Sukanya Samridhi Scheme was launched on 22 January 2015. The scheme has been launched under the theme “बेटी बचाओ , बेटी पढाओ Campaign”. This helps the girls to raise a single amount of money for a better future.
In this article we will learn about the benefits of Sukanya Samridhi Scheme. Advantages of Sukanya Samridhi Scheme in Hindi. At the end of the article, we also provide information about the documents required to open a Sukanya Samriddhi Scheme account.
Benefits of Sukanya Samriddhi Scheme
You can open a Sukanya Samriddhi account for your daughter under the age of 10. Post office or bank account can be opened. By opening this account, you will get the following benefits-
The highest interest on saving
The highest interest is available on money deposited in Sukanya Samridhi Scheme. At present (January 2022) interest rate of 7.6% per annum is applicable on Sukanya Samridhi Scheme account. It is the highest of all other government savings schemes. In the table below you can see the comparison of interest rates available in different government micro savings schemes.
Below is the interest rate list of some popular government saving schemes.
- Sukanya Samriddhi Scheme 7.6%
- Senior Citizen Savings Scheme 7.4%
- PPF Account Scheme 7.1%
- Kisan Bikash Patra 6.9%
- NSAC (Development Savings Certificate) 6.8%
- 5 year time deposit scheme 6.7%
- Post Office Monthly Income Scheme 6.6%
- 5 year time deposit scheme 5.8%
After 21 years, You can get back a huge amount up to Rs. 63.65 lakhs
The Sukanya Samriddhi Scheme has a deposit limit of Rs 250 to Rs 150 lakh per annum. You can deposit this money little by little. The deposit is valid for 15 years from the start. After that no money is deposited for 6 years but the account remains active for 21 years. Upon completion of 21 years of account, the money is fully credited and refunded with interest.
If you deposit Rs 1.5 lakh per annum as per the maximum limit of this scheme, your total deposit will be Rs 22.50 lakh in 15 years. After 21 years, a total of Rs 41.15 lakh interest was added to it. That means after 21 years you will get back about 63.65 lakh rupees. No other government scheme raises money so fast.
Tax exemption on deposits, no tax on interest
Tax exemption is available under Sukanya Samriddhi Scheme under Section 80C of the Income Tax Act. Under this rule, Rs 1.50 lakh is available for tax deduction on certain deposit schemes and special expenses. Their names are as follows-
- Sukanya Samriddhi Scheme Account
- PPF Account Scheme
- EPF Account Scheme
- NSC National Savings Certificate
- Varishtha Citizens Savings Scheme
- ELSS (Equity Linked Savings Scheme)
- ULIP (Unit Linked Investment Plan)
- Paying life insurance premiums (for yourself, wife, children)
- Basic repayment of home loan
Also, no tax has to be paid on the amount received on its interest or maturity.
Can be opened by less amount
You can open Sukanya Samriddhi Scheme account at any post office or bank. For this you have to deposit at least 250 rupees. The account can then be maintained by depositing a minimum of Rs.250 per annum. If a minimum of Rs.250 is not deposited in any financial year, then the account is kept in the default account section. To revive it, one has to pay a fine of Rs 50 per annum and a minimum of Rs 250 per year.
Before July 2016, a minimum deposit of Rs.1000 / – is required to open a Sukanya Samriddhi Scheme account. On July 6, 2018, the government issued a notification and modified the minimum amount for opening a Sukanya Samriddhi account to 250, so that even the very poor could easily open the account.
You can deposit up to 1.50 lakh rupees annualy
You can deposit a maximum of Rs 1.50 lakh per year in the account. That way, you can save at least Rs 22.50 lakh in 15 years. The interest is about Rs 41.15 lakh in 21 years. Including deposit and interest, your daughter gets a total of Rs 63.65 lakh This amount can be used for her marriage, professional course or business establishment.
You can deposit as many times as you want
You can deposit small amount of money in Sukanya Samriddhi Scheme account at any time. You cannot deposit less than 50 rupees at a time. And no more than Rs 1.50 lakh per annum can be deposited. But, if you deposit money before the 10th date, you will be in profit.
This is because the Sukanya Samriddhi account has an interest rate of 10 to 30 days, regardless of the minimum deposit amount. That is, the money that is deposited before the 10th, the interest starts to be received from that month. Interest on money deposited after the 10th is added the following month.
You can easily transfer account to another bank or branch
The Sukanya Samriddhi Scheme account holder can transfer the account to another bank or branch after the change of residence of the girl child or her guardian. You can transfer from post office to bank or from bank to post office.
But keep in mind that if you can present any relevant evidence regarding the change of residence, the account transfer will be free. If you do not promise to change accommodation, you will have to pay a fee of Rs.
There is a discount for withdrawing money for daughter’s marriage.
If the account holder gets married after the age of 18, her account can be closed earlier. And the whole money can be withdrawn. This can be done 1 month before the date of marriage of the girl and up to 3 months after the date of marriage. For this you have to apply in writing with proper proof.
