What is Sukanya Samriddhi Yojana (Scheme)?
Sukanya Samriddhi Yojana was launched by the Government of India on 02 December 2014. This scheme is part of the "Beti Bachao Beti, Padhao Abhiyan" launched by the Central Government led by Prime Minister Narendra Modi.
Objective of Sukanya Samriddhi Yojana?
Sukanya Samriddhi Yojana has been started by the government to promote the education of girls in the country. The purpose of Sukanya Samriddhi Yojana is to easily meet the expenses on the education and marriage of daughters. Data from the website of the Ministry of Women and Child Development shows that India's Child Sex Ratio (CSR) was 945 in 1991 and declined to 927 in 2001, from 919 a decade later. The steady decline in the Child Sex Ratio (CSR) figures since 1961 has been a matter of great concern. Many schemes are being run by the government for the education, health and other needs of women, so that a positive environment can be created for daughters in the country, discrimination between sons and daughters in India and sex ratio can be reduced.
How to open Sukanya Samriddhi Account?
Sukanya Samriddhi Yojana is only for girls, under this scheme the girl's parents or guardians can open an account in the name of the daughter. This account can be opened by any girl child from her birth till the age of 10 years in any authorized bank branch or any post office. Under this scheme, only one account can be opened in the name of the daughter. A parent or guardian can open a separate account for two daughters. If there are twin daughters then the birth certificate has to be submitted after which the third account can be opened.
What are the documents required to open Sukanya Samriddhi Account:-
- Child's birth certificate
- Residence Certificate (Address Proof)
- Identity proof (ID proof)
- Two photos of legal guardian
Which are the authorized banks to open Sukanya Samriddhi accounts:
Banks that are authorized to open accounts under the scheme include State Bank of India, State Bank of Mysore, State Bank of Hyderabad, State Bank of Travancore, State Bank of Bikaner and Jaipur, State Bank of Patiala, Vijaya Bank, United Bank of India , Union Bank of India, UCO Bank, Syndicate Bank, Punjab National Bank, Punjab & Sind Bank, Oriental Bank of Commerce, Indian Ovsies Bank, Indian Bank, IDBI Bank, ICICI Bank, Dena Bank, Corporation Bank, Central Bank of India, Canara Bank, Bank of Maharashtra, Bank of India, Bank of Baroda, Axis Bank, Andhra Bank and Allahabad Bank.
Facts and Information about Sukanya Samriddhi Account:
- Under Sukanya Samriddhi Yojana, any girl whose age is less than 10 years can open her account. This scheme was started on 02 December 2014.
- The minimum limit to be deposited in this scheme is 1000 rupees and the maximum limit is one lakh 50 thousand rupees.
- This money will have to be deposited only for 14 years from the date of account opening and this account will mature only after the daughter turns 21.
- Under the rules of the scheme, half the money can be withdrawn after the daughter turns 18.
- After 21 years the account will be closed and the guardian will get the money.
- If the daughter gets married between 18 and 21 years of age, the account will be closed at that time.
- If the payment is late in the account, then a penalty of only Rs 50 will be levied.
Scheme If a person opens an account under this scheme from Rs 1,000 a month in 2018, then he will have to put 12 thousand rupees every year for 14 years i.e. till 2032. If she continues to get 8.6 percent interest every year, then when the girl child turns 21, she will get Rs 6,07,128. It is worth noting that in 14 years, the guardian had to deposit only Rs 1.68 lakh in the account. The remaining Rs 4,39,128 is of interest.
How to restart closed Sukanya Samriddhi account?
To revive the Sukanya Samriddhi account that has been closed during any financial year, there is a provision to re-activate it by paying a penalty of Rs 50 and depositing a minimum deposit of Rs 1000 for a financial year.
Benefits of Sukanya Samriddhi Account Scheme:
- Sukanya Samriddhi Yojana promotes the economic empowerment of girls in the country. A certain financial security is ensured for the girl child with regular savings of money in the account in the girl's name by her guardian till she attains adulthood.
- When this scheme was launched, the interest paid under this scheme was 9.2 per cent per annum, however, it would be reviewed in April every year and any changes would be informed immediately. Interest will be calculated annually, which will be deposited directly into the bank account.
- Investments made by the parent/guardian in the account in Sukanya Samriddhi Account Scheme are exempt from income tax under EEE under section 80C. By EEE it means principal, interest and maturity amount are exempted from tax.
- Anyone having an account in the name of the girl child can operate the account after she attains the age of ten years, but until the girl child is ten years old, the father/guardian will operate the account.
- Maturity of Sukanya Samriddhi Account Account is 21 years from the date of account opening or the date of marriage of daughter whichever is earlier.
- Normal premature closure of Sukanya Samriddhi Account will be allowed after the completion of 18 years only if the girl child is married.
- Up to 50% of the amount can be taken as partial withdrawal after the account holder attains the age of 18 years for wedding expenses or for higher education.
What is the interest rate of Sukanya Samriddhi Yojana 2018?
The current interest rate of Sukanya Samriddhi Yojana account is 8.1 percent, which is applicable from January 01, 2018. It is noteworthy that the Government of India announces a new interest rate every quarter. There was no change in this interest rate for the quarter April 2018 to June 2018. That is, in the new quarter also, the interest rate of 8.1 percent will continue. At present, this is the highest interest available in all other government savings schemes except the interest rate of Senior Citizen Savings Scheme Account.
Changes in the interest rate of Sukanya Samriddhi Yojana:
Since the inception of Sukanya Samriddhi Yojana, its interest rate has been like this:-
- 9.1% from 01 April 2014 to 31 March 2015
- 9.2% from 01 April 2015 to 31 March 2016
- 8.6% from 01 April 2016 to 30 September 2016
- 8.5% from 01 October 2016 to 31 December 2016
- 8.3% from 01 July 2017 to 31 December 2017
- 8.1% from 01 Jan 2018 to 30 Jun 201