Sukanya Samriddhi Yojana Scheme is one type of saving scheme launched by the Government of India exclusively for the girl child. As per the scheme, a parent/ local guardian can open an account in the name of their girl’s child until she attains the age of ten years. The scheme has encouraged the parents to make a fund for the future of their girl child. The Sukanya Samriddhi Yojana is a part of “Beti Bachao – Beti Padhao”.
The scheme is beneficial for creating the girl’s future bright. The Indian Government has taken a good step to save girls. Here we discuss the Sukanya Samriddhi Yojana Scheme, its benefits and other related information. Check once the article, for more updates about this Yojana.
Sukanya Samriddhi Yojana Scheme
- 1 Sukanya Samriddhi Yojana Scheme
- 1.1 Sukanya Samriddhi Yojana Scheme Account
- 1.2 Sukanya Samriddhi Yojana Scheme Details
- 1.3 Sukanya Samriddhi Yojana Scheme Benefits
- 1.4 How To Open Account In Sukanya Samriddhi Yojana Scheme?
- 1.5 Sukanya Samriddhi Yojana Scheme Eligibility
- 1.6 Documents Needed To Apply for Sukanya Samriddhi Yojana
- 1.7 Interest Rate of the Sukanya Samriddhi Scheme
- 1.8 Tax Rules For Sukanya Samriddhi Yojana Scheme
- 1.9 How To Check Sukanya Samriddhi Yojana Balance?
- 1.10 Sukanya Samriddhi Yojana Scheme Amount
- 1.11 Loan on Sukanya Samriddhi Scheme
- 1.12 Sukanya Samriddhi Yojana Amount Transfer
- 1.13 Download Sukanya Samriddhi Yojana Application Form
- 1.14 How To Fill Sukanya Samriddhi Yojana Form?
- 1.15 About Sukanya Samriddhi Yojana
- 1.16 Is Sukanya Samriddhi Yojana is tax-free or not?
Prime Minister Narendra Modi has launched the Sukanya Samriddhi Scheme on 22nd January 2015. The scheme is the part of BBB campaign. The yojana now provides an interest rate of 8.4% and tax benefits. The parents can open the Account at any Indian Post office or branches of authorised commercial banks.
The scheme is one type of saving scheme through the parents can save money for their girl child. When she matures, the parent/ guardian can use this saving money for their education or marriage. The Sukanya Samriddhi Yojana scheme application form is available in Indian banks or any commercial banks website.
Sukanya Samriddhi Yojana Scheme Account
The interested parents/guardian can download Sukanya Samriddhi Yojana Application Form from the official website of the banks. When the girl turns into 21 years, the parent/guardian can withdraw the saving money for their higher education or their marriage. Through the scheme, the mindset of the parent’s change.
Before coming to the scheme, the parent’s doesn’t want to have a girl child. But now the feticide has decreased in our country for the scheme. The government gave a change to the parent’s to save money for their girl child’s future. Now the parents can save their money for their baby girl’s future through the Sukanya Samriddhi Yojana scheme.
Sukanya Samriddhi Yojana Scheme Details
Here we have shared the details about the Sukanya Samriddhi by the table format. The candidate can quickly check the information on the scheme.
|Scheme Name||Sukanya Samriddhi Yojana|
|Announced in||22nd January 2015|
|Launched by||PM Narendra Modi|
|Aim||Savings for Girl Child|
Sukanya Samriddhi Yojana Scheme Benefits
The Sukanya Samriddhi is a part of Beti Bacho Beti Padho campaign. The main objective of the scheme is to save girls and save money for their future. The scheme is providing the parents/guardians with a range of benefits. Some key benefits have given below.
- The scheme is providing tax deduction benefits under section 80C up to Rs. 1.5 Lakh Annually.
- The candidate has a flexible investment option so that they can deposit a minimum amount of Rs.250 in a year.
- The Government of India will give the guaranty returns instrument.
- The scheme provides ling term investment, which also contains the benefits of compounding.
- The saving money can transfer from one country to another if it is needed.
- Through the Sukanya Samriddhi Yojana scheme, the parents can save money in the girl’s account for their better future.
- For the scheme, the feticide has decreased in our nation.
How To Open Account In Sukanya Samriddhi Yojana Scheme?
The parent/guardian has to open the Sukanya Samriddhi Account before the birth of the girl child. Under this Scheme, the parent has to deposit a minimum of Rs. 250/- in this girl’s account before the age of 10 years. The maximum amount of Rs. 1.5 Lakhs can be deposited by the parents annually.
When the girl becomes mature, the parents can break the account and withdraw all the saving money. The money will use for the girl’s higher education or their marriage. For opening a Sukanya Samriddhi Yojana Scheme Account, people have to go to the nearest government or commercial bank or its branches.