Half of the money can be taken for the higher education of the girl
After the girl reaches the age of 18, half of the money (up to 50%) can be withdrawn from the account for her higher education. Even after passing 10th class, you can get the benefit of withdrawing half of the money. However, keep in mind that for higher education, only withdrawals are allowed, which are charged for fees and other actual needs. You can also withdraw this money in installments. You can withdraw money only once a year. And you can also install up to 5 years if you want.
Exemption from account closure even in case of death or serious illness
You can close the account in certain circumstances 5 years after the opening of the account. The circumstances in which the account is allowed to be closed are as follows-
- Account holder’s daughter died
- If the girl’s guardian has a terminal illness
- The guardian who manages the account. On his death)
Eligibility Criteria for Opening Sukanya Samriddhi Account
- Any parent can open a Sukanya Samriddhi account for their daughter under 10 years of age.
- For up to 2 daughters of a parent, this account can be opened.
- This account can also be opened for the third daughter if the second daughter is born.
- Sukanya Samriddhi account can also be opened for the adopted girl child after completing the legal process.
- You will get Sukanya Samriddhi Account Opening Form at Bank or Post Office. In addition, you need to attach a photocopy of your photo, proof of identity, proof of address document. Apart from these, the documents related to the identity of the girl as well as the date of birth of the girl will also be photocopied. All photocopies as well as their original documents must be taken along for negotiation.
- If the third daughter has to open an account because the second daughter is a twin, the guardian must also submit an affidavit or affidavit.
- With the Sukanya Samriddhi Scheme, you can manage a huge amount of money until your daughter is in the majority. This amount can be used for her education or marriage. Its account can be opened at post office or bank branch.
Documents required for opening account under Sukanya Samriddhi Scheme
To open a account under Sukanya Samriddhi Scheme, you will first need an account opening form. You can get this form at the bank or post office branch where you want to open Sukanya account. Forms are also available in PDF format on some bank websites. With the form, you will need to attach the following documents:
- Picture of mother or father or legal guardian
- Proof of parental identity
- Proof of parental address
- Proof of identity of the girl
- Daughter’s birthday certificate
- Parent’s affidavit (in the case of twins or twins)
Now let’s talk about the rules that apply to all these documents one by one.
Parent’s latest passport size photo
The color passport size picture of the guardian of the girl whose account will be opened will be displayed in the application form. The picture must have been taken recently. Significantly, the girl’s parents or legal guardians can open a Sukanya Samriddhi account in her name. There are no other relatives. One of the guardians can also open an account as a guardian, both cannot join together as a guardian.
Photocopy of ID proof
A photocopy of any valid document showing parent’s name, date of birth etc. should be attached with the account opening form. You may use any of the following documents as proof of identity.
- Aadhaar card
- PAN card
- Voter ID card
- Driving license
- MNREGA job card
Photocopy of proof of guardian’s address
Photocopy of any valid document showing the address of the guardian’s residence. We mentioned the terms of joining as a parent above. You may use any of the following documents as proof of address.
- Aadhaar card
- Voter ID card
- Passport
- Driving license
- MNREGA job card
- Letter issued by the National Census Register
Photocopy of proof of birth certificate of daughter
A copy of the birth certificate of the girl whose account is to be opened must be attached to it. It is noteworthy that the account of a girl child under the age of 10 may be opened. The girl is allowed to open an account before the child’s 10th birthday. The date mentioned in the birth certificate must be within this age limit.
Affidavit of guardian if the third daughter is twin
If the second child is a twin or three children, an account may be opened for the third or fourth daughter. In such cases, the parent must also attach an affidavit to the account opening form. This facility started after December 2019. Earlier, there were rules for issuing medical certificates.
Carry the original copy of all documents with you.
In addition to the parent’s photo, keep the original copy of all documents with the photocopy. Bank or post office officials will allow the opening of the account only after all the photocopies have been matched with their originals.
Where can I open a Sukanya Samriddhi account?
This account can be opened at post office or bank branch. The government has allowed all state-owned banks and some large banks to open Sukanya Samriddhi accounts. The following are the names of these banks.
- State Bank of India (SBI)
- Indian Overseas Bank
- Punjab National Bank (PNB)
- Bank of Maharashtra
- Bank of Baroda (BOB)
- Punjab and Sindhu Bank
- Canara Bank
- UCO Bank
- Union Bank of India
- ICICI Bank
- Bank of India
- HDFC Bank
- Indian Bank
- Axis Bank
- Central Bank of India
- IDBI Bank
How much amount do I need to deposit?
You can open this account by depositing only 250 rupees. After that, you can deposit Rs 250 to Rs 1.50 lakh per year. Although Sukanya Samriddhi account is for 21 years, but you only need to deposit money for 15 years. After that your money is deposited for 21 years.
When will I get my money back?
- On completion of 21 years, full money including interest is returned to the girl. But if the girl gets married after reaching the age of 18, then the full amount can be withdrawn at the time of marriage.
- Half (50%) money can also be withdrawn for the education of that girl after reaching the age of 18. For further studies from 10th class, 50% withdrawal is allowed.
- Funds can also be raised for the treatment of a terminal illness of a child before the death of a parent.
