Sukanya Samriddhi Yojana: Many parents in India worry about how to fund their daughter’s marriage and higher education in this era of inflation. If you want to be free from this worry, this news is for you. To help meet the expenses of daughters’ education and marriage, the central government introduced a scheme in 2015 called the Sukanya Samriddhi Yojana. Let’s learn how you can open a Sukanya Samriddhi Yojana account and what its benefits are.
How to Open a Sukanya Samriddhi Account
A Sukanya Samriddhi Account can be opened at any post office or bank. You can open the account at your daughter’s birth or until she turns 10 years old. At the time of opening, a minimum deposit of ₹1,000 and a maximum of ₹1.5 lakh per year is required. Only one account can be opened in the name of a daughter, but if there are two daughters in the family, an account can be opened for both. If there are twins, a third account can be opened with the necessary certificate.
The account is transferable to any location in India.
Account Management
The account can be managed by the guardian until the daughter reaches 10 years of age. After this, the daughter herself can carry out transactions in the account.
Deposit Requirements and Penalties
You need to deposit money into the account for at least 14 years from the account’s opening date. If the minimum amount is not deposited, a penalty of ₹50 will be charged along with the minimum amount. The account matures after 21 years.
When Can You Withdraw Money?
You can withdraw up to 50% of the total deposit when your daughter turns 18. This can be used for her education or marriage. The total amount (deposit + interest) can be withdrawn when the account reaches 21 years. If the daughter gets married before the age of 21, the account will no longer be operational.
Benefits of Sukanya Samriddhi Yojana
- High Interest Rate: The scheme offers an interest rate of 9.2%.
- Tax Exemption: Income tax will not be deducted on the scheme’s amount.
- Education and Marriage Fund: It secures funds for your daughter’s education and marriage expenses.
- Affordable: The scheme comes with a low penalty for late payments.
How Much Will You Receive?
If you open a Sukanya Samriddhi Yojana account when your daughter is one year old and deposit ₹1.5 lakh every year, after she turns 21, you will receive about ₹70 lakh. Of this, ₹22.5 lakh will be the amount you deposited, and ₹46.77 lakh will be earned as interest. Additionally, there is no tax on the total amount received.