Sukanya Samriddhi Yojna is a scheme launched by Prime Minister Sri Narendra Modi on January 22, 2015.
The main objective of the scheme is to secure the future of the girl child.
Sukanya Samriddhi Yojna encourages parents to save money for their girl child’s education and marriage.
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Following Are the Key Pointers of the Sukanya Samriddhi Yojna
10 Lines Pointers on Sukanya Samriddhi Yojna
- Sukanya Samriddhi Yojna was launched on 22nd January 2015.
- The scheme is a part of ‘Beti Bachao, Beti Padhao’ initiative.
- It targets the parents of the girl child, encouraging them to save money for their girl’s future.
- Sukanya Samriddhi Yojna, provides an opportunity to the parent’s of girl child to build fund for her future.
- The beneficiaries are required to open a bank account either at any India Post office or any authorized commercial bank.
- Parents/Guardians can open the account after the birth of a girl child till she attains the age of 10 years.
- Only one account per girl child is allowed under Sukanya Samriddhi Yojna.
- Maximum number of accounts that can be open by same parent has been limited to two; however, exceptions are allowed in case of triplets and twins.
- An account under Sukanya Samriddhi Yojna can be opened with a deposit of INR 250 only.
- The rate of interest allowed for a Sukanya Samriddhi Yojna is 7.6% for April 2021.
- For the financial year 2015-16 the rate of interest was 9.1% but it was revised later.
- The maximum deposit limit of the Sukanya Samriddhi Yojna account is INR 1,50,000.
- If the beneficiaries fail to make a minimum deposit of INR 250 in a year, a fine of INR 50 shall be levied.
- The girl will be allowed to operate her Sukanya Samriddhi Yojna account once she attains the age of 10 years.
- At the age of 18 she is allowed to withdraw 50% of the balance, for higher studies.
- The Sukanya Samriddhi Yojna account has a maturity period of 21 years, starting from the day of opening of the account.
- Deposits in denominations of 100 can be made for 15 years, counting from the day the account was open.
- Girl is allowed to close her Sukanya Samriddhi Yojna account if she is married and above 18.
- Sukanya Samriddhi Yojna account is transferrable from post office to banks or vice versa levying a fee of Rs 100 only.
Sukanya Samriddhi Yojna Interest Rates
The interest rate applicable on Sukanya Samriddhi Yojna accounts has been revised from time to time. Please refer the table below for the rate of interest in a specific financial year.
| SERIAL NUMBER | FINANCIAL YEAR | DATE RANGE | INTEREST RATE | MINIMUM INVESTMENT | MAXIMUM INVESTMENT |
| 1 | 2014-15 | 1 April 2014 to 31 March 2015 | 9.1% | 1000 | 1,50,000 |
| 2 | 2015-16 | 1 April 2015 to 31 March 2016 | 9.2 % | 1000 | 1,50,000 |
| 3 | 2016-17 | 1 April 2016 to 30 Sep 2016 | 8.6 % | 1000 | 1,50,000 |
| 4 | 2016-17 | 1 Oct 2016 to 31 Mar 2017 | 8.5 % | 1000 | 1,50,000 |
| 5 | 2017-18 | 1 April 2017 to 30 June 2017 | 8.4 % | 1000 | 1,50,000 |
| 6 | 2017-18 | 1 July 2017 to 31 December 2017 | 8.3 % | 1000 | 1,50,000 |
| 7 | 2017-18 | 1 January 2018 to 31 March 2018 | 8.1 % | 1000 | 1,50,000 |
| 8 | 2018-19 | 1 April 2018 to 30 September 2018 | 8.1 % | 250 | 1,50,000 |
| 9 | 2018-19 | 1 October 2018 to 31 March 2019 | 8.5 % | 250 | 1,50,000 |
| 10 | 2019-20 | 1 April 2019 to 30 June 2019 | 8.5 % | 250 | 1,50,000 |
| 11 | 2019-20 | 1 July 2019 to 31 March 2020 | 8.4 % | 250 | 1,50,000 |
| 12 | 2020-21 | 1 April 2020 to 31 March 2021 | 7.6 % | 250 | 1,50,000 |
| 13 | 2021-22 | 1 April 2021 to 31 December 2021 | 7.6 % | 250 | 1,50,000 |
Tax Benefits for Sukanya Samriddhi Yojna Accounts
The tax benefits availed by the Sukanya Samriddhi Yojna accounts are the same as any Public Provident Fund account.
Eligibility Criterion for Girls and Parents for Sukanya Samriddhi Yojna Accounts
- The scheme is strictly for girl child under the age of 10 years; though a grace of one year is allowed.
- Only legal guardians or biological parents of the girl child are allowed to open account on her behalf.
- In case of twins or triplets, parents are allowed to open up to three accounts.
- Only citizens of India can open the account and must remain a citizen till the account’s maturity.
Some Good Facts On Sukanya Samriddhi Yojna
> Within a couple of months following its launch 1.8 Lakh accounts throughout India were opened under Sukanya Samriddhi Yojna.
> Highest number of new accounts were opened in the South Indian states of Tamil Nadu, Andhra Pradesh and Karnataka.
> Over 8 million girl children have received over 28 billion in their accounts.
Ho to plan for your child’s education