The wonders of Sukanya Samriddhi Account Scheme
The Sukanya Samriddhi scheme was launched by Narendra Modi, the Prime Minister of India. It is primarily a savings scheme under the umbrella scheme of ‘Beti Bachao, Beti Padhao.’ It can also be considered as a significant initiative taken by the government for increasing the amount of national savings gained by the government of the country. The GDP which was 38% in the year 2008 has now decreased further to 30%. The notion behind this scheme is to motivate the parents of girl children to save a certain sum of money for the bright future of their daughters.
Sukanya Samriddhi Account, if translated literally, becomes Girl Child Prosperity Account. This savings account scheme is backed by the Indian Government, and the target is the parents of daughters. Parents are encouraged by this scheme to save some money for bearing the educational expenses and also cost of marriage in future of their daughters.
The Sukanya Samriddhi Account Scheme was introduced in the year 2015, on 22nd January. It was launched as a significant component of the famous ‘Beti Bachao, Beti Padhao’ scheme. There have been tax advantages for the government after the introduction of this scheme along with a rise in the interest rate. You can open this specific account at any post office of the country that is a branch of any sanctioned commercial bank.
At the time of its initiation, the rate of interest was 9.1%. In the year 2015, the rate of interest became 9.2%. For 2016-17, the rate of interest was revised again, and it became 8.6%. Parents of a female child can open this account anytime after a girl child is born and till she is of 10 years. Apart from parents, the legal guardian can also open this account.
After a girl exceeds the age of 10 years, she is free to operate her Sukanya Samriddhi Account. When the girl child is of 18 years, she can withdraw half of the amount from the account for her education. The account becomes mature after 21 years, that is, not when the girl is of 21 years But 21 years since the date on which the account has been opened. Deposits can be made within the 14 starting years, and after that, no more money can be added to the account. However, the interest rate will be added each year. If the daughter marries after she is 18, normal closure of the account is allowed.
Things that you need to know before opening the Sukanya Samriddhi Account
- Parents and also legal guardians can open the Sukanya Samriddhi Account for maximum two daughters. In case of twins and triplets, the government will make exemption after verifying the birth certificates from proper medical institutions.
- The female child must be a resident of India for being benefitted from this scheme.
- Parents can open this savings account for their girl child up to the age limit of 10 years.
- Parents have to open Sukanya Samriddhi Scheme by their daughter’s name.
- The minimum amount required to open the Sukanya Samriddhi Account is Rs 1,000.
- If at least Rs. 1000 is not added to the Sukanya Samriddhi Account; the parents have to pay Rs 50 extra as fine.
- According to section 80C, no tax needs to be paid by the parents of a girl child for maintaining this account.
Latest changes in the policies of the Sukanya Samriddhi Account Scheme
- Now, the Sukanya Samriddhi savings account can be opened by parents for adopted daughters as well.
- Apart from paying in the form of cheque or cash, parents can also make payments electronically if the post office or bank has such facility.
- Earlier, it was decided that the account will be closed when the girl marries, anytime after she exceeds 18 years of age. Now the rule has changed. The account will be an existing account till the girl is of 21 years, irrespective of her marriage.
- After a girl gives the secondary board exam, the amount can be withdrawn for higher education.
- Premature closing is not allowed for the Sukanya Samriddhi Account except there is an emergency like the severe disease.
Monthly Contribution Table of Sukanya Samriddhi Account Scheme
|Monthly contribution||Balance accumulated in 14 years||Maturity amount after completion of 21 years|
Yearly Contribution Table of Sukanya Samriddhi Account Scheme
|Yearly contribution||Balance accumulated in 14 years||Maturity amount after completion of 21 years|
List of Banks to Open Sukanya Samriddhi Account
The following banks are the List of Banks to open Sukhanya Samriddhi Account:
- State Bank of Indi (SBI)
- State Bank of Hyderabad (SBH)
- State Bank of Travencore (SBT)
- State Bank of Mysore (SBM)
- State Bank of Patiala (SBP)
- Syndicate Bank
- Vijaya Bank
- United Bank of India
- UCO Bank
- Punjab National Bank (PNB)
- Oriental Bank of Commerce (OBC)
- Indian Bank
- Punjab & Sind Bank (PSB)
- Indian Overseas Bank (IOB)
- ICICI Bank
- IDBI Bank
- Corporation Bank
- Dena Bank
- Axis Bank
- Allahabad Bank
- Andhra Bank
- Canara Bank
- Central Bank of India (CBI)
- Bank of Maharashtra (BOM)
- Bank of Baroda (BOB)
SSAS Facebook: https://www.facebook.com/Sukanya-Samriddhi-Yojana
SSAS Twiiter: https://twitter.com/sukanyascheme
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