Sukanya Samriddhi Yojana is a scheme launched by the Government of India to ensure bright future of girl children. Under this scheme, a parent/guardian can open an account for a girl child until she is 10 years old. Minimum ₹250 and maximum ₹1.5 lakh can be deposited each year. The account offers 8% interest per annum. The scheme has a tenure of 21 years from date of opening or 15 years after the child turns 18 whichever is earlier. Premature closure is allowed after completion of 5 years for higher education needs of the girl child.
| Benefits | Details |
|---|---|
| Interest Rate | 8% per annum |
| Maximum Deposit | ₹1.5 lakh per year |
| Minimum Deposit | ₹250 per year |
| Tenure | 21 years from account opening |
Account Opening
Sukanya Samriddhi Account can be opened at any India Post office or authorized commercial banks by parent/guardian in name of the girl child until she turns 10 years old. Birth certificate of the girl child is required at the time of opening the account. Minimum ₹250 needs to be deposited at the time of account opening.
Interest Calculation
Interest is calculated on the minimum balance between the close of the fifth day and the end of the month. For example, if ₹1 lakh is deposited on March 25, 2023, interest will be calculated on ₹1 lakh from March 25 to March 31. If ₹50,000 is withdrawn on April 5, interest for April will be calculated on ₹50,000 from April 1 to April 5.
Premature Withdrawal
Premature closure is allowed after 5 years only for meeting the higher education expenses of the girl child. Partial withdrawal is not allowed. On premature closure after 5 years, only the principal amount can be withdrawn. The interest amount earned will be credited back to the scheme.
Maturity
Account matures on completion of 21 years from date of opening or after the girl child turns 18 whichever is earlier. On maturity, the maturity value can be withdrawn fully. No extension of the scheme is permitted.
Conclusion: Sukanya Samriddhi Yojana is a good small savings scheme by the Government of India to financially empower the girl child and ensure her proper education.
FAQ:
Q1: What is the maximum amount that can be deposited under Sukanya Samriddhi Yojana?
A1: Maximum ₹1.5 lakh can be deposited each year under the scheme.
Q2: Can I take a loan against Sukanya Samriddhi Account?
A2: No, loan facility is not available under the scheme.
Q3: What is the interest rate offered by Sukanya Samriddhi Yojana?
A3: The scheme offers an interest rate of 8% per annum.
Q4: When can premature withdrawal be made from Sukanya Samriddhi Account?
A4: Premature closure is allowed after 5 years only for meeting higher education needs of the girl child.
Q5: What is the maximum tenure of Sukanya Samriddhi Yojana?
A5: The scheme has a maximum tenure of 21 years from account opening date.
Q6: Can I open multiple Sukanya Samriddhi Accounts for the same girl child?
A6: No, only one Sukanya Samriddhi Account is allowed per girl child.
