The Sukanya Samriddhi scheme is an insurance scheme introduced by the Government of India. The scheme aims towards securing the girl child’s future and providing education to them.
How to open an account with Sukanya Samriddhi Scheme
You can open a Sukanya Samriddhi account in any of the authorized branches of commercial banks or in a post office. People belonging to the lower-income wage groups can also opt for the Sukanya Samriddhi scheme as this is a government-backed scheme and will ensure many benefits for your daughter.
You can open an account for your daughter during the time of her birth or when she turns 10 years old. A mandatory deposit of Rs.1000 is required for opening and maintaining the account and Rs.1.5 lakhs should be deposited in a financial year.
One of the positives of this scheme is that it guarantees an equal share to a girl when it comes to the savings and resources of a family. Once your daughter turns 21 years old, she will be able to withdraw 50% of the savings from the Sukanya Samriddhi account.
Benefits of the Sukanya Samriddhi account scheme
The benefits of the Sukanya Samriddhi account scheme are-
• Interest post maturity- One of the biggest benefits of the Sukanya Samriddhi account scheme is that you will receive interest on the money even after your account reaches its maximum maturity. You will continue to get this interest unless you close your account.
• Ensured maturity benefits- When your account reaches its maturity age, you will receive all your money along with all the interest. This acts as an important tool for supporting and empowering women.
• High-interest rate- Sukanya Samriddhi scheme offers an interest rate of 8.6% which when compared to other small savings schemes, is the highest. Every year, the Government of India announces the interest rate for the current financial year and this interest is compounded yearly, which means it will also be credited yearly.
• Lock-in period- The lock-in period is one of the best features of this scheme. Once you turn 21 years old, you can withdraw 50% of your funds from the account. However, if you need to withdraw money before you turn 21, then you can only do so to pursue higher education (only after you turn 18 years old). Keep in mind that you will only be able to operate this account until the time you get married.
• Income tax savings- You will be eligible for tax exemptions if you have Sukanya Samriddhi account, under Section 80C of the Income Tax Act. Exemptions can be availed during the time of withdrawal and on interest.
The Sukanya Samriddhi scheme allows parents to provide education to their daughter and helps countless girls to achieve their dreams. Apart from education, this kind of scheme also helps in regulating child marriage and helps girls in moving in the right direction in their lives.
How to open an account with Sukanya Samriddhi Scheme
You can open a Sukanya Samriddhi account in any of the authorized branches of commercial banks or in a post office. People belonging to the lower-income wage groups can also opt for the Sukanya Samriddhi scheme as this is a government-backed scheme and will ensure many benefits for your daughter.
You can open an account for your daughter during the time of her birth or when she turns 10 years old. A mandatory deposit of Rs.1000 is required for opening and maintaining the account and Rs.1.5 lakhs should be deposited in a financial year.
One of the positives of this scheme is that it guarantees an equal share to a girl when it comes to the savings and resources of a family. Once your daughter turns 21 years old, she will be able to withdraw 50% of the savings from the Sukanya Samriddhi account.
Benefits of the Sukanya Samriddhi account scheme
The benefits of the Sukanya Samriddhi account scheme are-
• Interest post maturity- One of the biggest benefits of the Sukanya Samriddhi account scheme is that you will receive interest on the money even after your account reaches its maximum maturity. You will continue to get this interest unless you close your account.
• Ensured maturity benefits- When your account reaches its maturity age, you will receive all your money along with all the interest. This acts as an important tool for supporting and empowering women.
• High-interest rate- Sukanya Samriddhi scheme offers an interest rate of 8.6% which when compared to other small savings schemes, is the highest. Every year, the Government of India announces the interest rate for the current financial year and this interest is compounded yearly, which means it will also be credited yearly.
• Lock-in period- The lock-in period is one of the best features of this scheme. Once you turn 21 years old, you can withdraw 50% of your funds from the account. However, if you need to withdraw money before you turn 21, then you can only do so to pursue higher education (only after you turn 18 years old). Keep in mind that you will only be able to operate this account until the time you get married.
• Income tax savings- You will be eligible for tax exemptions if you have Sukanya Samriddhi account, under Section 80C of the Income Tax Act. Exemptions can be availed during the time of withdrawal and on interest.
The Sukanya Samriddhi scheme allows parents to provide education to their daughter and helps countless girls to achieve their dreams. Apart from education, this kind of scheme also helps in regulating child marriage and helps girls in moving in the right direction in their lives.
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