As a gift to daughters of India, Narendra Modi led government has reduced the minimum deposit amount under Sukanya Samriddhi Yojana also referred as small savings account. In accordance with the latest reports it is suggested that the government has reduced the minimum annual deposit amount requirement under the scheme from Rs. 1000 to just Rs. 250. This relaxation is likely to benefit more number of girls who will be able to capitalize on the saving scheme.
The scheme launched in 2015 exclusively for a girl child had been a great success as per remarks of the Finance Minister Arun Jaitley. In the Union Budget FY19, he highlighted that more than 1.26 crore accounts were opened under the Sukanya Samriddhi scheme that amounts to a saving corpus of Rs. 19,183 crore.
The SSY scheme is an initiative for the prosperity of a girl child under the aegis of the government's Beti Bachao Beti padhao campaign. The scheme aims to provide and promote right to education amongst girl child and also provide for their marriage related expenses.
Sukanya Samriddhi Yojana Features:
The account under the scheme can be opened in the name of the girl child till she attains 10 years of age
Interest rate on this savings scheme is revised quarterly based on yield on 10-year government bonds and is currently 8.1%
Interest would be calculated on the 10th day of every month. It was earlier calculated on every 5th day of the month
After maturity of the account, there will be no interest earnings on it
The account can be opened at any of the authorized bank or Post office
Full or 100% withdrawal is allowed after the girl child attains 18 years of age. Earlier it was not so. Also partial withdrawal can be made for education of the child after she has passed 10th class or attained 18 years of age.
There is a limit in respect of the maximum amount that can be deposited under the scheme annually of Rs. 1.5 lakh.
The account needs to be opened with a sum of Rs. 1000 and thereafter multiple of Rs 100 can be deposited. At the time of opening the SSY account, you will need birth certificate of the girl child.
You have to pay towards the scheme for 14 years. The Sukanya Samriddhi account matures after 21 years of account opening date.
The account is transferrable all across the country from a bank or post office to others.