Sukanya Samriddhi Yojana or Girl Child Prosperty Scheme is a Special deposit scheme which has been launched the Government of India on 22nd January 2015. Honorable Prime Minister launched the scheme with the objective to ensure economic security for the girl child in India. The scheme is designed to introduce the habit of savings among the parents of the girl child. The scheme offers a interest rate higher than what is on offer by the banks in India.
Things you need to know
1. A parent or guardian can open only one account in the name of one girl child and a maximum of only two accounts in the name of two different girl children. A parent or guardian can open a third account in case of birth of twin girls. Proof for this has to be submitted from the competent medical authority.
2. Account can be opened for a girl child up to the age of 10 Years only from the date of birth. Though for initial operations a grace period has been given and thus a account can be opened for a girl child who is born on or after 2-Dec-2003.
3. Nomination is not allowed in these accounts.
4. Minimum deposit for opening the account is Rs. 1000 with subsequent deposits in multiples of Rs. 100. Maximum deposit in one financial year can be Rs. 1,50,000. There is no limit on number of deposits and a parent or guardian can deposit money anytime into the account, just like a savings account. On the opening of the account a pass book will be given to the parent or guardian.
5. If a minimum amount of Rs. 1000 is not deposited in the account, then the account will discontinue (like in PPF) and can be revived by paying a penalty of Rs. 50 per year with minimum deposit amount for that year.
6. Interest rate will be declared by the Government every year.
7. Mode of deposit can be Cash/Cheque/Draft. This account can be opened at any of the 28 Public and Private Sector Banks like SBI, PNB, BOI, ICICI, CBI, Axis, BOI, Andhra Bank,etc. The account can also be opened at any of the Post Offices accepting savings account.
8. Partial withdrawal up to a maximum of 50% of the balance at the end of preceding financial year can be taken after the girl child attains the age of 18 Years.
9. Account can be closed after the girl child completes the age of 21 Years. If the account is not closed it will continue accrue interest as declared by the Govt of India.
10. Normal premature closure of the account is allowed once the girl achieves the age of 18 Years and is married. Interest in this case will be paid till the completion of month preceding the closure of account. Here month will be calculated from the date when the account was opened. In case of death of the account holder the account will be closed immediately on production of death certificate and the balance amount with interest will be paid to the parent or guardian. Account can also be closed if the Central Government is satisfied that the operation of the account is causing undue hardship to the account holder.
11. Amount deposited in this account is exempted under the section 80c of the IT Act upto a maximum of Rs. 1,50,000. Interest and Maturity amount is also exempted from income tax.
12. The account can be transferred anywhere in India if the girl child in whose name the
account exists shifts to a city or locality other than the city where the account was opened.
Interest Rate Table
As mentioned above Interest rate will be declared every year by the Central Government and is 75bps points higher than the 10 Year Government bond yield of the respective year.
Following is the interest rate table for FY2015 and FY2016.
| Sl. No | Financial Year | Applicable Dates | Interest Rate | Minimum Investment | Maximum Investment |
|---|---|---|---|---|---|
| 1 | 2014-15 | 01/04/2014 to 31/03/2015 | 9.1 % | ₹ 1,000/- | ₹ 1,50,000/- |
| 2 | 2015-16 | 01/04/2015 to 31/03/2016 | 9.2 % | ₹ 1,000/- | ₹ 1,50,000/- |
Documents Required to open a Account
- Birth Certificate of the Child
- Address Proof of Parent or Guardian
- Identity Proof of Parent or Guardian
Scheme has been designed to provide financial independence to a girl child and has received a positive response from the public.
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