Sukanya Samriddhi Yojana: Financial security becomes scarce for girls once they reach a certain age. As a result, child marriages or marriages without higher education have become common in many areas. But the governments are taking many measures to increase the education of girls and stop child marriage. Central government has introduced Sukanya Samriddhi Yojana scheme to provide financial security especially to girls.
In India, a baby girl is considered an expense. Being a patriarchal country for generations, women are not given much priority in family finances. But according to the changing times, girls are making strides in all fields. Financial security becomes scarce especially for girls after reaching a certain age. As a result, child marriages or marriages without higher education have become common in many areas. But the governments are taking many measures to increase the education of girls and stop child marriage. Central government has introduced Sukanya Samriddhi Yojana scheme to provide financial security especially to girls. In this scheme, parents of girls under ten years of age can open an account and deposit for their future. In this context, let us know about the interest rate, minimum deposit, maturity date and tax benefits of Sukanya Samriddhi Yojana scheme.
Interest rate, deposits
Sukanya Samriddhi Yojana offers an interest rate of 8.2 percent per annum. Rates are subject to periodic (quarterly) changes as notified by the Ministry of Finance. Interest is calculated based on the lowest balance in the account, taking into account the period between the sixth day and the last day of the calendar month. Interest is credited to the account at the end of each financial year. To open a Sukanya Samriddhi Yojana account, a minimum of Rs. 250 should be deposited. You can spend a maximum of Rs. 1.5 lakh, Deposit can be made in multiples of 50. There is no limit on the number of deposits in a financial year.
Eligibility, Duration
Sukanya Samriddhi Yojana account can be opened by a guardian for a girl below 10 years of age. A family can open only one account per girl. Maximum of two accounts. But in case of twin or triplet girls more than two accounts can be opened. Sukanya Samriddhi Yojana Deposits can be made up to 15 years from the date of account opening. Account will be deactivated if minimum deposit is not made in any financial year. Rs. 250 and for every missed year Rs. It can be reactivated by paying default fee of 50.
Other benefits
Deposits in the Sukanya Samriddhi Yojana account are eligible for tax deduction under Section 80C of the Income Tax Act. For the financial year Rs. 1.5 lakh will be limited. Additionally, the interest earned on these accounts is completely tax-free, providing significant tax savings to investors. Sukanya Samriddhi Yojana account will be maintained by the guardian until the girl reaches 18 years of age. Once she reaches that age she can take over and operate the account on her own.
Withdrawal benefits
Withdrawals are allowed from the Sukanya Samriddhi Yojana account after the girl child completes 18 years or passes 10th standard. Up to 50 percent of the balance at the end of the previous financial year can be withdrawn in lump sum or in installments (not more than once a year) over a maximum period of five years. Sukanya Samriddhi Yojana account can be prematurely closed after 5 years under certain circumstances like death of account holder, terminal illness or death of guardian. Supporting documents and application form are required for closing.
Maturity
Sukanya Samriddhi Yojana matures 21 years from the date of account opening. However, if the girl is at least 18 years old, early closure can be done for marriage expenses if it is closed one month before or three months after the marriage. Sukanya Samriddhi accounts can be opened at any post office or bank. Deposits can be made in a single lump sum or in multiple installments, giving families the flexibility to save as they see fit.
