PM Modi had launched twin programmes of “Beti bachao, beti padhao” and “Sukanya Samriddhi account” in a bid to encourage birth and education of girls and tackle the abysmally low child sex ratio of 918 girls for 1000 boys. The account can be opened in any post office or authorized branches of commercial banks.
How Sukanya Samridhi Yojna works:
‘Sukanya Samridhi Account’ can be opened at any time from the birth of a girl child till she attains the age of 10 years.
Minimum deposit in a year : Rs 1000
Maximum deposit in a year : Rs 1.5 lakh
Term of Deposit:
How many years you have to deposit the amount?
Under Sukanya Samridhi yojna parents has to deposit the amount upto the age 18 of the girl child.
18yrs – Present age of girl child
(E.g. if the page of girl child is 3yrs, you need to pay for 15yrs)
NOTE: If minimum Rs 1000/- is not deposited in a financial year, account will become discontinued and can be revived with a penalty of Rs 50/- per year with minimum amount required for deposit for that year.
Interest Payable under Sukanya Samriddhi account
Amount deposited will earn interest as specified for the scheme from time to time.
9.1% Per Annam (2014-15),calculated on yearly basis, Yearly compounded.
Withdrawal of funds:
- To meet the requirement of higher education expenses, partial withdrawal of 50 per cent of the balance would be allowed after the girl child has attended 18 years of age.
- The account will remain operative for 21 years from the date of opening of the account or marriage of the girl child after attaining 18 years of age.
There will be Income Tax concession.
Motive of Sukanya Samriddhi
“The scheme primarily ensures equitable share to a girl child in resources and savings of a family in which she is generally discriminated as against a male child,” said a government statement.
In an effort to motivate parents to open an account in the name of a girl child and for her welfare to deposit maximum of their savings upto the prescribed limits, higher rates of interest at 9.1 per cent is proposed to be given on the deposits on annually compounded basis with income tax concession in this financial year, the statement said.
The account will remain operative for 21 years from the date of opening of the account or marriage of the girl child after attaining 18 years of age.
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