The Sukanya Samriddhi Yojana is a small-deposit scheme, introduced by the Govt. of India under the ‘Beti Padhao, Beti Bachao’ campaign. The scheme aims to educate girl children and secure their futures. If you are concerned with the future of your child, then Sukanya Samriddhi Yojana account scheme is what you need to ensure her financial security.
Before you open your account with the Sukanya Samriddhi Yojana scheme, here are eight things you should know about-
• Opening an account
The parent/guardian of the girl child can open the account on her behalf at the post office or an authorized commercial bank. One girl child can have only one account in her name. If you have two daughters, you can open two different accounts, one for each child. In the case of triplets, this facility is extended to the third daughter.
• Age
You can open an account for your daughter during the time of her birth. The maximum age limit for opening the Sukanya Samriddhi Yojana account is 10 years.
• Rate of interest
Every year, the Government revises the rate of interest for Sukanya Samriddhi Yojana account for the current financial year. This interest is compounded annually, which means it will also be credited on a yearly basis. Currently, the revised interest rate is 8.6%.
• Deposits
Earlier, a mandatory deposit of Rs.1000 was required for opening and maintaining the account. Now, the minimum deposit amount is Rs.250. A maximum amount of Rs.1.5 Lakhs can be deposited in a financial year. You will have to deposit a certain amount (preferably in the multiples of Rs.100) every year, starting from the year you open your account. The deposits can be made to this account for the next 14 years. Ideally, you should make the deposit before the fifth of every month in order to get the highest interest rate.
• Penalty
If the minimum deposit criteria for a financial year are not met, a penalty of Rs.50 will be levied on an annual basis. If the account holder fails to pay the penalty amount, the amount deposited will receive an interest rate of 4% only.
• Maturity
The account will reach maturity when the girl child completes 21 years, or when she gets married, whichever is earlier. When your account reaches its maturity age, you will receive all your money along with the accrued interest.
• Withdrawal of money
50% of the deposited amount can be withdrawn once the girl child turns 18 years old. The amount withdrawn can be utilized to fund the child’s higher studies. The remaining amount can be withdrawn when she turns 21. The money withdrawn can be used to meet her marriage expenses. Once the girl completes 21 years of age, the account must be closed.
• Tax benefits
If you are an account holder with the Sukanya Samriddhi Yojana scheme, you are eligible for tax exemptions under Section 80C of the Income Tax Act. You can avail of these exemptions on interest and during the time of withdrawal.
The Govt-aided Sukanya Samriddhi Yojana scheme is a boon to many parents, especially low-income people, who cannot afford to provide their children with basic education. Apart from education, the scheme also helps regulate child marriage and encourages girls to move ahead towards a prosperous life.
Before you open your account with the Sukanya Samriddhi Yojana scheme, here are eight things you should know about-
• Opening an account
The parent/guardian of the girl child can open the account on her behalf at the post office or an authorized commercial bank. One girl child can have only one account in her name. If you have two daughters, you can open two different accounts, one for each child. In the case of triplets, this facility is extended to the third daughter.
• Age
You can open an account for your daughter during the time of her birth. The maximum age limit for opening the Sukanya Samriddhi Yojana account is 10 years.
• Rate of interest
Every year, the Government revises the rate of interest for Sukanya Samriddhi Yojana account for the current financial year. This interest is compounded annually, which means it will also be credited on a yearly basis. Currently, the revised interest rate is 8.6%.
• Deposits
Earlier, a mandatory deposit of Rs.1000 was required for opening and maintaining the account. Now, the minimum deposit amount is Rs.250. A maximum amount of Rs.1.5 Lakhs can be deposited in a financial year. You will have to deposit a certain amount (preferably in the multiples of Rs.100) every year, starting from the year you open your account. The deposits can be made to this account for the next 14 years. Ideally, you should make the deposit before the fifth of every month in order to get the highest interest rate.
• Penalty
If the minimum deposit criteria for a financial year are not met, a penalty of Rs.50 will be levied on an annual basis. If the account holder fails to pay the penalty amount, the amount deposited will receive an interest rate of 4% only.
• Maturity
The account will reach maturity when the girl child completes 21 years, or when she gets married, whichever is earlier. When your account reaches its maturity age, you will receive all your money along with the accrued interest.
• Withdrawal of money
50% of the deposited amount can be withdrawn once the girl child turns 18 years old. The amount withdrawn can be utilized to fund the child’s higher studies. The remaining amount can be withdrawn when she turns 21. The money withdrawn can be used to meet her marriage expenses. Once the girl completes 21 years of age, the account must be closed.
• Tax benefits
If you are an account holder with the Sukanya Samriddhi Yojana scheme, you are eligible for tax exemptions under Section 80C of the Income Tax Act. You can avail of these exemptions on interest and during the time of withdrawal.
The Govt-aided Sukanya Samriddhi Yojana scheme is a boon to many parents, especially low-income people, who cannot afford to provide their children with basic education. Apart from education, the scheme also helps regulate child marriage and encourages girls to move ahead towards a prosperous life.
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