Sukanya Samriddhi: Savings Scheme for Girl Children

Sukanya Samriddhi: Savings Scheme for Girl Children

The Sukanya Samriddhi Yojana is a government-backed savings scheme designed specifically for girl children in India. Launched as part of the "Beti Bachao - Beti Padhao" (Save Girl Child, Educate Girl Child) initiative, it aims to empower parents and guardians to save for their daughter's future educational and marital expenses.

Key Features

• Multiple Accounts: A maximum of two Sukanya Samriddhi Yojana accounts can be opened per family. However, in case of twins or triplets, three accounts are allowed.
• Eligibility: The account can be opened for a girl child up to 10 years of age by her parents or legal guardian.
• Deposits: The minimum deposit amount is Rs. 250 per year. The maximum annual deposit is Rs. 1.5 lakh. Deposits can be made in cash or by cheque.
• Account Tenure: The Sukanya Samriddhi Yojana account matures after 21 years from the date of account opening or upon the girl child's marriage after she turns 18, whichever is earlier. The account continues to earn interest even after maturity as long as it remains active.
• Tax Benefits: Deposits made towards the Sukanya Samriddhi Yojana qualify for tax deductions under Section 80C of the Income Tax Act.

Interest Rates

It offers a competitive rate set at 8.2% per annum (as of 2023-24 quarter). This interest is compounded annually, which helps the savings grow significantly over time.

Who Can Apply for it?

·       The girl child must be an Indian resident below 10 years of age.

·       Only biological parents or legal guardians can open the account on the girl child's behalf.

·       The girl child must be an Indian citizen throughout the account's tenure.

·       A single account can be opened for each girl child.

·       A family can have a maximum of two accounts, with an additional account allowed for twins or triplets.

Opening Account at the Post Office

1. Download the application form: You can download the application form from the official website of India Post or collect one from your nearest post office branch.
2. Complete the application form: Fill out the application form carefully and attach the required documents.
3. Submit the application and initial deposit: Visit your preferred post office branch, submit the completed application form with all documents, and make the minimum initial deposit of Rs. 250.

Required Documents

·       Sukanya Samriddhi Yojana Post Office Application Form

·       Birth certificate or other age proof of the girl child

·       Passport-sized photographs of the girl child and the account holder

·       Identity and address proof of the account holder (Aadhaar card, Voter ID, passport, etc.)

·       Proof of relationship between the account holder and the girl child (birth certificate, court order, adoption certificate, if applicable)

·       Address proof of the account holder (bank statement, rent agreement, utility bill, etc.)

Benefits Yojana

• High Interest Rates: The scheme boasts a competitive interest rate, currently at 8.2% per annum, which is compounded annually for better returns.
• Long-Term Savings: The Sukanya Samriddhi Yojana encourages regular savings for a period of 21 years, ensuring a substantial corpus for the girl child's future.
• Tax Benefits: Deposits made towards the Sukanya Samriddhi Yojana qualify for tax deductions under Section 80C of the Income Tax Act, offering tax savings to the account holder.
• Account Transferability: The account can be transferred to any authorized post office branch across India if the account holder relocates.
• Maturity Benefits: The account matures after 21 years, providing a lump sum that can be used for the girl child's education or marriage.
• Partial Withdrawal: Partial withdrawal is allowed after the girl child turns 18 years old, with 50% of the balance being accessible for higher education expenses