Sukanya Samriddhi Account
The government is introducing several campaigns and programs to promote female education. Sukanya samriddhi yojana is launched by the central government to help the parents of girl child. The scheme encourages parents of a girl child to save fund for her higher education and marriage expenses. The scheme is a part of the campaign Beti Bachao, Bedi Padhao. It is also providing tax benefits and can be opened at any post office and authorized commercial banks. The sukanya samriddhi yojana was launched by Prime Minister Narendra Modi in Panipat during last year. Parents can open account between the birth of a female child and when she is 10 years old. The account is transferable to any place in India.
Due to the social and economic backwardness, many societies still avoid providing higher education to girls. This governmental program is to reduce and eliminate this difference with financial support. The yojana very well supports parents to meet the expenses for better prospects of the girl child. If you wish to open the sukanya samriddhi yojana for your child, you can check the details furnished in this post. We have provided all details including the interest rates, eligibility, and benefits of this scheme. The scheme carries an affordable amount of deposits and interest rates. Besides sukanya samriddhi, we have also posted other schemes like Pradhan mantri jan dhan yojana and PM awas yojana.
Features of Sukanya Samriddhi Yojana
While only one sukanya samriddhi account is allowed per child, it is important to know other features of the scheme.
- A parent or a guardian can open maximum two accounts for two girls of the same family. More than two accounts are allowed only in the case of twins or triplets.
- The account can be opened with a bank or a post office. It can be transferred from post office to bank or from bank to post office.
- The account can be opened at the time of the birth of a girl child until is attains the age of 10 years.
- The minimum amount of the total annual contribution to the account is Rs. 1000/-. The maximum limit for the deposit in this account is Rs. 1.5 lakh per year.
- The number of deposits to the account are not restricted. A person can make unlimited deposits during the year or the month.
- A girl can handle the account herself after 10 years.
- The deposits can be made only for the period of 15 years from the date of the opening of the account.
- If the minimum deposit of Rs. 1000 is not made for one year, the account will incur fine of Rs. 50/-
Sukanya Samriddhi Yojana Interest Rate
The interest rate under the scheme is subjected to revision from time to time. At the time of initiation of the scheme, the interest rate on sukanya samriddhi yojana was set at 9.1%. it was later revised to 9.2% in March 2015 for the year 2015-2016. For the year 2016-2017, it is further revised to 8.6%.
Maturity Period For Sukanya Samriddhi Yojana
The duration of 21 years is the maturity duration for the yojana. The date applies from the date of the opening of the account. The deposits can be made only for the duration of 15 years. Hence, after completion of the 15 years, no deposits are to be made. Partial withdrawal is permitted before maturity period only after the girl is 18 years old.
The account is permitted for closure only if the girl is 21 years old. If the amount is not withdrawn at the time of the maturity, it will cease earning the interest.
The account attracts tax exemptions under Income-Tax Act, Section 80C. The contribution of Rs. 1, 50,000/- as well the amount of the interest earned on the account are tax exempted. Hence, the withdrawal will be of the entire amount without any tax deduction at the time of the maturity.
The sukanya samriddhi yojana is only to save money for a girl child when she is minor. Parents or guardian willing to get benefited under the scheme should open the account before the girl is 10 years old. We also shared information about Central government employee latest news and updates. Educational and marriage expenses of a girl in India are considered a financial burden for the parents. This account scheme is launched to ensure a bright future for every girl in India. The SSY is welcomed in the country from the time of its inception. Within two months’ time, 1,80,000 accounts were opened under the scheme. By October 2015, the figure reached 76,19,668. Keep visiting our site for updates on sukanya samriddhi yojana and other governmental programs.