Sukanya Samriddhi Yojana

What is Sukanya Samriddhi Yojana?

Sukanya Samriddhi Yojana is for the parents or guardians who are blessed with a daughter and are looking for the options to plan the future of their daughter in financial aspects. Pradhan Mantri Sukanya Yojana gives an opportunity to the parents to invest in the plan for the welfare of their girl children. If you invest in this scheme, it can be one of the best gifts that you can give to your girl child on her birth as you can systematically plan savings for her. 

Sukanya Samriddhi Scheme is basically for the newborn girl child to ensure that female children are not left behind. As per the scheme, it provides the financial security to a girl until the time she attains 18 years of age. Parents who have a girl child who is below the age of 10 years are eligible to opt the benefits of Sukanya Samriddhi Yojana. The plan matures in 21 years. 

The scheme was launched by the Prime Minister, Narendra Modi under the Beti Bachao Beti

Padhao Yojana and it aims at the welfare of the girl child. The interest rate as per the Sukanya

Samriddhi Yojana is 8.1% as per the July September quarter and now the minimum annual deposit for the scheme has also been revised to Rs. 250 from Rs. 1000 which was earlier.

Sukanya Samriddhi Yojana Account Details 

1. Eligibility
   You can only open the Sukanya Samriddhi Account in the name of your girl child before she reaches the age of 10 years. However, there has been a relaxation introduced where one year grace is given in special cases
2. Sukanya Samriddhi Yojana Interest Rate
   As per the scheme of Sukanya Samriddhi Yojana, the interest rate is 8.5 per cent for a financial year. With such interest, one should definitely invest in such a plan that will give them good returns on maturity.
3. Return
   You can get a decent return by investing in this scheme. For example, if you invest Rs. 1000 per year, you would get Rs. 46,821 at the maturity of the scheme i.e. after 21 years. So, the more you invest, the more returns you can get in this plan and it will help you secure your girl child future needs.
4. Tenure of Deposit for Sukanya Samriddhi Yojana
   As per the Sukanya Samriddhi Yojana, one can deposit for a maximum period of 15 years and the account exists for 21 years from the date of opening the account.
5. Sukanya Samriddhi Yojana Tax Benefits
   With Sukanya Samriddhi account, the account holder gets triple tax benefits which mean that no tax is levied on the amount withdrawn, amount invested and amount earned as interest.
6. Premature closure of Sukanya Samriddhi account
   You can close the account after an authorized order by the Central government in these scenarios:
   1. If the account holder dies, then he/she can withdraw the amount.
   2. If there is a case of life-threatening disease or a medical emergency
7. Withdrawal from Sukanya Samriddhi Account
   Parents or legal guardians can make a partial withdrawal of maximum up to 50% of the amount at the end of the previous financial year. However, withdrawal can only be made if the account holder has attained the age of 18 years and for the cases like higher education or for marriage expenses.
8. Initial deposit for opening Sukanya Samriddhi account
   As per the scheme of Sukanya Samriddhi account, the legal guardian needs to pay Rs 1000 at the time of opening the account.
9. Penalty & Late Fees
   If the legal guardian fails to pay the minimum amount of Rs. 1000 in a financial year, the account will be discontinued. It can be revived by paying the penalty of Rs. 50 per year the payment has been missed and also by making the payment of minimum amount required for deposit of that financial year. 

How to Start Sukanya Samriddhi Yojana 

The best part about Sukanya Samriddhi Account is that it offers a higher rate of interest in comparison to all other saving schemes. Therefore, with this child education plan for girl child one can certainly ensure their girl child’s future and meet her financial requirements in future. 

This small saving scheme Sukanya Samriddhi Yojana in Post Office is a good investment plan for the parents who don’t want to get burdened by the financial needs later on. They can also take advantage of the investment in Sukanya Samriddhi Yojana Account for tax exemption under section 80C of the IT Act, 1961. 

Documents Required for Starting Sukanya Samriddhi Yojana 

List of documents required to open an account for Sukanya Samriddhi Yojana

1. Age Proof: Birth certificate of the girl child
2. Proof of address: Address proof of the legal guardian
3. Identity proof: Aadhar card or Voter ID card for identity proof 

Sukanya Samriddhi Yojana FAQ 

Q. How and where to open Sukanya Samriddhi Yojana account?

One can go to any Indian post office to open Sukanya Samriddhi Yojana Account. The individual would get all the instructions by the official who is assigned for opening the accounts.  Some other financial institute also offering this scheme like Sukanya Samriddhi Yojana SBI, sukanya samriddhi yojana HDFC and sukanya samriddhi yojana in PNB.

Q. Why Opt for Sukanya Samriddhi Yojana?

If you don’t want to have stress on financial grounds for your girl child, Sukanya Samriddhi Yojana is the best investment plan for you. It will secure the future of your girl child as you can use the maturity amount for her higher education and as well as at the time of her marriage. Both of these responsibilities require a good amount of money in future. So, if you don’t plan it from the start, there are chances that you might have a problem in future to meet the financial requirements.

Q. Who can deposit and operate the account?

Legal guardians or parents can operate this account until the insured girl child attains the age of 10 years or until the maturity of the account. The girl child is eligible to operate this account as soon as she turns 10 years old if she wants to.

Q. What is the Interest rate on deposits in Sukanya Samriddhi Scheme?

The Sukanya Samriddhi Yojana Account was launched with an initial interest rate of 10%p.a. for the year 2014-2015. Sukanya Samriddhi Yojana interest rate is revised on a yearly basis and for FY 2018-19 it has been revised to 8.6%.

Q. What is the tax benefits provided to SSY?

The investments made for this scheme are eligible to get tax benefits under Section 80C of the Income Tax Act.

Q. What is the age limit of Girl Child to open Sukanya samriddhi account? 

Q. What is the time period of Sukanya samriddhi Scheme?

Sukanya samriddhi Account can be opened for 21 years, however you can keep account open after 21 years but no interest will be paid after maturity of the account.

Q. When parents can withdrawal from the Policy?

The Sukanya Samriddhi Account allows 50 percent withdrawal of the deposited money when the covered girl child reaches 18 years for the purpose of higher education. However, the account gains maturity after completion of 21 years from the date of account opening.