What is Sukanya Samriddhi yojana, its Eligibility and Account Opening Process

In the modern era, traditional thinking of saving money for girls' marriage has come to an end. Now, people save for their girls' bright future and career. Government of india's sukanya samridhi yojana as a part of Beti Bacho Beti Padhao Abhiyan is a step to encourage parents to save for their girl child's bright future it is a small deposit scheme for a girl child with income tax benefit and tax-free return. Here is all you need to know about sukanya samridhi yojana.

What is sukanya samriddhi yojana?

A scheme launched by the government of India under beti bachao beti padhao campaign for girl children to encourage savings for their future financial needs. A small deposit scheme in which you can make regular deposits and earn interest.

Eligibility for opening an account

• This account can be opened only for a girl child
• At the time of opening an account the birth certificate has to be submittedIdentity and address proof of parents or legal guardians has to be submitted.
• This account can be opened after the birth of a girl child till she turns 10.
• Biological parents or a legal guardian can only open the account under the name of the girl.
• The account remains open for around 21 years until the girl gets married after 18.

Minimum amount to be deposited

A minimum amount of rupees 250 has to be deposited for keeping the account active in a year. The maximum amount that can be deposited is rupees 1.5 lakh upto 15 years from the account opening date.

Documents required for opening an account

• Birth certificate of the girl child
• Photo Id of parents or guardian
• Address proof
• Other documents like PAN, Aadhaar, etc

How to open sukanya samriddhi account

• Fill the account opening form with all the details like account holder and joint holder name.
• Attach the required documents along with the photographs
• Deposit the initial amount between 250- 1.5 lakh

Tax benefits

Sukanya samridhi yojana comes with tax benefits. In this scheme, the principal, interest,maturity amount all of them are tax- free.

Sukanya smridhi yojana interest rates

Interest rates for this scheme are fixed by the government on a quarterly basis as it is a small saving scheme.

Maturity period of the scheme

The scheme remains open until the girl turns 21 years of age. It can mature if the girl gets married after 18 years of age. Deposits are required to be made for 15 years after that account remains open even if no deposits are made.