Sukanya Yojana Details - Everything About Sukanya Samriddhi Scheme

The Sukanya Samriddhi Scheme is a small deposit scheme that is used to meet the needs of the girl child. As a part of this scheme, the account can be opened by the natural guardian of a girl child aged 10 or below. A parent or guardian is allowed to open an account for only two girl children, and only one account can be opened and operated by the depositor for one child. 
This was launched as a part of the ‘Beti Bachao, Beti Padhao’ campaign, by Prime Minister Narendra Modi in 2015.

There are numerous benefits of this scheme which have been outlined below: 

Advantages of the scheme 
Tax benefit: The biggest reason for the success of the scheme is the tax benefit offered. There is a maximum benefit of Rs 1.5 lakh under Section 80C of the IT Act. Additionally, any interest accrued as well as the maturity amount is exempt from tax. 

High-interest rate: Sukanya Samriddhi Scheme offers a high-interest rate. This is the highest among all small savings schemes. The interest is compounded on a yearly basis and accrues monthly. The interest rate exceeds the average ten-year government yield. 

Lock-in period: This is by far the best feature of the scheme. The account has a maturity period of 21 years from the date of opening or the marriage of the child, whichever is earlier. The account will be terminated after the marriage of the child. Meanwhile, only one premature withdrawal is permitted on attaining the age of 18, to fund the higher education of the child. This amount is restricted to 50% of the balance at the end of the year. Deposits in the account can be made up to 14 years from the date of opening the account. 

Interest paid post maturity: Not many are aware about this benefit of the Sukanya Samriddhi Scheme. The interest is paid even after the maturity of the scheme, if the account holder does not close the account. Interest will be payable post maturity until the closure of the account. 

Flexibility: There is flexibility in the operation of the account. One can operate the account with an initial deposit of Rs 250 (earlier it was Rs. 1000) and can deposit any amount in multiples of Rs 100. In each financial year, a minimum sum of Rs 250 should be deposited in order to keep the account live. Once the girl child attains the age of 10, she can operate her account. 

Maturity proceeds paid to the girl child: This is a benefit that serves the intended purpose of the scheme. Parents cannot withdraw the money and use it for personal needs. The account balance and accrued interest will be paid to the account holder at the time of maturity. This will give the child financial security.

The purpose of the Sukanya Samriddhi Scheme is to encourage parents to contribute for the future of the girl child. This will ensure that the girl has financial independence and is not treated like a burden. Due to the tax benefit and high interest rate, parents will choose to invest in the scheme.

Apply for the scheme through HDFC Bank today 
Applying for the scheme is a very simple process and can be done online. You will be required to fill up the account opening form, submit the required documents with a photo, and deposit a minimum amount of Rs 250. Documents include the child’s birth certificate, a photo ID, address proof of the parents, and a photograph of the child and the parents. After the account is opened, you can make deposits in the form of cash, demand draft, or cheque.  

Investing in the Sukanya Samriddhi Scheme helps you ensure a bright future for your girl child. It will enable you to meet her major future expenses such as higher education and marriage – plus it offers tax benefits as well. 

To open an HDFC Bank Sukanya Samriddhi Scheme for your loved one, contact your local HDFC Bank branch today.