Betterment of the girl child in our nation is a matter of utmost independence. The changing face of India under Narendra Modi was marked by yet another scheme launched by him to empower the girl child. Sukanya Samriddhi Yojana is a financial savings scheme offered to all families to bear the basic expenses of the girl child, especially her education.
 |
| Sukanya Samriddhi Yojana |
Why Should You Invest In Sukanya Samriddhi Yojana
Gender equality and protection of women in the still orthodox parts of India is a pressing issue. Thus the financial independence of women is becoming much more important. Sukanya Samriddhi Yojana promises a bright future to every Indian girl child. For the unfortunate ones, this is a scheme that guarantees education and other basic expenses. Also, the scheme offers major benefits in terms of investment options, tax savings, and return policies. But, investing in Sukanya Samriddhi Yojana is not only to avail those extra benefit, but also to empower the female population of the country.
How To Open A Sukanya Samriddhi Account
The idea of Sukanya Samriddhi Yojana is to open an account for the girl child of your family. This has to be done at the corresponding bank or post office of your local area. Given below are the details of opening an account at the Bank or Post Office:
Opening an Account At Bank or Post Office
Since Post Offices are the most widespread network of accounts in our country, a Sukanya Samriddhi Account can be opened at any Post Office. Also, there are branches of few banks that are government authorized for allowing citizens to open a Sukanya Samriddhi Account. A form is available at the Post Offices and authorized bank branches that pertain to Sukanya Samriddhi Account initiation. After filling this form it has to be submitted along with the required documents to your corresponding bank or post office. The documents will then be verified and the form will be approved. Thus, the Sukanya Samriddhi Account can be opened in the name of the girl child. The account can be opened by the parents or legal guardians of the girl child, who are responsible for making the deposits towards the account.
Eligibility Criteria For Sukanya Samriddhi Account
There are certain eligibility criterions governing the opening of an account under the Sukanya Samriddhi Yojana. They are as follows:
- A Sukanya Samriddhi Account can be opened in the name of a maximum of two girl children of the family. In the case of twins, the Yojana can be extended to a third child.
- The scheme has to be availed any time before the girl child reaches an age of 10 years.
- Withdrawal can be made from the account only after it has been valid for a minimum of 14 years.
Documents Required To Open An Account Under Sukanya Samriddhi Yojana
The list of documents stated below is the mandatory documentation required by the banks or post office to commence a Sukanya Samriddhi Account.
- The filled application form for opening the account.
- Birth Certificate of the girl child in whose name the account is being opened.
- ID Proof and Address Proof of the parents or legal guardian who are opening the account to make the required deposits.
Rate Of Interest For Sukanya Samriddhi Yojana
The deposits made in Sukanya Samriddhi Scheme are subject to producing good interest rates. As of the current financial year 2016-2017 the interest rate offered if 8.6% per annum. When the scheme first started in the financial year 2015-2016, the rate of interest was 9.1%.
Tax Benefits On Investing In Sukanya Samriddhi Yojana
The parents or legal guardians who are the depositors of the Sukanya Samriddhi Account opened in the name of their girl child can avail tax benefits. The benefit is a tax deduction of up to INR 1.5 Lakhs under Section 80C of the Income Tax Act. But any amount deposited over 1.5 lakhs is not liable to any deductions.
Withdrawal Policy For Sukanya Samriddhi Account
There are certain rules pertaining to withdrawal of funds from the Sukanya Samriddhi Account or permanent closure of the account. Given below are the details:
- When the girl child attains an age of 21 years, complete withdrawal can be made from the Sukanya Samriddhi Account. No complete withdrawal is allowed before that.
- There is a provision for partial withdrawal of funds (50%) when the girl child has reached 18 years of age. But this partial withdrawal is subject to providing a reason that is urgent in nature.
- Complete account closure is possible when the girl child is 21 years.
All the withdrawals that are made from the account must be solely in the name of the girl child.
Post a Comment