Government reduces minimum annual deposit under Sukanya Samriddhi scheme

The Union Government has reduced the minimum annual deposit requirement for accounts under Sukanya Samriddhi Yojana from Rs 1000 to Rs 250. The government has amended the Sukanya Samriddhi Account Rules, 2016 for the purpose. The minimum initial deposit to open the account has also been reduced to Rs 250. The move is aimed at enabling more people to take advantage of the girl child savings scheme.

The Sukanya Samriddhi scheme was launched by Prime Minister Narendra Modi on January 22, 2015, as a part of the Union Government’s Beti Bachao, Beti Padhao campaign. The scheme is meant to meet the education and marriage expenses of a girl child. It encourages parents to build a fund for the future education and marriage expenses for their female child. The scheme has well been accepted by the masses in wake of the financial security and independence it would provide to the girl child as well as their parents and guardians. It aims to provide a bright future for girl children by ensuring them proper education and carefree marriage expenses.

Key Highlights:-
1. The account for the girl child can be opened in any post office branch and designated public sector banks.
2. The deposits made to the account, and also the proceeds and maturity amount, would be fully exempted from tax under section 80C of the Income Tax Act.
3. Till November 2017, more than 1.26 crore accounts have been opened across the country in the name of girl children, securing an amount of 19,183 crore rupees.
4. For the July-September quarter, the rate has been fixed at 8.1 per cent.
5. Only one account is permissible for every girl child under this scheme. The maximum limit for deposits in the account has also been set at Rs 1, 50,000 per year.
6. Deposits can be made up to 14 years from the date of opening of the account. After this period, the account will only earn interest as per applicable rates.
7.The interest rate on Sukanya Samriddhi account is revised every quarter, just like other small savings schemes and PPF.
8. The maturity duration of the account is 21 years from the date of opening the account.

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