Sukanya Smridhi Scheme
Sukanya Samriddhi Yojana is a savings scheme launched by the Government of India to promote the welfare of the girl child. It aims to encourage parents and guardians to save money for the future education and marriage expenses of their daughters. The scheme offers a high rate of interest and tax benefits. The account can be opened for girls below the age of 10 years and can be operated till she reaches the age of 21 years. The minimum deposit amount is Rs. 250, and the maximum deposit amount is Rs. 1.5 lakh per annum. The scheme is a safe and secure investment option that helps in building a better future for the girl child.
Policy Features
Here are some of the key features of the Sukanya Samriddhi Yojana:
1. The account can be opened on behalf of the girl child by her parents or legal guardians.
2. A maximum of 2 accounts can be opened, and in the case of twins, a total of 3 accounts can be opened.
3. Minimum deposit amount = Rs.250 per year; Maximum deposit amount = Rs.1,50,000 per year.
4. High interest rate of 7.6% p.a.
5. Tax benefits and advantages: tax rebate under Section 80C of the Income Tex Act, 1961 for all deposits made under this scheme.
6. The account can be prematurely closed in the event of death of the depositor.
7. Revival of the account costs Rs.50, which has to be paid towards the end of the year in addition to the minimum amount for that year.
8. Deposits can be made through cash, cheque, and demand drafts.
9. Upon attaining the age of 18, the girl child in whose name the account has been created, can withdraw up to 50% of the balance.
10. Account will mature after 21 years from the date on which the account was created, or on the date of marriage of the girl child in whose name the account was created.
Policy Eligibility
The following are the eligibility criteria for opening a Sukanya Samriddhi Yojana account:
1. Gender: Only girl children are eligible for this scheme.
2. Age: The account can be opened for girls below the age of 10 years.
3. Citizenship: The account can be opened for a girl child who is a resident of India.
4. Number of accounts: Only one account can be opened for a girl child. However, if a family has twin girls, then two accounts can be opened for them.
5. Guardianship: The account can be opened by the natural or legal guardians of the girl child. The guardians can be either parents or legal guardians appointed by the court of law.
It is important to note that non-resident Indians (NRIs) are not eligible to open a Sukanya Samriddhi Yojana account. However, if a girl child becomes an NRI after opening an account, the account can continue to be operated until maturity.
Also, if the girl child is above the age of 10 years at the time of account opening, then the account cannot be opened under this scheme. Therefore, it is important to open the account at the earliest opportunity to maximise the benefits of the scheme.
Policy Enrolment Process
The enrolment process for Sukanya Samriddhi Yojana is relatively simple and can be completed by following these steps:
Step 1: Identify the nearest authorised bank or post office where the account can be opened. The list of authorized banks and post offices can be found on the official website of the Ministry of Finance.
Step 2: Fill out the application form for opening a Sukanya Samriddhi Yojana account. The form is available at the authorized bank or post office or can be downloaded from the official website of the Ministry of Finance.
Step 3: Submit the filled-out application form along with the required documents, such as the girl child’s birth certificate, proof of identity and address of the guardian, and the initial deposit amount.
Step 4: Once the application and documents are verified, the account will be opened, and a passbook will be issued. The passbook contains all the details of the account, such as the account number, name of the account holder, and balance.
Step 5: The account can be operated by making regular deposits, which can be done either in person at the authorized bank or post office or through online banking. The minimum deposit amount is Rs. 250, and the maximum deposit amount is Rs. 1.5 lakh per annum.
It is important to note that the account can only be opened by the natural or legal guardians of the girl child, and only one account can be opened for each girl child. The account can be transferred from one bank or post office to another, or from one guardian to another within the same family. Additionally, the account can be closed prematurely in certain cases, such as in the event of the death of the account holder or in case of a medical emergency.
Policy Benefits
Sukanya Samriddhi Yojana is a government-backed savings scheme that offers several benefits to the girl child and her parents or guardians. Some of the key benefits of this scheme are:
1. High rate of interest: The scheme offers a high rate of interest, which is revised by the government every quarter. As of January-March 2023, the interest rate is 7.6% per annum. This is much higher than the interest rates offered by most other savings schemes.
2. Tax benefits: Deposits made under the Sukanya Samriddhi Yojana are eligible for tax benefits under Section 80C of the Income Tax Act, 1961. The interest earned and the maturity amount are also tax-free. This makes it a highly attractive savings scheme for parents who want to save for their daughter’s future without incurring any tax liability.
3. Financial security: The scheme provides financial security for the girl child’s education and marriage expenses. The maturity amount can be used for her higher education or marriage expenses, which can be a significant financial burden for many families.
4. Guaranteed return: The scheme provides a guaranteed return on investment, which is not subject to market fluctuations. This ensures that the money invested in the scheme will grow steadily over time, providing a secure and reliable savings option.
5. Easy to open and operate: The scheme is easy to open and operate and can be done through any authorized bank or post office. The minimum deposit amount is low, and deposits can be made in multiples of Rs. 100, making it accessible to a wide range of investors.
Claim Process
The claim process for Sukanya Samriddhi Yojana is straightforward and can be completed by following these steps:
1. The account holder, i.e., the girl child or her legal guardian, needs to submit an application for the withdrawal of funds. The application form can be obtained from the authorized bank or post office or downloaded from the official website of the Ministry of Finance.
2. The application form needs to be filled out with the necessary details, such as the account holder’s name, account number, reason for withdrawal, and the amount to be withdrawn.
3. The application form needs to be submitted along with the required documents, such as the passbook, proof of identity and address of the account holder, and any other documents as required by the bank or post office.
4. The bank or post office will verify the application and the documents and process the withdrawal request.
5. Once the withdrawal request is processed, the amount will be credited to the account holder’s bank account or post office savings account.
It is important to note that premature withdrawals are allowed only under certain circumstances, such as in the case of the girl child’s marriage or higher education expenses. Additionally, premature withdrawals are subject to a penalty, which is currently set at 1.5% of the interest earned on the deposit.
In case of the account holder’s death, the account balance will be paid to the nominee or legal heir of the account holder. The process for claiming the account balance in case of the account holder’s death may vary depending on the circumstances, and it is recommended to contact the bank or post office for further guidance.
Conclusion
The scheme provides a safe and secure savings option for parents to plan and save for their daughter’s future and encourages them to invest in their daughter’s education and aspirations. Overall, Sukanya Samriddhi Yojana is an excellent investment option for parents who want to secure their daughter’s future and provide for her education and marriage expenses. The scheme is safe, reliable, and offers attractive returns, making it an ideal savings option for the long term. For more Central Government Schemes.
Frequently Asked Questions
Q1. What is the minimum deposit amount for Sukanya Samriddhi Yojana?
The minimum deposit amount for Sukanya Samriddhi Yojana is Rs. 250, and deposits can be made in multiples of Rs. 100.
Q2. Is the interest rate on Sukanya Samriddhi Yojana fixed or variable?
The interest rate on Sukanya Samriddhi Yojana is variable and is revised by the government every quarter.
Can a girl child have more than one Sukanya Samriddhi Yojana account?
No, a girl child can have only one Sukanya Samriddhi Yojana account in her name.
What is the tenure of Sukanya Samriddhi Yojana?
The tenure of Sukanya Samriddhi Yojana is 21 years from the date of opening the account or until the girl child’s marriage, whichever is earlier.
Can the account be transferred to another bank or post office?
Yes, the account can be transferred from one authorized bank or post office to another.