• Attractive interest rate of 8.4%, that is fully exempt from tax under section 80C.
  • Minimum Rs. 1,000 can be invested in one financial year
  • Maximum investment of Rs. 1,50,000 can be made in one financial year
  • If the minimum amount of Rs 1000/- is not deposited in any financial year , a penalty of Rs50/- will be charged
  • Deposits in an account can be made till completion of 14 years, from the date of opening of the account
  • The account shall mature on completion of 21 years from the date of opening of the account, provided that where the marriage of the account holder takes place before completion of such period of 21 years, the operation of the account shall not be permitted beyond the date of her marriage
  • Passbook will be issued to customers.
  • Withdrawal Facility
    • To meet the financial requirements of the account holder for the purpose of higher education and marriage, account holder can avail partial withdrawal facility after attaining 18 years of age.
    • If the beneficiary is married before maturity of account, account has to be closed.
    • The account can be opened by the natural or legal guardian for a girl child of age below 10 years.
    • A depositor can open and operate only one account in the name of a girl child under the scheme rules.
    • Natural or legal guardian of a girl child are allowed to open the account for two girl children only.

Sukanya Samriddhi Scheme

  • Sukanya Samriddhi is a scheme introduced for the benefit of the girl child. It currently offers an attractive interest rate of 8.4% per annum compounded annually.
  • The minimum amount of investment is Rs.1000 and maximum of Rs.1,50,000 in a financial year. You have to invest at least the minimum amount every year for 15 years from the date of account opening. Thereafter the account will continue to earn interest till maturity.
  • Investment in the Sukanya Samridhhi Account is tax deductible under Section 80 C up to Rs 1.5 lakh per annum. The interest on the Sukanya Samriddhi Account is also tax free and the maturity amount is tax free.
  • Investment will mature after the completion of 21 years from the date of opening the account or upon marriage of the girl child after attaining the age of 18. The account will also have to be closed if the girl child becomes an NRI or loses her Indian citizenship.
  • Sukanya Samriddhi account can be opened only in the name of girl child by her parents or legal guardians. Girl’s age should be 10 years or less on the date of opening the account.
  • Multiple accounts cannot be opened in the name of one girl child. A parent/guardian can open maximum of two accounts in the name of two different girl children.
  • There will be a penalty of Rs.50 if minimum amount is not deposited in a financial year.
  • Premature closure can only be done by a girl child on attaining the age of majority that is 18 years for the purpose of marriage or higher education.
  • Girl can also avail partial withdrawal facility (not more than 50% of the balance) after attaining the age of 18 years.
  • Parents/guardian can avail a tax benefit for the invested amount under Section 80C of The Income Tax Act. Maturity proceeds are paid to the girl child and are completely tax free in her hands.

This scheme has gained lot of popularity especially in rural India. It’s a good means to provide financial security to the next generation of women in the country.