FAQ - Others
For the welfare of the girl child and as part of the campaign, ‘Beti Bachao Beti Padhao’, the Prime Minister Narendra Modi in the year 2014 launched Sukanya Samriddhi Yojna, a plan that encourages Indian families to save for the education of their girl child.
Features, benefits and eligibility conditions –
- Parents or legal guardians of the girl child can open an account for up to 2 girl children. If there’s a case of triplets then on the submission of authentic certificates from the medical institutions, the account can be opened for three girls. Although the parents/guardians will deposit the money, the account can be opened only and only in the name of the girl child/children because the yojana is purely for the welfare of the girl child in the family.
- The account can be opened any time from the birth of the girl child until she turns 10.
- The account can be opened either in post offices or in any authorized bank.
- No multiple accounts can be opened in the name of a single girl child.
- The girl child should be a resident of India during the entire term of the policy.
- A minimum of ₹1,000 has to be deposited each year in each of such account while the maximum sum can be ₹1,50,000. The amount can be deposited in multiple transactions. In case the minimum amount of ₹1,000 is not deposited, the defaulter will be charged with a penalty of ₹50.
- In case the girl child relocates to any other part in India, the account is transferable at the cost of ₹1,000.
- The amount has to be deposited until the girl child turns 14.
- The account can be closed after the girl child turns 21. However, if there’s an extreme case like the depositor meets an untimely death or a life threatening diseases, the account can be closed after the receipt of the authority from the central government. In case the depositor wishes to continue the account even after the girl child turns 21, the account will still receive the interest.
- After the girl reaches 18 years of age, 50% of the total balance in the account can be withdrawn for the fulfilment of responsibilities towards girl child like her education, marriage, etc.
- Income tax benefit under section 80C is applicable under the plan.
Indian households with minimum income must take advantage of this plan for the welfare of their girl child. Small savings today will promise a secured future of your girl tomorrow.