New Delhi, Business Desk. PM Narendra Modi started Sukanya Samriddhi Yojana on 22 January 2015 with the aim of improving the future of daughters. It is a savings scheme, under which returns are given at an interest rate of more than 7 percent. There is a lot of benefit of this investment when the daughter becomes an adult. The money received from this can be used for all other important and big expenses from his marriage.

Rate of interest

Sukanya Samriddhi Yojana account earns an annual interest of 7.6%. Interest is calculated on the lowest amount remaining in the account between the end of the fifth day of the calendar month and the end of the month. Interest is credited to the account at the end of every financial year. The interest earned on Sukanya Samriddhi Yojana is tax free under the Income Tax Act.

Who can open Sukanya Samriddhi Yojana Account?

Sukanya Samriddhi Yojana account can be opened in the name of girl child below 10 years of age by her guardian. Only one account can be opened in the name of a girl child in any post office or bank in the country. The account can be opened for a maximum of two girl children in a family. However, in case of birth of twin/triple girl child, more than two accounts are also allowed to be opened.

Rules for deposit in Sukanya Samriddhi Yojana account

Sukanya Samriddhi Yojana account can be opened by depositing a minimum of Rs.250. A minimum of Rs 250 and a maximum of Rs 1.50 lakh (in multiples of Rs 50) can be deposited in a financial year. This money can be deposited in any number of installments, or even in lump sum. The amount deposited in this is deductible under section 80C of the Income Tax Act.

other essentials

To open a Sukanya Samriddhi Yojana account, the birth certificate of the beneficiary and the address proof and ID proof of his guardian or parents are required. This account can be opened in any post office or bank. The duration of the scheme can be till the girl child attains the age of 21 years or till the time of her marriage after the age of 18 years. In both these situations, the entire amount can be withdrawn from the scheme.

Edited By: Lakshya Kumar