Central Government has announced a savings scheme named Sukanya Samriddhi Account for Girl Child.This scheme has been introduced only for girl child upto 10 year age. Sukanya Samriddhi Account or Sukanya Samriddhi Yojna is to save money for education and marriage of girl child.So that you need not to take education loan for your girl child’s higher study.You can say that Sukanya Samriddhi Account Best Girl Child Saving Scheme.
Why Government Introduced Sukanya Samriddhi Account Scheme
Government has introduced this scheme as girl child’s parent do not saving money for their education and marriage and when a girl child become above 18 year they do not allow them for higher study and force them for marriage.This type of things force our girls to be uneducated and helpless.This is why government has thought to start Sukanya Samriddhi Account with a high compound interest of
9.1 % 8.60% (w.e.f. – 01.04.2016) and make it tax exempted on u/s 80C.
What Sukanya Samriddhi Account Scheme is
Sukanya Samriddhi Account is a high interest savings account for girl child.This is for girl child’s higher education and marriage.This account can be opened by only girl child’s parents or legal guardian.When a girl take birth ,her parents can open this account upto her age become 10 years.
Features of Sukanya Samriddhi Account
- Anyone can open this account who have a girl child under age 10 year.
- Open this account at post office and maximum public or private sector banks.
- Minimum Deposit Amount -Rs. 1000 /- per financial Year and Maximum Deposit Amount – Rs. 150000 /- per financial Year .
- High compound interest rate of
9.1 %8.60% per year (w.e.f. – 01.04.2016) .(Updated From 1/4/2015 9.2 % interest on Post Office)
- Full deposit,interest and matured amounts are totally tax exempted u/s 80C upto Rs. 150000 /- .
- This account can be opened when a girl child take birth till she became 10 years.
- You can deposit money upto 14 year from the date of opening the account.
- This account can be close after 21 year from the account opening date or before marriage of your girl ,whichever is earlier.
- If you want to close the account before 21 year from the date of account opening ,you need to submit an affidavit that your girl become 18 year old.
- You can withdraw 50% of the total amount for your girl child’s education purpose when your girl become 18 year old.
- You can also close this account before the time in case of your child’s serious medical cases but here you need to submit all supporting medical documents whatever required.
Drawbacks of Sukanya Samriddhi Account
- There is no option of loan against the saving amount.
- Maximum saving is upto Rs. 150000 /- per year.
- You can save this money maximum of 14 year.
Where to Open Sukanya Samriddhi Account
You can open Sukanya Samriddhi Account at your nearer Post Offices and also in Public or Private Banks.I am giving you a small list of banks –
- Allahabad Bank
- Andhra Bank
- Axis Bank Ltd.
- Bank of Baroda
- Bank of India
- Bank of Maharashtra
- Canara Bank
- Central Bank of India
- Corporation Bank
- Dena Bank
- ICICI Bank Ltd.
- IDBI Bank Ltd.
- Indian Bank
- Indian Overseas Bank
- Oriental Bank of Commerce
- Punjab & Sind Bank
- Punjab National Bank
- State Bank of Bikaner & Jaipur
- State Bank of Hyderabad
- State Bank of India
- State Bank of Mysore
- State Bank of Patiala
- State Bank of Travancore
- Syndicate Bank
- UCO Bank
- Union Bank of India
- United Bank of India
- Vijaya Bank
Documents Required for Sukanya Samriddhi Account
Following documents required at the time of opening Sukanya Samriddhi Account –
- Girl Child’s Birth Certificate
- Photo Identity Proof (Like Voter Card,Driving License, Adhar Card etc. )
- Valid Address Proof (Like Voter Card,Driving License, Adhar Card etc. )
One person can open one account for his/her one girl child and maximum two for two girl child.
If any of your relatives have girl child below 10 year old then share this post with them.
Download Account Opening Form
Sukanya Samriddhi Account Opening Form