Sukanya Samriddhi Yojana had been initiated under the umbrella of Beti Bachao Beti Padhao Campaign by the Government of India. The prime objective of the scheme involves fostering sufficient kitty for girl education and marriage.
Any resident Indian girl child can be the beneficiary of this scheme. The parents or the legal guardian can open the account for a girl child who has not attained the age of 10 years. One account is allowed per child and maximum two accounts can be opened in one family.
Below are the specific rules of the Sukanya Samriddhi scheme:-
1) Amount of deposit– Minimum Rs 250 of initial deposit with multiple of Rs 100 is allowed. The annual ceiling is Rs 1.5 lakh in a year
2)Tenure– 21 years from the date of opening
3)Interest on deposits- The current rate is 8.1% compounded annually with an option for monthly payouts.
4)Tax rebate– The scheme offers a tax benefit of Rs 1.5 lakh under section 80C of the Income-tax Act. Moreover, the accrued interest and maturity amount are also exempt from tax.
5) Maximum period of deposit– The deposit can be made for 15 years from the date of opening the account
6) Premature Closure– It is allowed in the event of an emergency like the death of the depositor or medical support for life-threatening circumstances.
7) Withdrawal- After attaining the age of 18 years of the girl child, 50% of the balance amount lying in the account at the end of the previous financial year is allowed.
8) Mode of payment- Cash, Cheque, Demand Draft or online transfer is allowed
In case of excess deposit above the maximum cap, the interest will not be earned and the amount can be withdrawn by the depositor anytime. An account shall be called “Account under default” if no minimum deposit is made and can be regularised by paying a penalty of Rs 50 per default year for 15 years.
At the time of withdrawal, the money can be availed for higher education if girl child has either attained 18 years or completed 10th standard for meeting the fee and other charges. An offer of admission and other documentary proof and fee slip shall accompany the application for withdrawal.
The account under Sukanya Samriddhi can be opened in leading banks and post offices across the country. The third account in the name of the girl child can be opened in the event of the birth of twin girls, as second birth or if the first birth results in three girl children.
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The documents required:
1) Sukanya Samriddhi Yojana account opening form
2) Birth Certificate of the girl child
3)Identity proof (as per RBI KYC guidelines)
4) Residence proof ( as per RBI KYC guidelines)