The Sukanya Samriddhi Yojana is a government-backed savings scheme in India specifically designed to promote the welfare of the girl child. Launched by the Government of India as a part of the Beti Bachao, Beti Padhao campaign, this scheme provides a secure and long-term investment option for parents or guardians to save for their daughter’s education, marriage, or other future expenses. With attractive interest rates, tax benefits, and a host of other features, Sukanya Samriddhi Yojana has become a popular choice for many families across the country.
Introduction to Sukanya Samriddhi Yojana
The Sukanya Samriddhi Yojana was introduced in 2015 as a part of the government’s efforts to promote the welfare of the girl child and bridge the gender gap in society. It aims to encourage parents to save for their daughter’s future and provide financial security to them.
Eligibility criteria for opening an account
To open a Sukanya Samriddhi Yojana account, certain eligibility criteria need to be met. The scheme is applicable to Indian citizens, and the account can be opened for a girl child below the age of 10 years. Only one account is allowed per girl child, and a maximum of two accounts are permitted for a family.
Account opening process
Opening a Sukanya Samriddhi Yojana account is a simple and straightforward process. Parents or guardians can visit designated post offices or authorized banks to fill out the account opening form. The necessary documents, such as the girl child’s birth certificate, proof of identity, and proof of residence, need to be submitted along with the application form.
Key features and benefits of Sukanya Samriddhi Yojana
Sukanya Samriddhi Yojana offers a range of features and benefits that make it an attractive investment option for parents. The scheme provides a high rate of interest, currently set at [mention the current interest rate]. The interest is compounded annually, ensuring substantial growth of the investment over the long term. The account matures after 21 years from the date of opening or when the girl child gets married after the age of 18 years.
Interest rates and compounding
The interest rates for Sukanya Samriddhi Yojana are set by the government and reviewed periodically. The rates are generally higher than those offered by other savings schemes, making it a lucrative investment option. The interest is compounded annually and credited to the account, allowing for accelerated growth of the investment.
Withdrawal and premature closure rules
While Sukanya Samriddhi Yojana is primarily a long-term investment, provisions are in place for partial withdrawals and premature closure under certain circumstances. Partial withdrawals can be made after the girl child reaches the age of 18 years for education purposes or when she turns 21 years for marriage-related expenses. However, premature closure is only permitted in the event of the girl child’s unfortunate demise.
Tax benefits associated with the scheme
One of the significant advantages of Sukanya Samriddhi Yojana is the tax benefits it offers. The contributions made towards