The Sukanya Samriddhi Account is a Government-backed savings scheme, especially for the girl child. This scheme allows the parent or the guardian to build a fund for the girl child, which can be used once she reaches 21 years of age.
Under the Sukanya Samriddhi scheme, an account is opened in the name of the girl child with a deposit that has to be made every year. The interest earned on the Sukanya Samriddhi account is the highest among all the small saving schemes of the Government. Currently, the account earns interest at 8.6% for the year 2018-19, with interest compounded on an annual basis.
Features of the Sukanya Samriddhi account scheme:
• The account can be opened for a maximum of two girl children except in case twins or triplets are born.
• The account has to be opened from the time the girl child is born till the time she reaches 10 years of age. The Sukanya Samriddhi account cannot be opened once the girl child crosses 10 years of age.
• The minimum contribution per year is Rs. 250 whereas the maximum contribution is Rs. 1.5 lakhs. The first deposit is a minimum of Rs. 1,000
• There is a deduction available for contributions made to this account under Section 80C up to Rs. 1.5 lakhs.
• The maximum duration for which payments need to be made in the account is 14 years. After that, no more contributions are required till the account matures. The account keeps earning interest on the accumulated balance till then.
• A Sukanya Samriddhi account matures when the girl child reaches 21 years of age.
• The interest earned on Sukanya Samriddhi scheme is exempt from Income Tax. The withdrawal from this scheme on maturity is also exempt.
• This scheme is available only for resident girl children. Non-resident girl children cannot have this account opened in their name even if their parents are Indian residents. If the residential status of a girl changes, then the parents have to inform the bank within a period of the 1-month following which the account will be closed.
Documents required to open a Sukanya Samriddhi account:
• Birth certificate of the girl child
• Identity and address proof for the parents or legal guardian
• Photographs of the girl child and the parents or legal guardians
• For an adopted child, the parents will have to give a certificate explaining the relationship between the parent and the child.
The Sukanya Samriddhi scheme is a beneficial scheme that provides a way to build a corpus for the girl child’s education and wedding expenses.
Under the Sukanya Samriddhi scheme, an account is opened in the name of the girl child with a deposit that has to be made every year. The interest earned on the Sukanya Samriddhi account is the highest among all the small saving schemes of the Government. Currently, the account earns interest at 8.6% for the year 2018-19, with interest compounded on an annual basis.
Features of the Sukanya Samriddhi account scheme:
• The account can be opened for a maximum of two girl children except in case twins or triplets are born.
• The account has to be opened from the time the girl child is born till the time she reaches 10 years of age. The Sukanya Samriddhi account cannot be opened once the girl child crosses 10 years of age.
• The minimum contribution per year is Rs. 250 whereas the maximum contribution is Rs. 1.5 lakhs. The first deposit is a minimum of Rs. 1,000
• There is a deduction available for contributions made to this account under Section 80C up to Rs. 1.5 lakhs.
• The maximum duration for which payments need to be made in the account is 14 years. After that, no more contributions are required till the account matures. The account keeps earning interest on the accumulated balance till then.
• A Sukanya Samriddhi account matures when the girl child reaches 21 years of age.
• The interest earned on Sukanya Samriddhi scheme is exempt from Income Tax. The withdrawal from this scheme on maturity is also exempt.
• This scheme is available only for resident girl children. Non-resident girl children cannot have this account opened in their name even if their parents are Indian residents. If the residential status of a girl changes, then the parents have to inform the bank within a period of the 1-month following which the account will be closed.
Documents required to open a Sukanya Samriddhi account:
• Birth certificate of the girl child
• Identity and address proof for the parents or legal guardian
• Photographs of the girl child and the parents or legal guardians
• For an adopted child, the parents will have to give a certificate explaining the relationship between the parent and the child.
The Sukanya Samriddhi scheme is a beneficial scheme that provides a way to build a corpus for the girl child’s education and wedding expenses.
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