As part of the government’s “Beti Bachao, Beti Padhao” campaign, Prime Minister Narendra Modi introduced the Sukanya Samriddhi Yojana, a savings program for girls, in January 2015. The goal of this campaign’s launch was to inspire parents to establish a savings account for the female child’s eventual marriage and education costs.
Before the girl child turns 10, the Sukanya Samriddhi Account can be opened at any India Post Office or at designated commercial bank branches.
Each child can have at least two accounts opened by parents. There is an exception that allows for additional accounts in the case of twins or triplets. The account can be transferred to any Indian location.
What are the advantages of opening an account with the Sukanya Samriddhi Yojana?
The Sukanya Samriddhi Account has an interest rate of 7.6% for the current fiscal year. When compared to other plans for saving money, this investment policy offers the highest interest rate.
In a financial year, one can put in as little as Rs 1,000 and as much as Rs 1.5 lakh.
The Sukanya Samriddhi Yojana plan’s investments are deductible under Section 80C of the Income Tax Act of 1961.
The account allows for a 50% withdrawal for higher education at the age of 18.
How do Sukanya Samriddhi Yojana Account deposits work?
It is possible to pay the deposit all at once or monthly. However, failing to maintain the minimum balance will result in a Rs 50 penalty and the account will be considered in default. The defaulted account can be revived by making a minimum payment of Rs 250 and Rs 50 for each year it was in default before 15 years have passed.
Your annual deposit will be 12,000 rupees if you open an account with 250 rupees, add 750 rupees for the first month, and continue to deposit 1,000 rupees each month. You will have invested Rs. if you opened the account when your daughter was born. By the time she turns 21, she will have earned Rs. 1,80,000. 3,47,445. Consequently, at maturity, 21 years from now, you will have earned Rs 5,27,445.
