This scheme started as an essential part and the element of the Beti Bachao, Beti Padhao Yojana campaign by the Indian Government. This campaign helps in generation of awareness and improvement of welfare service efficiency for the girls in India. The campaign was initially launched with a funding of about 100 crores. This campaign was launched due to the declining girl ratio born. Prime Minister Narendra Modi launched this campaign in 2015 to support the growth and welfare of the female population of India. The Sukanya Samriddhi Yojana is an essential and prominent part of this scheme.
It is a government-backed project for saving money towards the welfare of the girl child for the parents. The programme asks or encourages the parents of the girl child to build funds for the girl child for future higher education and marriage. This scheme provides an interest rate of 8.1 % in the current atmosphere. People can open this account at any of the Indian post office branches or any other authorized commercial banks. The rules of 2016 of the Sukanya Samriddhi Yojana have been revised, and the present rule of 2019 has been implemented.
The income tax benefit from this scheme comes under section 80 C of the 1961 Income Tax Act. The returns from this scheme are tax-free. Under the Sukanya Samriddhi Yojana, the account for the girl child can be opened anytime between the births of the girl till the time she turns 10. The minimum deposit of this account started as rupees 1000, which has now reduced down to rupees 250. With the reduced minimum deposit for this scheme, the maximum deposit still stays the same at the sum of Rs. 1.5lakhs. The account is set to stay opened and operating for about twenty-one years from the year of opening of the account or till the girl gets married after 18. For meeting the higher education expenses, also a partial 50 % of the amount is allowed to be withdrawn after the girl child turns 18.
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Rules to open Sukanya Samriddhi Account:
The natural or the legal guardian of the girl child can open the Sukanya Samrddhi Account under the same campaign in the name of the girl child between the time of her birth and her ten years of age.
The person who is depositor who is opening the account can only open an account and also operate only one account under the name of the girl child. As per the rules, the depositor is not allowed to open two accounts in the name of the single girl child.
The certificate of birth of the girl child under whose name the account is opened should be submitted when the account is being opened by the guardian of the child in the bank or the post office; wherever the account is being opened. Along with the birth certificate, several other documents should also be there during the opening of the bank account as the residence proof of the depositor.
Amount of money which can be put
The account for the Sukanya Samriddhi Yojana can start with the initial deposition of just rupees 250. Earlier this amount was rupees 1000, but the revised amount has reduced it to rupees 250. After opening the account, any amount in the multiple of rupees 100 can be submitted in the account whenever the depositor wants. The minimum deposit of rupees 250 in one financial should be maintained still. Still, the sum accumulation of all the deposited money in one fiscal year should not exceed rupees 1,50,000 in one fiscal year.
The deposits can be made until the completion of a minimum and a maximum period of 15 years from the starting of the opening of the account.
Benefits and Features:
- This account is possible to be opened by the legal guardian or the parent of the girl child on behalf of the girl child.
- The parent can open a maximum of two accounts and only in the case of a twin three accounts can be created.
- The minimum deposit and the maximum deposit in the account under this scheme is rupees 250 and 1.5lakhs respectively.
- This account has a high-interest rate of 8.1% per annum.
- This account has several tax benefits and advantages and is tax-free under the Section 80C of the Income-tax Act, 1961 for every deposit under this scheme.
- The deposits in this account can be made with the help of cash, cheque and demand drafts.
- For the revival of the amount the sum to be paid is rupees 50, which needs to be paid along with the minimum deposit at the end of the financial year.
- After attaining the age of 18, the girl child under whose the name the account is present can draw 50% of the amount for higher education purposes.
- The account matures after 21 years of the creation of the account.
- Al of the interest will be paid to the holder of the account or the girl child after the maturity of the account.
- The minimum deposit made is rupees 250 for preventing the deactivation of the account.
- SSY Account opening form
- Beneficiary’s birth certificate
- Address proof of the guardian or parents of the beneficiary
- Id proof of the guardian or parents of the recipient.
How to open the account
- Filling out of the SSY Account opening form
- Keeping the documents ready along with the photographs
- Payment of the deposit amount
The Sukanya Samriddhi Yojana is a spectacular scheme and has helped a lot for the welfare of the female population in India for several years. There has been many update sin this scheme over the years but the benefits still remain the same.