The Sukanya Samriddhi girl child savings scheme is a government-backed savings scheme specifically designed for the benefit of the girl child in India. It was launched in 2015 as part of the “Beti Bachao Beti Padhao” (Save the Daughter, Educate the Daughter) campaign, with the aim of promoting the welfare of girls and addressing the issue of declining child sex ratios in India.
The Sukanya Samriddhi scheme allows parents or guardians to open an account in the name of a girl child who is below the age of 10. The account can be opened at any designated post office or at selected banks in India. A maximum of two accounts can be opened per family, and only one account can be opened in the name of a single girl child.
The minimum deposit required to open a Sukanya Samriddhi account is INR 250, with no maximum limit on the amount that can be deposited. Deposits can be made in cash, by check or through electronic transfer. Deposits can be made at any time during the year, and there is no limit on the number of deposits that can be made. The deposits made into the account are eligible for tax benefits under Section 80C of the Income Tax Act.
The Sukanya Samriddhi account has a maturity period of 21 years from the date of opening the account, or until the girl child reaches the age of marriage, whichever is earlier. After the maturity of the account, the deposits and accrued interest can be withdrawn by the account holder.
The interest rate for the Sukanya Samriddhi scheme is determined by the government and is revised periodically. The current interest rate is 7.6% per annum, which is calculated on a quarterly basis and credited to the account annually. The interest earned on the account is tax-free.
One of the main features of the Sukanya Samriddhi scheme is that it offers a high degree of flexibility in terms of deposit frequency and amount. Deposits can be made as frequently as desired, and there is no minimum or maximum limit on the amount that can be deposited. This allows parents or guardians to make deposits according to their financial capabilities and the needs of the girl child.
In addition to providing a means of savings for the girl child, the Sukanya Samriddhi scheme also promotes financial literacy and the importance of saving for the future. It encourages parents or guardians to start saving for the education and marriage expenses of their daughter at an early age, and helps to inculcate a culture of saving and financial planning among the younger generation.
The Sukanya Samriddhi scheme has been well received by the public, with a large number of accounts being opened across the country. As of 2021, more than 56 million accounts had been opened under the scheme, with deposits totaling over INR 1.3 trillion.
Overall, the Sukanya Samriddhi girl child savings scheme is a valuable tool for parents and guardians looking to secure the financial future of their daughter. It offers a combination of tax benefits, flexibility, and a high rate of return, making it an attractive option for saving and planning for the education and marriage expenses of the girl child.