How much money will I get back on maturity?
If you deposit a maximum of Rs 1.5 lakh per annum for the prescribed 15 years, then after 21 years your daughter will get back a total of Rs 63 lakh 65 thousand 155. If you deposit less than this, you will get less in proportion. Below we have given a table showing the amount of maturity according to the deposit per month.
The amount of deposit per month will be received on maturity
- 2000 rupees per month you will get 10 lakh 16 thousand 425 rupees
- 3000 rupees per month you will get 15 lakh 26 thousand 738 rupees
- 4000 rupees per month you will get 20 lakh 36 thousand 650 rupees
- 5000 rupees per month you will get 25 lakh 46 thousand 72 rupees
- 10000 rupees per month you will get 50 lakh 92 thousand 124 rupees
- 12000 rupees per month you will get 61 lakh 10 thousand 549 rupees
- If you deposit 1000 rupees per month, the total amount will be deposited in 1 year – 12000 rupees. After 15 years of continuous deposit, your total deposit will be – Rs. 180,000. At the current interest rate (7.6 per cent), the total interest will be added – Rs. 3,29,212. After 21 years, you will get a total refund including total deposit and interest – Rs. 5,09,212
Thus, if you deposit 1000 per month in Sukanya Samriddhi Scheme, your daughter will get a total of 5 lakh 9 thousand 212 rupees. Your daughter only gets this money, because when she reaches the age of 18, the Sukanya Samriddhi account becomes her name. The guardian has the right to manage the account till the girl child reaches the age of 18 years.
Note that after opening a Sukanya account, there is a discount for depositing money only for the first 15 years. You do not have to deposit money after 15 years, but the account remains active for 21 years. Interest continues to add balance to your account. After the 21 year account expires, the full amount is refunded to your daughter.
Monthly basis calculation of getting money
The more money you deposit each month, the more money your daughter will get. Under the Sukanya Samriddhi Scheme, the amount you will receive under the current applicable interest rate (7.6 per cent) will be as follows.
- If you deposit 2000 rupees per month, your daughter will get 10 lakh 18 thousand 425 rupees
- after 21 years.
- 15 lakh 26 thousand 736 rupees will be available on deposit of 3000 rupees per month
- If you deposit 4000 rupees per month, 20 lakh 36 thousand 650 rupees
- 25 lakh 46 thousand 72 rupees will be available on depositing 5000 rupees per month
- If you deposit 10000 rupees per month, you will get 50 lakh 92 thousand 124 rupees
- If you deposit 12000 rupees per month, you will get 61 lakh 10 thousand 549 rupees
Key features of Sukanya Samriddhi Scheme
The main conditions related to opening and operating Sukanya Samriddhi Account are as below.
Account can be opened at bank or post office
Sukanya Samriddhi account can be opened in any bank or post office. Account opening facility is available in SBI, PNB, BOB and all other government banks. Some large private banks also have the facility to open Sukanya Samridhi accounts. Such as ICICI Bank, HDFC Bank, Axis Bank, IDBI Bank.
Accounts can be opened for girls under 10 years of age
You can open an account under Sukanya Samriddhi Scheme for your daughter under 10 years of age. This account can be opened for a maximum of 2 daughters of one parent. In case of twin children of the second daughter, the account can also be opened for the third daughter. However, for this you have to submit an affidavit. If 3 daughters are born together with the second daughter, then the account can be opened for the third and fourth daughter also.
Only parents or legal guardians are allowed to open account
Only the mother or father or legal guardian of the girl child has the right to open an account in her name. Only one of the parents can be a guardian in his account, not both. The girl’s grandparents or any other relative cannot open an account in her name. However, if a parent dies, his or her grandparents or relatives or someone else entitled to legal custody can open an account in his or her name.
You can deposit up to Rs 1.50 lakh per year
To open an account, a minimum deposit of Rs.250 is required. But if you want, you can deposit up to Rs 1.50 lakh. Even after that, there is a minimum deposit of Rs 250 and maximum deposit of Rs 1.50 lakh per annum. You have to deposit money for 15 years. Even after that, the account continues to run for 21 years and interest continues to accrue.
Higher interest will be paid on the deposited money
At present the interest rate on account under Sukanya Samriddhi Scheme is 7.6 percent annualy. The government announces its new interest rates every quarter. Its new interest rates are announced before April, July, October and January each year. You will receive the applicable interest rate for the month in which your money is deposited.
In case of emergency, you can withdraw money in the middle
For marriage: If the girl with the account has completed 18 years of age, you can also withdraw the full amount at the time of marriage. You can do this 1 month before the wedding date and 3 months after the wedding date.
For education: After the age of 18, 50% (half paisa) can be raised for education of girls after 10th. Half of the balance in your account at the end of the previous financial year.
For treatment: If the girl has any serious disease, she can be removed for treatment and before.
Deposits, interest and maturity are exempted by tax
The money you deposit in Sukanya Samriddhi account is tax free under section 80C. Apart from this, there is no tax on interest and maturity on account under Sukanya Samriddhi Scheme.
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