The Indian government has taken great initiatives to help girls and children achieve empowerment. One of the most popular schemes by the Indian Government meant to empower girl children is ‘Beti Bachao Beti Padhao’. Under this campaign, the Sukanya Samriddhi scheme is specifically designed for the girl child. Investing in this scheme will ensure the parents and the legal guardians get financial security for the girl child who is ten years and below. In this article, we will be sharing everything that you need to know about the scheme, so keep reading till the end!
What is Sukanya Samriddhi?
Before we give you all the details about the Sukanya Samriddhi, let me tell you briefly about it. The Yojana is a scheme developed by the Indian government that is aimed at bettering the lives of girls and children in India. The scheme is primarily launched in helping parents to build a fund for higher education as well as other expenses of a girl child. This scheme is an active initiative by the Government of India to empower as well as strengthen the girl child.
In this scheme the parents or the legal guardian can regularly invest for creating a sufficient amount as the years pass by. This fund can later be used for meeting the life goals of the girl child. If you have aware about the government schemes, then this is one of the many government schemes like the ‘Dhanlakshmi Scheme’ and ‘Ladli Scheme’ which are launched to empower the girl child in India.
Now that you have got a good understanding about the Yojana. Head to the next section of the article to know about the way this scheme works.
How does Sukanya Samriddhi Yojana Work?
If you are looking to invest in this scheme, then let me tell you that parents can actively invest in this scheme with a minimum of ₹250 and up to ₹1,50,000 every year into your daughter’s account, which will be made under the Yojana. It is important to keep in mind that these deposits can be made only for the first 15 years after opening the account. After that, the funds in the account will grow from the accumulated compound interest. This accumulated amount will be helpful for your daughter in higher education and also can help her further in life as well.
Head to the next section of the article to learn about the eligibility criteria for Sukanya Samriddhi Yojana.
What are Sukanya Samriddhi’s eligibility criteria?
In this section, we will be delving into the eligibility criteria that you must keep in mind if you are looking to invest in the Yojana. Here are the eligibility criteria for investing in the Sukanya Samriddhi Scheme:
- The scheme is easily accessible to all, and hence, you can open an account at any of the post offices.
- If you are looking to invest in the scheme, you need to be the parent or the legal guardian of the child.
- The girl child must be under ten years of age at the time of account opening. This account will be operational till the child turns 21 years of age.
- You cannot have numerous Sukanya Samriddhi Yojana accounts. Only one account per child is allowed.
- The opening investment in the account can begin from ₹250 and a limit of ₹1,50,000 yearly, along with the ongoing deposit in the products of ₹100.
- There are only two Sukanya Samriddhi Scheme accounts which are permitted per family.
Why Choose the Sukanya Samriddhi Scheme?
If you are wondering why you must choose the Sukanya Samriddhi Scheme for your child, then here are some of the benefits of using the Sukanya Samriddhi Scheme:
- You can significantly save on taxes. When you invest in your daughter’s Sukanya Samriddhi account, it will be eligible for tax deductions under Section 80C of the Income Tax Act 1961, and you can claim tax deductions up to Rs 1.5 lakh invested in the scheme. You will also be getting the tax saving benefit on the interest earned and the amount that will be received upon maturity or the withdrawals.
- Another significant benefit of the Sukanya Samriddhi Scheme is that you will be getting high interest. The Sukanya Samriddhi account will provide higher interest rates than other saving plans and will offer financial security for the girl child. Every financial year, the government declares the applicable interest rate for that year, and the interest on the investment is compounded yearly.
- There is another benefit of the Sukanya Samriddhi Scheme: you will be getting guaranteed maturity benefits. Upon the maturity of the amount, you will be getting an account balance under the Sukanya Samriddhi account, which will include the accumulated interest. You can pay this directly to the girl child. This scheme helps make your daughter financially independent and empowered, which will help her mature enough to make her own life decisions.
Now, let us have a look at some of the key features of the Sukanya Samriddhi Scheme. Head to the next section of the article to decode the amazing features of this scheme
Key Features of the Sukanya Samriddhi Scheme
Here are some of the key features of the Sukanya Samriddhi scheme:
- The parent or the legal guardian of the child will have the benefit of opening a Sukanya Samriddhi account with a minimum investment of Rs 250 (Initial Deposit), and the maximum deposit will be Rs 1,50,000
- The Sukanya Samriddhi account will be getting good reap for the girl child after 21 years. If you are opening the Sukanya Samriddhi account, you need to invest for at least 15 years.
- When the parent or the legal guardian opens the Sukanya Samriddhi account, the account will be handled by the parents of the girl child, and the girl can take control of the account once they turn 18 years of age.
- Different payment methods are convenient for investing in the Sukanya Samriddhi scheme. The parents will be getting different options like investing through demand draft, cash, cheque, and online transfer/ NEFT.
What are the Documents Required to Open Sukanya Samriddhi Scheme?
Here are the documents that are required to open a Sukanya Samriddhi scheme account:
- Form SSA-1
- Any other documents requested by the bank or post office
- PAN/AADHAAR of the Parent/Guardian
- Birth Certificate of the girl child
- SSY account opening form
- Medical certificate if multiple children are born under one order of birth
How do you open a Sukanya Samriddhi Scheme account?
Here are the steps that you need to open the Sukanya Samriddhi account:
- Firstly, you need to visit your nearest bank
- Then, you need to fill out the application form for the Sukanya Samriddhi scheme. This is known as the FORM SSA-1, and you will be getting the form from the bank or post office that you will be visiting.
- Then, you need to download the form, and you need to fill it out beforehand.
- Once done, you will need to submit the documents we provided in the previous section.
- Once done, then you need to pay your first deposit and you can deposit a minimum of ₹250 up to 1.5 lakhs.
Conclusion
The Sukanya Samriddhi scheme is a great scheme when it comes to empowering the girl child and the scheme will be helping the girl child having a good future. That’s all folks. I hope the article will help you to get all the information you need.
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