Sukanya Samriddhi Scheme is aimed at the betterment of girl child in India. It is a savings scheme to cover girl child education and wedding expenses. The scheme offers income tax deductions on savings and fixed interest rates against the deposits.
Features of Sukanya Samriddhi Yojana:
- Attractive rate of interest of 8.6% per anum which is more than any other government scheme.
- Investments are exempt from income tax under section 80C of the Income Tax Act.
- The opening amount for the account is Rs 1,000. Thereafter multiples of Rs 100 can be deposited in the account with a minimum of Rs 1,000 per year.
- The maximum limit for deposits in the account is Rs 1,50,000 per year.
- If minimum Rs 1000/- is not deposited in a financial year, an account will be discontinued and can be revived with a penalty of Rs 50/- per year along with the minimum amount required for a deposit for that year.
- If the account is not closed after maturity, a balance will continue to earn interest as specified for the scheme from time to time.
- Normal Premature closure will be allowed after completion of 18 years /provided that girl is married. The maturity period of the account is 21 years from the date of opening the account.
How to open Sukanya Samriddhi Account?
An account can be opened at any of the authorized banks or at any post office. Form to open account is available at all eligible bank branches and post office branches. The account can be opened by a parent or legal guardians of a girl child. Birth Certificate of the girl child is required as supporting document. The account is opened in the name of the girl child.
Documents required to open Sukanya Samriddhi Account:
- Account Opening Form
- Birth Certificate of Girl Child
- Identity Proof for both Girl Child & Parent or Legal Guardian
- Address Proof of depositor
Who can avail benefits of Sukanya Samriddhi Scheme?
Sukanya Samriddhi Scheme can be availed by parents or legal guardians of a girl child. Following criteria must be met to avail benefits
- An account can be opened any time before a girl child reached an age of 10 years.
- Any girl child born between 2/2/2003 and 1/12/2015 is also eligible.
The amount deposited in Sukanya Samriddhi account should not exceed Rs. 1.5 lakhs per year. However, the total number of deposits that you have made doesn’t matter either in a month or financial year.
The Sukanya Samriddhi account will turn inactive in case the requirement of the minimum annual deposit of Rs 1,000 is not met.
Yes, it is possible. Following are the circumstances where your account can be closed prematurely:
– It can be closed prematurely on the basis of marriage, change of citizenship and country of residence, only after maintaining deposits for 5 years.
– It can be prematurely closed in case the account is causing a financial burden on the girl child or there is an urgent medical requirement or in instances of death of a parent or guardian.