The government takes a big decision regarding Sukanya Samriddhi Yojana. The government has introduced a savings initiative called Sukanya Samriddhi, aimed at ensuring a secure future for girls in the country. This program offers attractive interest rates, which are updated every three months. Recently, the government announced the interest rate for the January-March quarter.
Launched in 2015 as part of the ‘Beti Bachao, Beti Padhao’ campaign, this initiative encourages parents to save for their daughters, promoting their financial security. The interest rate for this scheme has been set at 8.2% for the period from January to March 2025, maintaining the same rate as the previous quarter (October-December 2024).
Key Features of the Scheme
Under the Sukanya Samriddhi Yojana, a minimum annual deposit of 250 rupees is required. Failure to make this deposit will result in account closure. To reactivate the account, one must pay the missed installment of 250 rupees along with a penalty of 50 rupees. The account remains active for 21 years or until the daughter gets married. Once she turns 18, up to 50% of the funds can be withdrawn for her education.
Tax and Interest Advantages
This scheme offers an interest rate of 8.2%, which is the highest among small savings options. It also provides significant tax benefits, as the deposits, interest earned, and maturity amount are all exempt from taxes.
Documents Needed to Open an Account
To set up a Sukanya Samriddhi account, you will need to submit the girl’s birth certificate, along with the parents’ identification and address proof. The account remains operational for 14 years, allowing for deposits during this time. Even if no deposits are made in a year, the account can be reactivated within 15 years.
