Sukanya Samriddhi Yojana

Sukanya Samriddhi Yojana was launched by the Central Government in January 2015. This scheme is especially for girls of 10 years or younger. Sukanya Samriddhi Yojana is a good scheme for daughters in terms of higher education, marriage and saving for a bright future. Sukanya Samriddhi Yojana has been launched as a small savings scheme for Girl Child. Since the launch of the scheme in 2015, some changes have also been made to it.

Let us know the complete information about Sukanya Yojana Details Sukanya Samriddhi Yojana.

Sukanya Samriddhi yojana eligibility & Benefits

Eligibility
  1. Sukanya Samriddhi Yojana will benefit all those Indian girls who are 10 years of age or less.
  2. Girls above the age of 10 will not enroll in this scheme.
  3. Only parents or guardians can open their daughter’s account under this scheme.
  4. Parents or guardians can only open their 2 daughter’s accounts under this scheme, not more than that.
  5. If you have twin daughters, a third account can be opened after presenting all birth certificates.
  6. Under Sukanya Samriddhi Yojana, the parent or guardian of the daughter whose account is opened maintains this account.
Benefits

Sukanya Samriddhi Yojana offers the highest rate of interest according to any government scheme. Every year interest rates are fixed in this scheme, in the financial year 2018-19 the interest rate is fixed at 8.5% per annum. In this scheme, you not only get more interest than the Public Provident Fund (PPF) but also get tax exemption. You have to deposit the money for 14 years after opening the account and it will be matured only after 21 years of opening the account.

The maturity will be 21 years after the account of Sukanya Samriddhi Yojana is opened. If the girl is married between 18 and 21 years, then this account will be closed immediately after marriage. When the girl turns 18, she can withdraw half the amount for her higher education. If the daughter dies due to any reason, then her parent or guardian can close the account and withdraw the entire deposit along with interest.

Sukanya Samriddhi Yojana Limit of Deposit

The minimum deposit amount for Sukanya Samriddhi Yojana which was earlier Rs 1,000 has now been reduced to Rs 250. And a maximum amount of one and a half (1.5) lakhs will be deposited. That is, every year parents or guardians can deposit  Rs 250 to Rs 1.5 lakh. If you forgot to deposit the minimum amount in a year or could not deposit, then you will also have to pay a penalty of Rs 50 along with the minimum amount.

 Sukanya Samriddhi Yojana

How to Start Sukanya Samriddhi  Yojana

About all private and government banks are included in the Pradhan Mantri Sukanya Scheme. The account can be started at any India Post office or branch of authorized commercial banks. The account of this scheme can be opened in all those banks and post offices. To open an account, you have to fill out a form, and this form will be found at the bank or post office associated with this scheme. All the necessary documents (list of required documents are given below) and applying to the bank or PO along with the form can open the account of Sukanya Samriddhi Yojana. You can also download the form from the RBI website,

click here for the Sukanya Samriddhi Yojana form to download.

Documents for Sukanya Samriddhi Yojana
  1. Birth certificate of child
  2. Parent or Guardian ID
  • Pan Card
  • Passport
  • Ration card
  • Aadhar Card
  • Driving License
  1. Address proof of parent or guardian
  • Pan Card
  • Ration card
  • Electricity bills

Sukanya Samriddhi Scheme 2019 Interest Rate

The Sukanya Samriddhi scheme currently provides an interest rate of 8.4% (for July-September 2019 quarter) and tax benefits. The rate is much higher than the old-time favorite PPF, FD and Recurring deposits. Tax benefits will also be provided to parents and legal guardians under Section 80C of the Income Tax Act 1961.

Financial Year Interest Rate

9.1% from 1st April 2014

9.2% since 1 April 2015

8.6% from 1 April 2016 to 30 June 2016

8.6% from 1 July 2016 to 30 September 2016

8.5% from 1 October 2016 to 31 December 2016

8.3% from 1 January 2018 to 31 March 2018

8.1% from 1 April 2018 to 30 June 2018

8.1% from 1 July 2018 to 30 September 2018

8.5% from 1 October 2018 to 31 December 2018

Every parent or foster should take advantage of this scheme for their daughters. Because let’s say you save 12000 rupees every year under this scheme, for 14 years. So after 21 years, the girl child will get more than 6 lakhs. Since you have deposited only 1.68 lakh rupees in 14 years! Taxpayers will get 1.5 lakh tax exemptions from this too!

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