Sukanya Samriddhi Yojana Account: Saving Scheme For Girl Child

Sukanya Samriddhi Yojana

Sukanya samriddhi Yojana Account

Literally, Girl Child Prosperity Account or Sukanya Samriddhi Yojana is a savings scheme introduced by the Government of India for the parents of a girl child. The scheme helps the parents to save money for the future use like education and marriage expenses for their girl child. This sterling investment scheme is under the Beti Bachao, Beti Padhao campaign.

Prime minister Narendra Modi launched this scheme on 22nd January 2015. This scheme has been slashed by 0.1% on 2016-17 for the October-December quarter.The account can be opened in any Indian branch of commercial banks like Axis bank or post office. You can also pay your premium via Axis bank credit card, Debit card or cash. The interest rate for the financial year 2016-2017 is 8.5%.

Sukanya Samriddhi Yojana

Sukanya Samriddhi Yojana; Eligibility and other norms

According to the Sukanya Samridhi Yojana, the account holder must have the below eligibility and follow the norms.

  • Parents with a girl child are eligible.
  • The girl must be an Indian Citizen.
  • The account can be opened only at the age of 10 or more.
  • One account is permitted per girl child.
  • The Sukanya Samriddhi account can be transferred to anywhere in India.
  • Annually an amount of 1000 in INR must be deposited.
  • Maximum one can deposit annually is Rs. 150,000.
  • No limit on the number of deposit in a month or in a year.
  • If the minimum deposit is not paid per year than an amount of Rs. 50 will be restored.
  • At the age of 18, the girl can withdraw 50% of the money from the account for higher education.
  • If after 21 years of account opening the account is not closed then the account will continue to earn interest at prevailing rate.
  • The normal closure is allowed if the girl is 18 and married.

Sukanya Samriddhi Yojana Closure Norms on Maturity:

  • The account holder has to close the account after 21 years of the account opening. If not then the normal interest rate will be given considering it as a savings account.
  • Premature closing is granted in case the girl is married or has attained 18 age of years on the date of marriage.
  • The matured money along with the interest will be handed over to the account holder on submission of her identity, residence and citizen’s proof.

Sukanya Samriddhi Scheme

Sukanya Samridhi Yojana Account Transfer Rules:

  • The account can be transferred to any account in India.
  • The account holder can transfer the account from any post office to an Indian branch of a commercial bank or from bank to bank or from post office to another post office.
  • While transferring the account holder need to submit documents regarding the shifting of the residence.
  • The transfer can be done free of cost. Or one can pay 100 rupees without furnishing document and get it transferred where ever she wants.
  • It can also be transferred electronically from one bank to other if the account holder has access to the facility of CBS.

After launching Sukanya Samriddhi Yojana within 2 months, by the middle of march 2015, 1,80,000 accounts had been opened. Andhra Pradesh, Karnataka and Tamil Nadu continuously reported the highest number of account openings. The number of new accounts until October 2015 under this scheme was around 76, 19000 across India. And the amount deposited in this account for the female children was near about Rs. 28.38 billion. Certainly, the impact is a huge one. For more information and updates visit fsi.org.in regularly. if you have any query then write your query in the below comment box.

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