & PIO girl children.

Nationality of the mother Nationality of the father Daughter’s nationality Eligibility
Mother is an Indian(NRI) Father is an Indian(NRI) Daughter is OCI or PIO Not eligible
Mother is not an Indian residing outside India Father is an Indian and residing outside India Daughter is OCI or PIO Not eligible
OCI or PIO OCI or PIO Daughter is PO Not eligible
OCI or PIO residing outside of India OCI or PIO residing outside of India Daughter is an Indian Not eligible
OCI or PIO residing in India OCI or PIO residing in India Daughter is an Indian Eligible
OCI or PIO residing outside of India OCI or PIO residing outside of India Daughter is an Indian residing in India Eligible

One can apply for Sukanya Samriddhi Yojana at any post office or at one of the many designated banks located all over the country.

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Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

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