The Sukanya Samriddhi Account can be opened either by parents or legal guardians of a girl child, with a notified bank or post office in the name of the girl child. This scheme matures when the girl turns 21.
With tax benefits and high-interest rates, the Sukanya Samriddhi Scheme is quite popular among investors. The investment earns tax rebate under Section 80C, and the interest earned under this scheme is also tax-free. The minimum amount that can be deposited is Rs 1,000, and the maximum investment of Rs 1.5 lakh can be made in a financial year. Account-holders can also make a partial withdrawal for the girl child, for her education, when she has cleared the 10th class or when she turns 18. The full amount can also be withdrawn after the girl child turns 18.
The interest rate of the scheme is revised quarterly and currently is 7.60 per cent per annum. Any legal guardian can invest on behalf of a girl child in this scheme for up to 2 daughters aged below 10.
How to open a Sukanya Samriddhi Yojana account;
The Sukanya Samriddhi Account can be opened either by parents or legal guardians of a girl child, with a notified bank or post office in the name of the girl child. Quarterly, the interest rate for the scheme is declared and is known to offer one of the highest rates amongst government savings schemes. This scheme matures when the girl turns 21.
Documents required for account opening:
The Sukanya Samriddhi Account Form (SSA-1) is available both at the post office or any designated bank. The guardian is required to fill up details like the name of the child and the guardian, address, birth certificate details of the child, along with KYC information of the guardian. The following documents are needed to be enclosed with the application.
1. Address proof of guardian – passport, driving license, utility bill, and ration card
2. Identity proof of the guardian – passport, Aadhaar or PAN
3. Birth certificate of the child
4. Bank Passbook
5. Payment contribution
The account is opened once the documents are verified by the bank/post office and then a passbook is issued to the account holder.
How to calculate the maturity value with the Sukanya Samriddhi Calculator:
In the Sukanya Samriddhi Calculator, you have to provide the age of your daughter’s along with the amount you want to invest in the scheme. Based on the amount entered, the approximate value is calculated that the girl child will receive at maturity.
As depositors are supposed to make deposits every year for 15 years from the time of opening the account, the calculator by default assumes that all the deposits of the same amount are made every year.
Even though the depositor is not required to make any deposits from 15th to 21st year, the depositor keeps earning interest which the calculator takes into account, and the interest is accrued during those years.