New Delhi: In recent years, the Indian government has launched several schemes for the benefit of the common people. There are schemes, especially for women and girls in the country for their advantage, and the Sukanya Samriddhi Yojana is one of them. It is a scheme which has been designed to benefit the girl children in our country.
Sukanya Samriddhi Yojana is a small deposit scheme created by the government with the aim to benefit girl children under the initiative called ‘Beti Bachao Beti Padhao’. Under this scheme, the parent or guardian of the girl child who is 10 years of age or younger can open an account. To be more specific, the scheme aims to meet the education and marriage expenses of a girl child.
How many years does one need to pay for Sukanya Samriddhi Yojana?
As has been already mentioned, the scheme aims to benefit the girl children. One can make deposits in the account till the completion of 14 years, from the date of opening the account.
Interest rate of Sukanya Samriddhi Yojana
The Sukanya Samriddhi Yojana scheme offers an attractive rate of interest. It offers an interest rate of 8.2 per cent that is fully exempt from tax under section 80C.
Benefits of Sukanya Samriddhi Yojana
- One can deposit a minimum of Rs 250 and a maximum of Rs 1,50,000 under the Sukanya Samriddhi Yojana.
- The account shall mature after the completion of 21 years starting from the day when the account is opened. One can also prematurely close the account in case the girl child gets married after she turns 18.
- The account holder can avail partial withdrawal facility after attaining 18 years of age to meet the financial requirements of the account holder for higher education and marriage.
- Every year, the amount that the account holder invests is compounded and there is the option for monthly interest pay-outs to be calculated on balance in completed thousands.
- Also, tax deductions can be claimed under Section 80C up to Rs 1,50,000. Also, the interest earned in the account is free from Income Tax under Section -10 of the I.T.Act.
- The Sukanya Samriddhi Yojana enables the parents to save for the higher education and marriage of the girl children and in the process, empowers them.
