Sukanya Samriddi Account which was earlier this year launched by Prime Minister, Narendra Modi as part of the launch of ‘Beti Bachao, Beti Padhao' campaign has met with good enquiries, though many individuals say that banks have to yet get notification as regards its opening.
Sukanya Samriddhi Account to be opened in the name of a girl child any time from her birth till she attains the age of 10 years with a minimum deposit of Rs. 1000.
If they fail to deposit the minimum amount, fine would be charged of Rs 50 each year.
The account can be transferred anywhere in India, incase the girl child has moved to another city, which is a big plus of the account.
The account can be opened in any post office or authorized branches of commercial banks across the country by producing birth certificate of the girl child. The account will remain operative for 21 years from the date of opening of account or marriage of the girl child after attaining 18 years of age whichever is earlier.
The account will fetch higher rate of interest at 9.1 per cent on the deposit. The maximum amount which can be deposited in the account is Rs 1,50,000 for a financial year.
This product is covered under 80C of Income Tax Act and interest earned from the investment is tax free as per Union Budget 2015-16 delivered by Finance Minister.
This is the second financial product which is liable for 80C benefit as well as tax free income apart from the Public Provident Fund.
This account can be opened at post offices and commercial banks. Most of the commercial banks particularly the PSU banks will enable you to open this account, though some of them say they have not received details of the scheme so far.
The interest rate of 9.1 per cent is pretty good compared to other instruments such as tax saving fixed deposits and provident fund account.
However, the lock in period is a big limitaion as partial closure is allowed only when the girl child attains the age of 18.