Sukanya Samriddhi Yojana is a saving scheme designed for girl children which was launched by Prime Minister Narendra Modi in January 2015, as a part of the Government’s ‘Beti Bachao, Beti Padhao’ campaign. This campaign was launched to encourage parents to build a future fund for the female child’s future education and marriage expenses. The Sukanya Samriddhi Account can be opened before the girl child turns 10 at any India Post Office or at designated branches of commercial banks.
Parents can open a minimum of two accounts for each child. In the case of twins or triplets, there is an exception that allows for extra accounts. You can transfer the account to any location in India.
What are the benefits of opening Sukanya Samriddhi Yojana Account?
- For the current fiscal year, Sukanya Samriddhi Account gives an interest rate of 7.6%. This investment policy offers the greatest interest rate in comparison to other savings plans.
- A minimum investment of Rs 1000 and a maximum investment of Rs 1.5 lakh can be made in a financial year.
- According to Section 80C of the Income Tax Act of 1961, investments made through the Sukanya Samriddhi Yojana plan are deductible.
- At the age of 18, the account permits a 50% withdrawal for further education.
What are the deposit rules under Sukanya Samriddhi Yojana Account?
The deposit may be paid either in one big sum or on a monthly basis. However, there will be a punishment of Rs 50 and the account will be deemed defaulted if the minimum amount is not maintained. Before 15 years have passed since the account was opened, the defaulted account may be revived by making a minimum payment of Rs 250 plus Rs 50 for each year it was in default.
If you create an account with 250 rupees, add 750 rupees for the first month, and then continue to deposit 1,000 rupees each month, your total yearly deposit will be 12,000 rupees. If you opened the account when your daughter was born, you will have invested Rs. 1,80,000 by the time she turns 21 and will have accrued Rs. 3,47,445. As a result, after 21 years, you will earn a maturity value of Rs 5,27,445