Table of Contents:

  • Introduction to Sukanya Samriddhi Yojana
  • Eligibility criteria for Sukanya Samriddhi Yojana
  • Features and benefits of Sukanya Samriddhi Yojana
  • How to open a Sukanya Samriddhi Yojana account
  • Tax benefits of Sukanya Samriddhi Yojana
  • FAQs about Sukanya Samriddhi Yojana

Introduction to Sukanya Samriddhi Yojana:

Sukanya Samriddhi Yojana is a government-backed savings scheme aimed at promoting the education and financial security of girl children in India. The scheme was launched by the Government of India in 2015 as part of the “Beti Bachao Beti Padhao” campaign, which aims to improve the status of girls in Indian society.

Sukanya Samriddhi Yojana is a long-term savings scheme that allows parents or guardians of girl children to open a savings account in the name of the girl. The scheme offers attractive interest rates and tax benefits, making it an attractive option for parents who want to save for their daughter’s future education and marriage expenses.

Eligibility criteria for Sukanya Samriddhi Yojana:

The following eligibility criteria apply for opening a Sukanya Samriddhi Yojana account:

  • The girl child must be below the age of 10 years at the time of opening the account.
  • Only one Sukanya Samriddhi Yojana account can be opened per girl child.
  • The account can be opened by the girl’s parents or legal guardians.
  • The account can be opened in any post office or designated bank branch across India.

Features and benefits of Sukanya Samriddhi Yojana:

The following are some of the key features and benefits of Sukanya Samriddhi Yojana:

  • Attractive interest rates: The scheme offers higher interest rates compared to other savings schemes, currently at 7.6% per annum.
  • Tax benefits: Contributions to the Sukanya Samriddhi Yojana account are eligible for tax deductions under Section 80C of the Income Tax Act.
  • Partial withdrawal: Partial withdrawals are allowed for the girl child’s education and marriage expenses, subject to certain conditions.
  • Maturity and withdrawal: The account matures when the girl child turns 21 years old, at which point the entire balance can be withdrawn.
  • Transferability: The account can be transferred to any post office or bank branch across India.

How to open a Sukanya Samriddhi Yojana account:

Parents or guardians of a girl child who meet the eligibility criteria can open a Sukanya Samriddhi Yojana account by following these steps:

  1. Visit the nearest post office or designated bank branch where the scheme is available.
  2. Ask for the Sukanya Samriddhi Yojana application form and fill it out with the required details.
  3. Submit the completed application form along with supporting documents such as the girl child’s birth certificate and the parent’s or guardian’s identification proof.
  4. Make the initial deposit, which can be any amount between Rs. 250 and Rs. 1.5 lakh.
  5. The post office or bank will issue a passbook and account number, which can be used for future transactions.

Tax benefits of Sukanya Samriddhi Yojana:

Sukanya Samriddhi Yojana offers the following tax benefits:

  • Contributions to the account are eligible for tax deductions under Section 80C of the Income Tax

Some frequently asked questions about this scheme are:

  1. What is the objective of the Sukanya Samriddhi Yojana?

The main objective of the Sukanya Samriddhi Yojana is to encourage parents to save for the education and marriage expenses of their girl child. The scheme offers a safe and secure investment option with attractive interest rates, and the proceeds can be used exclusively for the benefit of the girl child.

  1. Who is eligible to open a Sukanya Samriddhi Yojana account?

The Sukanya Samriddhi Yojana is open to any parent or legal guardian of a girl child who is less than 10 years old. The girl child must be a resident of India and have a valid proof of identity and address.

  1. How much can be deposited in a Sukanya Samriddhi Yojana account?

The minimum deposit amount for a Sukanya Samriddhi Yojana account is INR 250, and there is no maximum limit on the amount that can be deposited. However, the total deposit in a financial year cannot exceed INR 1.5 lakhs.

  1. What is the interest rate for Sukanya Samriddhi Yojana?

The interest rate for Sukanya Samriddhi Yojana is determined by the Government of India and is reviewed on a quarterly basis. The current interest rate for the scheme is 7.6% per annum.

  1. How long is a Sukanya Samriddhi Yojana account valid for?

A Sukanya Samriddhi Yojana account matures when the girl child reaches the age of 21 years. The account can be closed before maturity under certain circumstances, such as the death of the account holder or the girl child.

  1. Is the interest earned on a Sukanya Samriddhi Yojana account taxable?

The interest earned on a Sukanya Samriddhi Yojana account is exempt from tax under Section 80C of the Income Tax Act. The deposits made into the account are also eligible for tax deductions under the same section.

  1. How can a Sukanya Samriddhi Yojana account be opened?

A Sukanya Samriddhi Yojana account can be opened at any authorized post office or bank branch. The parent or legal guardian will need to fill out an application form and submit it along with the required documents, such as the girl child’s proof of identity and address. The account can also be opened online through the official website of the post office or bank.