What is Sukanya Samriddhi Yojana?
Sukanya Samriddhi Yojana is a saving scheme initiated by the Government of India and was launched by the Prime Minister of India, Mr. Narendra Modi on 22 January 2015 under the Beti Bachao, Beti Padhao campaign by the Ministry of Women and Child Development.
Sukanya Samriddhi Yojana scheme aims at the parents of girl children. The funds required to raise a girl child with proper education and marriage expenses are built under this scheme. This scheme became very popular with time due to the benefits of tax.
In the Budget of 2015, Sukanya Samriddhi Yojana scheme wasdeclared as an Exempt-Exempt-Exempt (EEE) scheme.The tax advantage of 1.5 lakh rupees comes with under the 80C section of Income tax. Certain amounts like interest and maturity types are exempted from the tax slab.
What encourages the parents of girl children is the Sukanya Samriddhi Yojana interest rate.
It is admirable that the government of India is taking such measures to encourage girl education and steps for the progress of girl children. It is like an insurance and security of the girl for her future education and marriage expenses. Sukanya Smariddhi Yojana can be opened in post offices or private and public banks with the name of the girl child in the form of a savings bank account.
If you are a parent who is looking forward to investing in Sukanya Samriddhi Yojana and Sukanya Samriddhi Yojana details for your girl child education and marriage expenses, this article will be useful.
Features of Sukanya Samriddhi Yojana
All the features and Sukanya Samriddhi Yojana details are described below:
- Minimum deposit in Sukanya Samriddhi Yojna account was Rs 1000 initially which was reduced to Rs 250.
- If the minimum amount of Rs 250 is not deposited in any financial year, then a penalty of Rs 50 is charged.
- A single girl can have only a single Sukanya Samriddhi account and not multiple accounts.
- Two Sukanya Samriddhi accounts are allowed per family, meaning 1 for each girl child. However, a third account can be opened in case of twin girls.
- Sukanya Samriddhi Yojana interest rate is 8.5% (April to June 2019 (Q1 FY 2019-20)) yearly on a Sukanya Samriddhi Yojna account.
- The Highest amount that can be deposited is 1.5 lakh rupees in Sukanya Samriddhi Yojna account in one year.
- The deposits can be made till the completion of 14 years in the account from the date of opening the account.
- The Sukanya Samriddhi Yojna account can be transferred in any branches of post offices/banks across India. No charges applied for the transfer of account. If no proof is given, Rs 100 will be charged.
- The account will mature on completion of 21 years of the opening of the bank account.
- As per the existing rules and regulations, no loan can be borrowed for this policy.
Documents required to open Sukanya Samriddhi Yojna account
- Account opening form which can be downloaded from the government portal.
- Birth Certificate of the girl child and photographs of the girl child.
- ID proof and Address proof of the depositor which can be Aadhar Card, Election Card, PAN Card, Passport or any legit government document.
- Medical certificate.
Once the account is opened, a passbook will be issued to the depositor. The below information will be mentioned in the passbook:
a. Name of the girl child
b. Date of opening of the bank account
c. Date of birth of the girl child
e. Amount that has been deposited
Cases of Premature closure of the account
- The Sukanya Samriddhi Yojna account can be closed prematurely if there are any orders from the Central Government concerning the inability of the depository to continue with the account.
- Closure of the Sukanya Samriddhi Yojna account prematurely can be made by the account holder i.e the girl child when she reaches the age of 18 years for the purpose of marriage expenses. The application for closure must be submitted at least before one month of and after three months of marriage.
- If the girl child becomes non-resident of India, the account will be closed. The change in this must be reported one month before.
- If the girl child dies unfortunately, the parents or the guardian can legitly claim the final amount on the account and receive the interests as well.
Withdrawal Rules of Sukanya Samriddhi Yojana
- On the duration completion of the account, the entire amount will be available in the account which includes the interest also.
- ID Proof, application form, address proof, and citizenship – these are the documents required at the time of withdrawal
- The amount to withdraw is allowed in case funds are required for further education of the girl child. The girl must have completed 18 years of age and must have completed 10th standard. The maximum amount which can be withdrawn in this case is 50% of the available amount in the preceding (previous) year.
Eligibility of Sukanya Samriddhi Yojana
- The girl should be a resident indian citizen.
- The girl’s age should be less than ten years at the time of registration of account. The account must be operated till the girl age approaches 21.
- Only the parents or the local guardians can open a Sukanya Samriddhi Yojna account with the name of the girl.
- The girl child must have a birth certificate to open the account.
Sukanya Samriddhi Yojana Calculator
The Sukanya Samriddhi Yojana Calculator will take the below inputs from you:
- Age of the girl child
- Starting Financial Year
- Account Maturity
- Annual Contribution
- Interest Rate
- The total amount invested
- Amount at the time of maturity
- 50% Amount when the Girl’s age is 18
Lets see the Sukanya Samriddhi Yojana Calculatorin much more detail;
Once you satisfy the eligibility criteria, the calculator will ask your input for the age of your daughter and the amount you are willing to invest in the scheme. The minimum and maximum amounts are Rs 250 and Rs 1.5 lakh respectively in a single financial year.
As you put up the amount, the calculator will calculate the approx value of the amount that can be processed in the maturity period. That means when the girl age goes beyond 21 commencing from account registration date. The creditor has to make sure to deposit every year up to continuously 15 years starting from the account opening date.
No deposition has to be made in the period between 15 and 21 year. Interests will be provided on the deposits which were made earlier.
The calculator will display the year in which the account will mature, the value of maturity, interest rate and the breakup of the amount which can be invested monthly in the scheme.
The biggest advantage of the Sukanya Samriddhi Yojana calculator is you can see and analyse the amount, and can check on the calculator before deciding the amount to deposit.
How To Download Sukanya Samriddhi Yojana Form
Sukanya Samriddhi Yojana application form is available online as well on the websites of all the private banks and government portal. The parents/guardian can download this from and apply. However the form has to be submitted online.
Sukanya Samriddhi Yojana SBI also lets you download forms from its website. If the parents are unable to download it, they can visit the post office/banks of their regions to open up the account.
For the payment, there are three options:
- NEFT: If you have netbanking, login to that account and navigate to Fund/Money transfer. Add the beneficiary details and transfer the money.
- IMPS: IMPS charges Rs 5 per transaction. If you use real time transfer of money, use IMPS.
- You can also deposit offline, i.e at the banks or post offices. Just carry the form and the necessary documents.
Sukanya Samriddhi Yojna is a small deposit scheme for girl children which was launched on 22 January 2015 as a part of the ‘Beti Bachao Beti Padhao’ campaign.
To open a sukanya samriddhi yojana account, you can visit private banks/post offices in your region and fill up the form with the necessary documents.
You will have to first download the form from the government portal, fill out the form and carry all the necessary documents and submit this application to the post office.
Fill out the form and keep the necessary documents along with the photograph ready.
Login to your Netbanking account and then add Payee account Sukanya Samriddhi account details and then you can proceed to transfer funds as you do in normal transactions.
Sukanya Samriddhi Yojana comes under the section 80C.