Launched in 2015 under the Beti Bachao Beti Padhao campaign to promote the education and welfare of girl children.
Tailored as a small-deposit savings scheme for a girl child, allowing guardians to open an account in authorized commercial banks or India Post branches.
Eligibility
Indian Residency: The girl child must be an Indian resident.
Account Initiation:
Parents or legal guardians can open the account.
The girl child must be below 10 years of age at the time of account opening.
Account Limits:
One account per girl child.
Maximum two accounts per family.
Operation by Girl: Upon turning 18 years, the account must be operated by the girl herself.
NRI Exclusion: Non-Resident Indians (NRIs) are not eligible.
Key Features
Deposits:
Minimum deposit: ₹250 per year.
Maximum deposit: ₹1.5 lakh per year (in multiples of ₹100).
Tenure:
Deposits are made for 15 years, but the account matures after 21 years.
No interest accrues after completion of 21 years from account opening.
Partial Withdrawal:
Allowed up to 50% of the balance for educational purposes.
Eligibility for withdrawal: Girl child must be 18 years old or have passed 10th standard, whichever is earlier.
Tax Benefits
Section 80C: Deposits are eligible for tax deductions up to ₹1.5 lakh per year.
Tax-Free Interest: Interest earned is exempt under Section 10 of the Income Tax Act.
Tax-Free Maturity Proceeds: Withdrawals or proceeds upon maturity are also exempt from tax.
Recent Rule Updates
Guardian Changes:
If the account was opened under the guardianship of grandparents or others (non-legal guardians), it must be transferred to the natural/legal guardian.
Failure to do so results in permanent account closure.
Irregular Accounts:
Families with more than two accounts in violation of the scheme's rules will have the excess accounts closed permanently.
Key Takeaways The Sukanya Samriddhi Yojana is a pivotal initiative for financial security and education of girl children in India. Its robust features, tax benefits, and long-term savings outlook make it an essential tool for promoting the welfare and empowerment of women from an early age.
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