5 Benefits of Sukanya Samriddhi Yojana for Girl Child by the Govt. of India

Sukanya Samriddhi Yojana is a savings scheme for the girl child launched as a part of the Government’s 'Beti Bachao Beti Padhao' campaign in 2015.A Sukanya Samriddhi Account can be opened any time before the girl child turns 10 years old. Under this scheme, a minimum of Rs.250/- and a maximum of Rs.1,50,000/- can be deposited in a year. 

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Best Child Saving Plans
  • Insurer pays your premiums in your absence

  • Invest ₹10k/month and your child gets ₹1 Cr tax free*

  • Save upto ₹46,800 in tax under Section 80(C)

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

Nothing Is More Important Than Securing Your Child's Future

Invest ₹10k/month your child will get ₹1 Cr Tax Free*

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There are many benefits of saving through Sukanya Samriddhi Yojana. Let us highlight five of them:

  1. High-Interest Rate

    Sukanya Samriddhi Account offers an interest rate of 7.6% for the current financial year. When compared to other savings plans, the interest rate provided by this investment policy is the highest.

    Every year, the Govt. of India declares the interest rate for this scheme for the current Financial Year. Further, interest in this scheme is compounded yearly. 

  2. Income Tax Savings

    Income tax is exempted from the contribution made to this account under Section 80 C of the Income Tax Act. Exemption on this scheme is available on the interest and also at the time of withdrawal. This scheme is under the authority of the Department of Revenue (DOR). 

  3. Lock-in Period

    The lock-in period is one of the best features of this scheme. The maturity of the policy is fixed at twenty-one years from the date when the account was opened or till the marriage of your girl child (whichever comes earlier). The age of your daughter at the time of marriage has to be 18 years.

    The account cannot be operated after the marriage of your child. 

  4. Premature Withdrawal of Funds

    Parents can opt for premature withdrawal from the account once the girl child attains 18 years of age and require funds for Higher Education.

    However, only 50% of the account balance can be withdrawn in case of premature withdrawal at the end of the previous financial year. One can deposit money in the account for 15 years from the date of opening the account. 

  5. Guaranteed Maturity Benefits

    When the Sukanya Samriddhi Account reaches the maturity date, the account balance, including the accumulated interest, is directly paid to the policyholder (girl child in this case). This is primarily done to render financial independence to the girl child, thereby acting as an efficient tool for their empowerment in India.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

Wrapping Up!

One of the best ways to build up a sufficient corpus for your child’s education is to keep aside a portion of your savings or invest in the equity market. With the Sukanya Samriddhi Yojana, you only need to invest a small portion of your savings in the account and reap significant benefits in the long run. Looking at the high rate of interest, one can certainly build an adequate corpus to provide a brighter future to their girl child.

Disclaimer: Policybazaar does not endorse, rate, or recommend any particular insurer or insurance product offered by an insurer.

*All savings are provided by the insurer as per the IRDAI approved insurance plan. Standard T&C Apply

“Tax benefit is subject to changes in tax laws. Standard T&C apply.” 

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