To promote the welfare of Girl Child ‘ Sukanya Samriddhi Yojana ‘ was launched by Indian Prime Minister Sh. Narendra Modi on 22-01-2015 in “Beti Bachao, Beti Padhao” campaign vide Government of India Notification No. G.S.R.863(E) dated December 02, 2014. This is another successful nationwide scheme of Sh. Narendra Modi after ‘Pradhan Mantri Jan Dhan Yojana’. The Sukanya Samriddhi Account can be opened at any India Post office or a branch of some notified branches of commercial banks in India. Reserve Bank of India has also issued guidelines to notified banks vide their letter No.RBI/2014-15/494/IDMD(DGBA).CDD/No.4052/15.02.006/2014-15 dated 11th March 2015. The following are main features of this scheme:
Eliligible person: A natural/ legal guardian on behalf of a girl child whose age is not more than 10 years. Upto two girl children or three in case of twin girls as second birth or the first birth itself results in three girl children
Documents Required: The following Documents may be asked by banks at the time of opening Sukanya Samriddhi Account:
- Birth Certificate of Girl Child in whose name account is opened.
- Address proof/Identity of Guardian
- PAN of Guardian
- Initial Deposit amount i.e. Rs.1000/- by Cheque/Cash/Draft
Maximum Deduction u/s 80C: Rs.1,50,000/-
Minimum and Maximum Amount of Deposit: Min.1000 of initial deposit with multiple of one hundred rupees thereafter with annual ceiling of Rs.150000 in a financial year.
Fine: Rs.50/- will be levied is minimum amount not deposited in any Financial Year.
Interest Rate: 9.20% w.e.f. 01-04-2015 (Notification). Prior to this interest rate was 9.1% p.a.
Tax Rebate: As applicable under section 80C of the IT Act, 1961.
Maturity: The term of maturity is 21 years from the date of opening of the account. The Maximum period upto which deposits can be made is 14 years from the date of opening of the account. Premature Closure is allowed in the specified situation as per scheme such as death of the depositor, life threatening diseases.
However 50% of the balance lying in the account can be withdraw as at the end of previous financial year for the specified purposes such as higher education, marriage after age of 18 years.
Transfer of Account: The account can be transferred any where in India from one post office/Bank to another.
Note: For further details of the Sukanya Samriddhi Scheme, following notification/circulars are available for download:
- Sukanya Samriddhi Scheme Rules 2014 Gazette Notification-Hindi-English
- RBI Guidelines vide their letter No.RBI/2014-15/494/IDMD(DGBA).CDD/No.4052/15.02.006/2014-15 dated 11th March 2015
- 9.1% Interest rate Sukanya_Samridhhi_Account notification
- 9.2% Int_Rate-15-16 for Sukanya Samriddhi Account Scheme
- Section 80C-Sukanya Samriddhi Scheme Gazette Notification-Hindi-English