One of the most popular schemes launched by Prime Minister Narendra Modi, was launched as girl prosperity scheme under Beti Bachao Beti Padhao program. It is a kind of saving scheme backed by government of India to ensure the better future of girl child. It facilitates girl child with proper education and backs parents with carefree marriage expense.
Feature on Benefits of Sukanya Samriddhi Yojna
Prime Minister launches this scheme on 22 January 2015 and currently provides an interest rate of 8.3% along with tax benefits. The account can be opened in post Office or any commercial bank and linked with this scheme. This scheme was very well accepted by the parents and guardians of the child because it helps girls to become independent in every way.
Features and Benefits: The most commendable step of government towards girl child, this scheme has several significant benefits:
- The 8.3% rate of interest if higher as compared to many other schemes present in the market. The rate is revised every year by the Finance Minister. Last year, it was highest 9.2%.
- All the savings made under this scheme are tax exempted under section 80Cof the Income Tax Act, 1961.
- The partial withdrawals from the account are allowed for higher education and marriage, once the girl attains the age of 18.
- The account can be opened by any parent or guardian of the girl and can be operated by them on her behalf until she reaches the age of 18.
- Sukanya Samriddhi account can be opened only if the age of girl is 10 years or less.
- The main document required to open the account under Sukanya Samriddhi Yojna is the birth certificate of the girl.
- The maturity period of this scheme is 21 years from the date of opening of account.
- The parents or guardians need to make payment towards this scheme for 14 years. The benefits accrue after the 21 years of the policy.
- One can deposit a maximum amount of Rs. 1, 50, 000/- under this scheme.
- This scheme has a unique feature. This scheme is transferable deposit scheme, It means that the accounts under this scheme can be transferred from post office to commercial banks or from commercial bank to post office or from one bank to another.
- Only one account can be opened on the name of a girl child. Multiple accounts are illegal and are liable to hefty penalties.
- Once the girl reaches the age of 18, up to 50% of the deposit amount can be prematurely withdrawn.
- If the account is not credited with the fix amount on due date a penalty of Rs. 50 will be levied.
- Sukanya Samriddhi account can be closed and money can be withdrawn once the girl reaches the age of 21. If one does not want to close the account, it can be continued with the same rate of interest.
Documents required for opening Sukanya Samriddhi Account:
- Sukanya Samriddhi Account opening form.
- Birth Certificate of the girl child.
- Identity proof of parents of guardian (PAN card, ration card, Driving license, passport).
- Address proof of the depositor (electricity bill, passport, ration card, telephone bill).
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Ref :- SBI