Wednesday, 20 Feb 2019

Sukanya Samriddhi Yojana Account


The launch of Sukanya Samriddhi Yoajna account was part of the ‘Beti Bachao Beti Padhao’ campaign launched by the government. It is a Small Savings Special deposit Scheme for the girl child. Its not just other scheme to provide social benefits but a good long term debt investment. It is designed in a way to support her higher education and/or marriage.

Key features of Sukanya Samriddhi Yojana Account


·         The Sukanya Samriddhi account is a savings account that can be opened in the name of a girl child from the time she is born till she becomes 10 years old. It can be opened in a post office or public sector bank like SBI, Bank of Baroda, Canara Bank etc.

Deposit Rules

·         Sukanya samridhi yojna account can be opened with a minimum amount of Rs. 1000 and a maximum of Rs. 1,50,000 in a financial year. One can deposit money for 14 years from date of account opening.Deposits in multiples of hundred can be made in form of cash, cheque or demand draft by guardians or parents.

Interest Rate

·         For the financial year, 2016-17, the interest rate is set at 8.3% p.a. (TAX FREE) It will be decided every year. Interest will be compounded annually.

Other Benefits and Features

·         50% of the fund can be withdrawn prematurely if the need arises after the girl turns 18.

If the girl shifts to a different place in India, the account can be transferred

·         The account will mature after 21 years from the date of opening the account. The account can be continued till the girl’s marriage if some formalities are completed.

·         Under section 80C, one can get a tax benefit on deposit in this account up to a sum of Rs. 1,50,000.

·         When the girl becomes 10 years old, she can operate the account on her own. But deposits can be made only by the guardian or parents.

·         Premature closure of Sukanya Samridhi yojna account is possible in case of the girl’s death. The amount with interest will be paid to the guardian/parent of the child.


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