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  • Writer's pictureShruti GOCHHWAL

Know Everything About Sukanya Samriddhi Yojana Here

The plight of a girl child in India remains unknown to no one. Often they are not provided with adequate opportunities to live their life in the way they want by acquiring education and even basic amenities. Although India has come a long way from the time when women’s rights were marginalised, yet the situation still has scope for much improvement.

To empower women and eliminate discrimination against girl child the government of India launched a popular Beti Bachao Beti Padhao campaign on January 2015. Sukanya Samriddhi Yojana is a scheme that comes under this campaign. By being aware of this scheme, parents can create a good future for their girl child.

What Is Sukanya Samriddhi Yojana Scheme?

girl child schemes

A girl studying, Credit: Pixabay

It is a deposit scheme for girl child that is initiated as part of the ‘Bet Bachao Beti Badai’ campaign. Under section 80 C of the Income Tax Act 1961, it provides income tax benefits to the users of this scheme.

sukanya samriddhi account scheme enables you to open its account after the birth of your girl child till she attains the age of 10. You need to deposit Rs. 250 to open the account and it can be opened in any authorised branches of commercial banks or any post office. After its opening date, the account will stay in operation for a time period of 21 years. You can half of the account balance in order to meet the needs of higher education of the girl after she crosses the age of 18.

Sukanya Samriddhi Yojana Details

sukanya samriddhi yojana

A girl in school, Credit: Pixabay

You need to be the parent or guardian of the girl to open an account under this scheme and you cannot open more than one account for the same girl. You can open the account by availing the sukanya samriddhi yojana form from your nearby bank or post office.The birth certificate of the girl should be submitted by you at the time of account creation in the bank along with your identity and residence proof. The initial deposit of Rs. 250 is essential for opening an account, subsequently Rs. 100 can be deposited.

You can deposit in cash, cheque, or demand draft. Irrespective of the instrument used, there should be an endorsement on the back of it which should be signed by the depositor. It should show the name of the account holder as well as the account number in which the money is to be credited. You can also make deposits through E-transfers in the banks, provided there is the availability of core banking solutions in those institutions.

The interest rates are fixed on a quarterly basis according to the G-sec yields. The guardian or parent of the child can operate the sukanya samriddhi yojana account till the girl acquires the age of 10 years.after it, the child can operate the account herself.

Can the Sukanya Samriddhi Yojana Account Be Prematurely Closed?

account closing

Picture showing account closing, Credit: Pixabay

This account can be prematurely closed only in the event of two circumstances:

  1. Death of the account holder, in which case the account will be closed upon the providing of death certificate.

  2. Another provision for account closing can be availed after a period of 5 years since the opening of the account.

The account can also be easily transferred anywhere within India if the girl child happens to shift from her earlier place of residence. She just needs to present a proof of her new residence and the transfer will be done free of cost.

People should make themselves aware of such schemes that can impact the future of their child positively. It is the duty of educated individuals like us to spread awareness and knowledge regarding it and make India a place where girls are at par with the boys in every sphere of life.

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