Sukanya Samriddhi Yojana

Sukanya Samriddhi Yojana scheme details such as benefits , required documents and eligibility are explained here . Sukanya Samriddhi Yojana balance check and pass book payment details , lists of bank providing are mentioned below . Yo can download all Sukanya Samriddhi Yojana form here .

What is Sukanya Samriddhi Yojana Account Scheme

• Minimum deposit ₹ 250/- Maximum deposit ₹ 1.5 Lakh in a financial year.
• Account can be opened in the name of a girl child till she attains the age of 10 years.
• Only one account can be opened in the name of a girl child.
• Account can be opened in Post offices and in authorized banks.
• Withdrawal shall be allowed for the purpose of higher education of the Account holder to meet education expenses.
• The account can be prematurely closed in case of marriage of girl child after her attaining the age of 18 years.
• The account can be transferred anywhere in India from one Post office/Bank to another.
• The account shall mature on completion of a period of 21 years from the date of opening of account.
• Deposit qualifies for deduction under Sec.80-C of I.T.Act.
• Interest earned in the account is free from Income Tax under Section -10 of I.T.Act.

Benefits of Sukanya Samriddhi Yojana Account

Opening a Sukanya Samriddhi Yojana Account can be beneficial for all parties involved, with some of the benefits highlighted below.

• Easy to open – This account can be opened by the parent/legal guardian of a girl child without ant hassles. Simple documentation and paperwork make it a seamless affair.
• Low deposit amount – This account can be opened with a minimum deposit of Rs 250 with an option to increase it in multiples of Rs 100. This low amount ensures that maintaining this account is not financially taxing on the family. A maximum deposit amount of Rs 1,50,000 per year is permitted under this scheme.

• High Interest – This account earns an interest of 7.6% per annum. This interest is compounded and credited annually, building a corpus of funds at maturity.
• Flexible deposit modes – Deposits towards this account can be made either in the form of cash, cheque or demand draft.
• Account operation – The girl child under whose name an account is opened can choose to operate it once she attains the age of 10 years, giving her freedom to choose for herself.
• Tax exemption – Deposits made towards this scheme are eligible for tax deduction under Section 80C of the Income Tax Act, making them a great tax saving avenue. The interest earned and the amount paid at maturity are also tax-free, ensuring that the girl child has the full amount at her disposal.

• Payment only to girl child – As per the provisions of this scheme, the maturity amount will be paid only to the girl child under whose name an account is opened. This ensures that the money can be used by the girl accordingly, ensuring that no one else usurps this money.
• Premature withdrawal – A girl child can choose to withdraw a portion of the amount when she turns 18 years old. This amount can be used for higher studies or towards marriage preparations.
• Easy revival – An inactive account can be revived by paying a fee of Rs 50 plus the minimum deposit for that term.
• Additional interest – An account will continue to accrue interest even after maturity, till the date it is officially closed.
• Transfer – An account can be transferred to any authorized post office or bank in the country, ensuring that relocation has no impact on the future of the girl child.

Documents required for Sukanya Samriddhi Yojana Account

Individuals who wish to open a Sukanya Samriddhi Yojana Account for their daughter need to submit the following documents.

• Birth certificate – The parents/legal guardian should provide proof of birth of girl child to the relevant authorities. This birth certificate can be obtained from the hospital where the child was born or through government agencies. In case the birth certificate cannot be obtained, a certificate of domicile issued by government officials will be needed. If this certificate cannot be obtained, one could get a certificate of the date of birth from the principal of the school in which the girl studies.
• Address proof of parents/legal guardian – The parents/legal guardian who wish to open this account on behalf of a girl child are expected to furnish proof of their residence before an account can be opened. This address proof could be any valid government approved ID card like passport, driving license, ration card, electricity/telephone bill, etc.
• Identity proof of parents/legal guardian – The parents/legal guardians who intend to open a Sukanya Samriddhi Account for their daughter should present a valid ID proof in order to process the application. This could be any government issued ID card like driving license, passport, Aadhar card, voter ID card, etc.

It is important for the birth certificate to have the correct name of the girl child as this document makes her eligible to withdraw the money on maturity and discrepancies in certain details could cause delays and complications in the future. The bank will issue a passbook containing details about the girl child. This passbook needs to be updated everytime a deposit is made and is required at the time of withdrawal.