Sukanya Samriddhi Yojana

Sukanya Samriddhi Yojana

In view of promoting the welfare of the girl child, the Government of India has come up with a scheme known as “Sukanya Samriddhi Yojana”. Under this scheme, the amount can be deposited by opening a Sukanya Samriddhi Account in the name of a girl child.

 What is the eligibility for opening Sukanya Samriddhi Account?

The account can be opened by a legal guardian or parent in the name of a girl child. The account can be opened at any time from the birth of a girl child till she attains years of age. Only one account can be opened in the name of a girl child. The legal guardian or parent can open the account for only two girl children. The third account can be opened only in the case of the birth of twins. 

Where can Sukanya Samriddhi Account be opened?

The account can be opened in any post office or authorized branches of some commercial banks. At present the list of an authorised banks is as follows:

1. State Bank of India
2. Vijaya Bank
3. United Bank of India
4. Union Bank of India
5. UCO Bank
6. Syndicate Bank
7. Punjab National Bank
8. Punjab & Sind Bank
9. Oriental Bank of Commerce
10. Indian Overseas Bank
11. Indian Bank
12. IDBI Bank
13. ICICI Bank
14. Dena Bank
15. Corporation Bank
16. Central Bank of India
17. Canara Bank
18. Bank of Maharashtra
19. Bank of India
20. Bank of Baroda
21. Axis Bank
22. Andhra Bank
23. Allahabad Bank

There can be an addition to the above list year to year.

What are the features of the Sukanya Samriddhi Account?

It offers an attractive rate of interest of 8.1% calculated on a yearly compounded basis.

1. The minimum amount to be deposited in a Financial Year is Rs. 1,000/- subject to a maximum of Rs. 1,50,000/-.
2. The account will mature on the completion of 21 years from the date of opening the account. In case the marriage of a girl child takes place before the completion of such a period of 21 years, then the account shall not be allowed to be operative after the date of marriage.
3. The deposit in the account can be made till the completion of 14 years from the date of opening of an account.

What are the benefits of the Sukanya Samriddhi Account?

The amount deposited under the Sukanya Samriddhi account is eligible for deduction under section 80C of the Income-tax Act, 1961. The principal, interest, and outflow are all tax-free.

1. After attaining 18 years of age, the amount can be withdrawn partially for the purpose of higher education and the marriage of the account holder.
2. The Sukanya Samriddhi Account can be transferred anywhere in India. It can be transferred from one post office to another post office, from one bank to another bank. It can be also be transferred from the post office to banks.

What are the documents required for opening Sukanya Samriddhi Account?

Birth certificate of the girl child.

1. Identity proof of a legal guardian or parent.
2. Address proof of a legal guardian or parent.