What is Sukanya Samriddhi Yojana?
Launched by the Prime Minister Narendra Modi it is a scheme targeted at the parents of girl children. The scheme helps parents to maintain a bank account for the future expenses of girls like education and marriage. The scheme currently provides an interest rate of 8.6% (for FY2016-17) and tax benefits. The account can be opened at any India Post office or branch of authorized commercial banks.
The account can be opened any time between the birth of a girl child and the time she attains 10 years age. Only one account is allowed per child. Parents can open a maximum of two accounts for each of their children (exception allowed for twins and triplets). The account can be transferred to anywhere in India.
Features of Sukanya Samriddhi Yojana
- The interest rate offered in this scheme is 8.6% per annum which is much more compared to any other scheme. The rate is revised by the Finance of Ministry every year.
- Withdrawal is allowed once the girl is 18 years old.
- The guardians or the parents are permitted to manage the account till the girl child is 18 years old.
- Investments made under the Sukanya Samriddhi Scheme are exempt from income tax under section 80C of the Income Tax Act, 1961.
- To open the Sukanya Samriddhi Account, the birth certificate is a mandatory document.
- Sukanya Samriddhi Scheme can be availed for any girl child who is 10 years old or less.
- The maturity period of the account is 21 years from the date of opening the account.
- Payment towards this scheme needs to be made for 14 years. After that, the benefits continue to accrue until the 21st year of the policy.
- The maximum amount that can be deposited in an account, under this scheme is Rs.1, 50,000.
- The account is opened at any post office or bank.
- The Sukanya Samriddhi scheme is a transferable deposit scheme and as such, it can be transferred from one authorized bank to another and from post office to any authorized bank and vice versa.
- Sukanya Samriddhi Account can be closed only when the girl child attains 21 years of age. If the account is not closed and the money is not withdrawn even after the child turns 21 then the account continues to earn interest.
Sukanya Samriddhi Scheme Application Form
One is required to fill personal details like name, age, and address in the application form. Make sure you fill all the details carefully otherwise they would have to be rectified later. The form can be found on the websites of authorized banks and post offices. Whereas if you don’t wish to apply online then form in available as a hard copy in banks and post offices.
List of Authorized Banks for Sukanya Samriddhi Scheme
- Allahabad Bank
- Andhra Bank
- Axis Bank
- Bank of Baroda (BoB)
- Bank of India (BoI)
- Bank of Maharashtra (BoM)
- Canara Bank
- Central Bank of India (CBI)
- Corporation Bank
- Dena Bank
- ICICI Bank
- IDBI Bank
- Indian Bank
- Indian Overseas Bank (IOB)
- Oriental Bank of Commerce (OBC)
- Punjab National Bank (PNB)
- Punjab & Sind Bank (PSB)
- Syndicate Bank
- UCO Bank
- Union Bank of India
- United Bank of India
- Vijaya Bank
- State Bank of India (SBI)
- State Bank of Patiala (SBP)
- State Bank of Bikaner & Jaipur (SBBJ)
- State Bank of Travancore (SBT)
- State Bank of Hyderabad (SBH)
- State Bank of Mysore (SBM)
Documents Required to Open Sukanya Samriddhi Account
- Sukanya Samriddhi Account Opening Form
- Birth Certificate of girl child (Account Beneficiary)
- Identity Proof of depositor (Parent or legal guardian)
- PAN card, Ration card, Driving License, Passport
- Address Proof of depositor (Parent or legal guardian)
- Passport, Ration Card, Electricity Bill, Telephone Bill, Driving License
Penalty under the Sukanya Samriddhi Scheme
If minimum Rs 1000/- is not deposited in a financial year, the account will be considered as ‘Account under default’ and can be revived with a penalty of Rs 50/- per year with minimum amount required for a deposit for that year.
In case an ‘Account under default’ is not revived for 15 years from the date of opening it, then all deposits in such an account, including those before the date of default, will earn interest at the rate prescribed for post office saving bank at the time of maturity.