This decade, various schemes have been introduced under the Post Office Savings Scheme for the welfare of a particular group of people. These include senior citizens, farmers, and others. Among these, there is a Post Office Saving Scheme for the girl child called Sukanya Samriddhi Yojana.

Let us look at the features and benefits offered under Sukanya Samriddhi Yojana.

Features and benefits

• The plan is mainly formulated for the welfare and educational security of a girl child in the family.
• The parents and guardians of the girl child are permitted to open one account each for a maximum of 2 girl children. In the case of triplets, by providing authentic certificates, three accounts can be opened for 3 girl children.
• One can have this account for the girl child who is below the age of 10 years. And this can be opened either in the post office or at any authorized bank.
• Only one account is permissible to be opened in the name of one girl child.
• A minimum of Rs 1,000 has to be deposited each year in the account, while the maximum sum can be Rs 1,50,000. The amount can be deposited in multiple transactions. In case the minimum amount of Rs 1,000 is not deposited, the defaulter will be charged with a penalty of Rs 50.
• In the event of re-location of the beneficiary (the girl child) within India, the account is transferable at the cost of Rs 1,000. Also, the girl child has to be a resident of India throughout the policy period.
• The deposits have to be compulsorily made till the 14th birthday of the girl child.
• The account can be closed after the girl child turns 21 years of age. However, if there's an extreme case like the depositor meets an untimely death or a life-threatening disease, 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.
• 50% of the total balance will be up for withdrawal once the child turns 18. However, these withdrawals have to be made only for the welfare of the girl child. For instance, to provide for her education and marriage.
• Income tax benefit under Section 80(C) is applicable under this scheme.