Sukanya Samriddhi Yojana Scheme Eligibility
The parent/guardian has to follow some eligibility conditions for open the Sukanya Samriddhi Yojana account for their gild child. Check the eligibilities
- The Sukanya Samriddhi Account can open the legal parents of the girl child.
- The account opens in the name of the Girl child.
- For a single girl child, multiple accounts are not valid.
- Each family can open the Sukanya Samriddhi account for two baby girls only.
- The parent and the Girl child must be an Indian citizen.
Documents Needed To Apply for Sukanya Samriddhi Yojana
The parents have to submit some essential documents for verification. After verification, the Sukanya Samriddhi Yojana Scheme account created. The documents are;
- The Residence Proof
- Sukanya Samriddhi opening form
- Government ID proof (Aadhaar card, voter ID, driving license, PAN card, etc.)
- Birth Certificate of the Girl child
- Photocopy of the girl child
- Girl Child’s Bank Account Details
Interest Rate of the Sukanya Samriddhi Scheme
The Sukanya Samriddhi Yojana interest rate in 2022 has decreased by month. From April to June 2019, the interest rate was 8.5%. But from July to September 2022 the interest rate is now 8.4%. The interest rate of this scheme is changed by the Government of India every quarterly. The people can check the interest of the scheme through the respective banks.
Tax Rules For Sukanya Samriddhi Yojana Scheme
The Sukanya Samriddhi designated as an EEE Investment, which means the principal invested, the interest earned, and the maturity account is tax-free. Under the taxation rules of the scheme the tax deduction benefits on the capital amount invested is up to Rs. 1.5 Lakh annually. The role is under the section of 80C of the income tax act 1961.
How To Check Sukanya Samriddhi Yojana Balance?
The parent/guardian, who is maintaining the Sukanya Samriddhi Yojana Scheme account, they can check their balance through the internet. Now everyone is using the internet baking or mobile banking process. After link the bank account details with the internet, the account holder can easily access the account. Also, the holder can check the balance through offline by the bank passbook.
After updates the bank passbook, the holder can check all records of the account. If the parent has created the account in the post office, then they can’t check their balance through online. They have to visit their branch and get the passbook updated to check the balance.
Sukanya Samriddhi Yojana Scheme Amount
To open the Sukanya Samriddhi Account, the parent has to deposit Rs. 250/- in girls account. They can collect a maximum of Rs. 1.50 Lakh in the financial year. Every year, the parents have to accumulate a minimum amount of up to 15 years. Therefore, the interest amount will deposit automatically in the account until maturity.
Loan on Sukanya Samriddhi Scheme
Under the government rules, the parent/guardian can take a loan based on the balance in Sukanya Samriddhi Yojana Scheme Account. The scheme is a tax saving scheme for the people. For Girl’s education, apparent can take loans from the bank or post office. But they have to clear the loan in their period; otherwise, the amount will deduct from the capital amount.
Sukanya Samriddhi Yojana Amount Transfer
The Sukanya Samriddhi Scheme has the opportunity that the scheme money can transfer from one branch to another branch. Also, the parent can transfer the funds from India to another country bank. To move the money, they have to fill the “Transfer Request Form” and submit it into the respective bank or post office.
Download Sukanya Samriddhi Yojana Application Form
The interested parent/guardian can download Sukanya Samriddhi Yojana application form from various sources. The sources are;
- From the Reserve Bank of India Website
- From Indian Post Website
- From every public sector bank’s website
- Also from the participating private sector bank websites
How To Fill Sukanya Samriddhi Yojana Form?
The candidates have to fill the Sukanya Samriddhi Yojana Scheme Form with correct details. From the behalf of the girl child, the parents/local guardians can create the account and deposit the money for her future. The parents have to submit the form after filling in the respective bank. For fill the form, you have to look the below instructions for your reference.
- Put the Girl child name
- Enter the Parent/Guardian account details
- Put the Initial deposit amount
- The DD number/Cheque date
- Birth Certificate date of the Girl child
- Parent’s ID details
- Put the present and permanent address
- Put all the details of any KYC documents
About Sukanya Samriddhi Yojana
Can I open the Sukanya Samriddhi Yojana account Online?
Yes, you can open the Sukanya Samriddhi account through online. From any authorized bank website or post office, we can collect the application form. For opening the account, you need some documents.
What is the maturity period for Sukanya Samriddhi?
The Sukanya Samriddhi account will mature when the girl child turns into 21 years. The account opened up when she was in 10 years old.
Is Sukanya Samriddhi Yojana is tax-free or not?
Yes, the Sukanya Samriddhi Yojana scheme is tax-free under the section 80C.
Can I reactivate the Sukanya Samriddhi Account?
Yes, to reactive the account you have to visit the post office or the respective bank branch with your old bank account details. Submit the request there and pay a minimum of Rs. 1000/- per year. The penalty cost is Rs. 50/-.
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