Are you worrying about your daughter’s future? Surely yes, Thanks to our government who introduces this scheme “Sukanya Samriddhi Yojana”
With small investment, we can enter in this scheme and save our daughter future. If you want to know more about this scheme, please read this post till end.
Sukanya Samriddhi Yojana Account is well known as – “Girl Child Prosperity Account” . Government of India planned this saving scheme to target girl child parents. Purpose of this scheme to facilitate girl parents in building a huge fund with a small investment starts from Rs. 250/- upto Rs. 1.5 Lakhs max in an year. The scheme motive is to secure a fund for daughter’s education or to accommodate marriage expenses.
This scheme was launched by our Honorable Prime Minister Shri Narendra Modi on 22 January 2015 with a slogan “Beti Bachao, Beti Padhao” campaign.
Guidelines/ Prerequisites for Sukanya Samriddhi Yojana/ scheme:
- Account can be opened in the name of a girl child should not be more then 10 years.
- The Girl must be an Indian citizen.
- Only one account can be opened in the name of a girl child.
- Upto 2 accounts can be opened in a family with 2 girl child or 3 in case of twin girls as second birth or 3 girls in the first birth itself.
- Account can be opened in any Post office OR authorized Bank branches ONLY. (list has been given below)
- Birth certificate of girl child is must to open an account.
- Medical certificate in the case of the birth of multiple children under a single birth order.
- Account can be opened with a minimum of Rs. 250/- and thereafter any amount in multiple of Rs. 100/- can be deposited.
- Rs. 250/- is the minimum amount and Rs. 1,50,000/- is the maximum amount to be deposited in a Financial year.
- Amount can be paid by Cash, cheque, demand draft, online transfer using net banking.
- SIP : Standing Instructions can be given either at the Branch or set through Internet Banking for automatic credit to Sukanya Samriddhi Account.
- Tenure of the Deposit is 21 years from the date of opening of the account.
- 15 years is the maximum period up to which deposits can be made from the date of opening of the account.
Sukanya samriddhi yojana/ scheme required forms
Withdrawal/ Transfer/ Account closure (Sukanya Samriddhi Yojana)
- On the occasion of marriage, parent or legal guardian can partially withdrawal amount, in case girl attains 18 years.
- In case of education expenses up to 50% amount can be withdrawal after completion of 18 years of account holder.
- There is a facility of account transfer from 1 bank or post office to another, anywhere in India.
- The account can be closed after completion of 21 years.
Additional guidelines on Bank penalty or Tax benefits (Sukanya Samriddhi Yojana)
- Rs. 50 is the penalty in case of Irregular Payment or Revival of account which is applicable every year along with the minimum specified amount per year.
- Tax benefit can be claimed under section 80C of the IT Act, 1961.
- As notified by the government Interest may vary from time to time that will be calculated on yearly compounded basis and credited to the account.
- When scheme starts in 2015 interest rate was 7.6% which reaches till 9.2% in 2015-16. Current interest rate in 2020 is 7.10%.
- In this scheme, Interest benefit is more than PPF.
Few benefits of this scheme using calculators which includes:
- It will show you the year of maturity for your account.
- It will displays the amount which you will receive on maturity.
- It will help you plan your investment portfolio much better and more effectively.
Illness or Death benefits (Sukanya Samriddhi Yojana)
- In case of death, you can close account by submitting the death certificate.
- Claiming person will get money deposited along with interest.
- In case of severe illness, account can be closed after 5 years of completion.
List of Banks Offering Sukanya Samriddhi Yojana
Here is a list of banks which are offering Sukanya Samriddhi Accounts for all the eligible individuals-
- Axis Bank
- Punjab National Bank
- Canara Bank
- Union Bank of India
- ICICI Bank
- Central Bank of India
- IDBI Bank
- Canara bank
- Indian Bank
- Dena Bank
- State Bank of India
- State Bank of Bikaner & Jaipur
- State Bank of Patiala
- State Bank of Mysore
- State Bank of Travancore
- State Bank of Hyderabad
- Bank of Maharashtra
- Punjab & Sind Bank
- Indian Overseas Bank
- UCO Bank
- Bank of India
- Bank of Baroda
- Vijaya Bank
Please Note : As this is a Govt. of India scheme, customers are advised to visit www.nsiindia.gov.in for latest instructions/ modification in the scheme.
To save and secure girl child this scheme has been launched. Please make proper use of this scheme.
General advised to do proper research before buying any policy.
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Till then, Bye,
The information contained in this post is for general information purposes only. The information is provided by Sukanya Samriddhi Yojana - Sukanya Samriddhi Account Scheme and while we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the post for any purpose.