Sukanya Samriddhi Yojana is the deposit scheme of the government. It has been introduced for daughters. The government started it as part of the ‘Beti Bachao, Beti Padhao’ campaign. The scheme was launched with the intention of parents being able to add money to their daughter’s education and marriage. Who can invest in this scheme, how to open an account for this, how much money can be deposited, here we have answered all the questions related to it.
Who can invest in Sukanya Samriddhi Yojana?
Parents can open Sukanya Samriddhi account in the name of daughter. This account can be opened anytime from the birth of a daughter till the age of 10 years. Remember that only one account is allowed to be opened in the name of a daughter. Parents cannot open separate accounts for the same daughter. An account can be opened for more than two daughters in the family. However, more than two accounts are allowed to be opened in case of twins / tidwa children.
What is the minimum and maximum deposit that can be made in the account?
Sukanya Samriddhi account can be opened with at least 250 rupees. Once the account is opened, it is necessary to deposit a minimum of 250 rupees in every financial year. If a person does not enter a minimum amount during the financial year, then the account is seen as a default. A maximum of Rs 1.5 lakh can be deposited in a Sukanya account in a financial year.
What documents are required to open Sukanya Samriddhi Account?
To open an account, the parents have to submit the filled Form-1 along with the birth certificate of the daughter. Details of PAN and Aadhaar of the parent opening the account are sought in the form.
How long can I deposit in Sukanya Samriddhi account?
Deposits can be made till the completion of 15 years from the date of opening the account.
When does Sukanya Samriddhi account become mature?
Sukanya Samriddhi account is matured at the time of marriage (1 month before or three months from the date of marriage) after 21 years from the date of opening of the account or when the daughter is 18 years old.
What is the rate of interest on Sukanya Samriddhi account?
On Sukanya Samriddhi account, the government changes the interest rate every three months. This changes with the interest rate of small savings schemes. The interest rate for January-March 2021 has been kept at 7.6 percent.
How is the calculation of interest in Sukanya Samriddhi Account?
The method of calculating interest on Sukanya Samriddhi account is fixed. It is calculated on the lowest balance in the account between the closing of the 5th day and the end of the month. The money grows at an annual compound interest rate in the account. However, the actual amount of interest is credited to the account at the end of every financial year.
Where can I open Sukanya Samriddhi account?
Sukanya Samriddhi account can be opened in every post office or bank that offers this scheme.
What tax benefits are available on Sukanya Samriddhi Yojana?
Sukanya Samriddhi Yojana has got the status of Exempt-Exempt-Exempt. Deductions are available under Section 80C on deposits made under the scheme. The amount of interest and maturity earned on the deposit is outside the tax net.
Is Sukanya Samriddhi account allowed to be closed before maturity?
Yes Sukanya Samriddhi account can be closed before maturity with certain conditions. Pre-mature closure of the account is possible after 5 years of opening the account. The account can be closed before maturity on the basis of death or compassion of the account holder (ie daughter). Compassionate grounds include the death of the account holder with a fatal illness and the death of the parent running the account. Note that in case of death of the account holder, the interest rate of the post office saving account is applicable from the date of death to the date of payment.
What is the way to withdraw money from Sukanya Samriddhi account?
A maximum of 50 percent of the balance can be withdrawn from the account if the daughter is 18 years old or has passed 10th standard. Money can be withdrawn in a lump sum or in installments from Sukanya Samriddhi account.
What is the way to revive the closed Sukanya Samriddhi account?
If a mandatory minimum deposit is not made in the Sukanya Samriddhi account in a financial year, the account defaults. This default account can be revived before the completion of 15 years from the date of opening of the account. For this, with a minimum of 250 rupees, you have to pay a penalty of 50 rupees per year.
Who Operates Sukanya Samriddhi Account?
Parents operate this account till their daughter is 18 years old.
