What is Sukanya Samriddhi Yojana ? | Sukanya Samriddhi Yojna Information in English 2022.

What is Sukanya Samriddhi Yojana ?

Sukanya Samriddhi Yojna is a very good savings scheme started by the central government for daughters. It was launched by the Central Government in December 2014 under the “Beti Bachao – Beti Badhao” campaign. Under this scheme, you can open Sukanya Account for your daughter up to the age of ten years. Interest is also good on investing under this scheme, as well as no tax is to be paid on the interest.

Who Can Open Sukanya Samriddhi Account?

  1. This account can be opened only in the name of a girl who is less than 10 years of age. This account can be opened only for girls.
  2. Parents or Legal Guardian can open this account for the girl child. You can also open this account for your adopted daughter.
  3. This scheme is not for NRIs. If the girl child becomes an NRI after opening this account, then the account will have to be closed. If you do not close the account in the event of the girl becoming an NRI, then you will not get any interest on this account from the day she becomes an NRI.

Documents for Opening Sukanya Samriddhi Account:

  1. Daughter’s birth certificate
  2. Any Identity Proof for the guardian of the daughter such as PAN Card, Ration Card, Aadhar Card, Driving License, Passport etc.
  3. Address proof of the guardian of the daughter such as electricity bill, telephone bill, ration card, Aadhar card etc.
  4. Filled Sukanya Samriddhi Account Form!

How Many Accounts Can Be Opened With Sukanya Samriddhi Yojana :

  • Under this scheme, only one account can be opened in the name of a girl.
  • In this you can open this account for maximum two girls.
  • If your second and third daughter are twins, then you can open this account for all three girls.

Sukanya Samriddhi Account Deposit Amount :

The deposit amount of Sukanya Samriddhi Account is as follows –

  1. Under Sukanya Smariddhi Scheme, you can open this account with at least Rs.250! Later it can be deposited in multiples of Rs.50.
  2. You can deposit up to 1.5 lakh rupees in this account in a financial year.
  3. If you have two daughters, then you can deposit up to a maximum of Rs 1.5 lakh (total Rs 3 lakh) in both the accounts.
  4. If you deposit more than 1.5 lakh rupees in this account, then you will not get any interest on more deposits. You can withdraw that extra amount anytime!

When Will Sukanya Samriddhi Account Mature?

  • The maturity period of Sukanya Samriddhi Account is longer than other schemes. Under this scheme, the account becomes mature after 21 years from the date of opening.
  • If needed, you can withdraw 50 percent of the deposit amount after the daughter’s age is 18. You can withdraw this amount only for the marriage, education or treatment of the daughter.

Account Transfer Facility:

  • If you are changing your house from one city to another, then you can transfer Sukanya Samriddhi Account from one bank to another.
  • You can transfer it from one post office to another post office.
  • You can also transfer it from post office to bank or from bank to post office.
  • If you want to get your account transferred, then you have to apply where you have your account.

Interest Rate in Sukanya Samriddhi Account:

  1. Interest in Sukanya Samriddhi Account is calculated by the Government of India on a quarterly basis.
  2. This interest rate may change every three months. You get the same interest on your deposits in the quarter at which interest rate is announced.
  3. Currently the interest rate on Sukanya Samriddhi Account is 7.6 percent.

Tax Benefit in Sukanya Samriddhi Yojna:

  1. Sukanya Samriddhi Yojana is completely Tax Free!
  2. The interest received on this account and the Maturity Amount received in the end is all Tax Free!
  3. By investing in this scheme, you also get tax benefit up to a maximum of 1.5 lakhs in a financial year under Section 80C.

Should You Invest in Sukanya Samriddhi Yojana ?

  1. In Sukanya Samriddhi Yojana Account, you get attractive interest rate as well as Tax Benefit!
  2. Sukanya Samriddhi Yojana is a good investment option for your daughter’s education and marriage.
  3. Under this plan, you are also given the facility to transfer the account.
  4. But there are some restrictions in this scheme like there is a restriction on deposit and you can deposit in this scheme only for 15 years. And its maturity is of 21 years.
  5. Keeping all the points in mind, it can be said that Sukanya Samriddhi Account is a better option for investment.

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