SUKANYA SAMRIDDHI SCHEME
- Sukanya Samriddhi Yojana is a Small Savings Scheme of the Government of India meant exclusively for a girl child. The scheme is meant to meet the education and marriage expenses of a girl child.
- Only ONE account can be opened in the name of a girl child (who is a resident Indian citizen) either in Post Office or in authorized commercial Banks. An Account under these rules shall be opened for a maximum of two girl children in one family under normal conditions.
- Account can be opened by guardian on behalf of minor girl child of age 0 to 10.
- Birth Certificate of the girl child in whose name the account is opened must be obtained.
- Initial deposit of Rs.1000/- and thereafter any amount in multiple of Rs.100/-.
- Minimum contribution Rs.1000/- and Maximum contribution Rs.150000/- per annum.
- A contribution of up to Rs. 1.5 lakh qualifies for income tax deduction under Section 80C of Income Tax Act. The entire maturity amount of the Sukanya Samrridhi Scheme and the interest earned are non-taxable
- Deposits in an account may be made till completion of fifteen years from the date of opening of the account.
- Mode of Deposit are Cash/Cheque/ Demand Draft/ Transfer/ online transfers through internet Banking. Facility of standing instructions is also available.
- Irregular account may be regularized by payment of penalty of Rs.50 per year along with the minimum specified amount per year.
- The account shall mature on completion of 21 (twenty one) years from the date of opening of the account.
- Interest at the rate, to be notified by the Government from time to time (quarterly revised), compounded yearly. Present rate 8.1% w.e.f. 01/04/2018.
- Premature withdrawal and closure is allowed under certain conditions.
- Account is transferable from one Bank to other Bank or Post office.
NOTE:As this is a Govt. of India scheme, customers are advised to visit National Savings Institute website www.nsiindia.gov.in for latest instructions/ modification in the scheme.