This scheme is the one of the most popular schemes launched by Prime Minister NarendraModi aimed at betterment of girl child in the country .Ithas been launched to offer a means of saving of girl child in every family .The money saved via this scheme is to provide for higher education of girl and for her wedding expenses. The scheme has been accepted very well by the public since this is a great step towards providing financial security and financial dependence to women.In country like India Gender inequality is the most pressing problem so this scheme came as a great step .
The scheme will help girls achieve financial independence and help them have money at hand for higher education as well as wedding expenses. One of the most unique features of the scheme is that SukanyaSamriddhi deposit amount can only be withdrawn by the girl child and not even the depositor (parent or guardian) is allowed to withdraw money on behalf of the girl.
However financial experts have debated the relevance and benefits of this scheme from the time of launch One of the most commendable steps taken with respect to SukanyaSamriddhi scheme is the choice of banks and post offices as promoters and facilitato ₹ Banks, especially public sector banks as well as post offices in India have one of the highest penetration in terms of covering the rural and urban locations.
Several benefits of this Scheme includes Attractive rate of interest of 8.6% per annum which is more than that offered by most other schemes in the MARKET. This rate is to be revised by the Finance Ministry every year in the month of April. Last year the interest rate was as high as 9.2%. Any changes related to rate will then be communicated to the account holde ₹
INVESTMENTSmade under the SukanyaSamriddhi Scheme are exempt from income tax under section 80C of the Income Tax Act, 1961
Once the girl child attains the age of 18 years, partial withdrawals on account of marriage or higher studies are allowed
The account can be opened by the parent or guardian of the girl child and can be operated on her behalf until she reaches the age of 18
SukanyaSamriddhi Scheme can be availed for any girl child who is 10 years old or less
Birth certificate of the girl child is the main document that is required to open the SukanyaSamriddhi Account
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 yea ₹ 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 ₹ 1,50,000
This scheme can be opened at any of the authorized banks or at any post office
The SukanyaSamriddhi 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
Only one SukanyaSamriddhi Account can be availed in the name of one girl child. Multiple accounts are not allowed and if found are liable to hefty penalty.
Up to 50% of the deposit amount can be prematurely withdrawn once the girl reaches the age of 18 years
A penalty fee of ₹ 50 is levied in case the account is not credited with the relevant amount by the due date
SukanyaSamriddhi 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