Sukanya Samriddhi Yojana Account

• Savings account specially designed for parents of girl children
• Encourages parents to save towards the education of the girl child; introduced as part of the ‘Beti Padhao Beti Bachao’ movement
• Parents of girl children under the age of 10 can open this account
• Only 2 accounts allowed per family; exemptions allowed in case of twins or triplets
• Minimum deposit of Rs.250 per annum and maximum of Rs.1.5 lakhs
• Tax exemption available on the deposited amount, interest accrued and the withdrawal amount
• Maximum tenure of the account shall be 21 years from the date of opening of account or the marriage of the girl child, whichever is earlier
• Deposits allowed for a maximum of 15 years from the date of opening of account
• Partial withdrawal of up to 50% allowed once the girl reaches 18 years of age
• Account can be opened at your nearest post office or any of the public and private sector banks
• Deposits into the account can be made via cash, cheque, DD or online transfers
• The account can be transferred from one post office to another, one bank to another or between post office and banks, upon submission of valid address proof
• Pre-closure of account is allowed to take care of marriage of the girl child, provided that the girl child has attained the age of 18 and relevant proofs are submitted thereof.

Eligibility Criteria to Open a Sukanya Samriddhi Yojana Account

As mentioned earlier, the account can be opened by parents of girl children under the age of 10. Here are some other criteria to be noted –

• The account may be created by the natural or legal guardian of a child under 10 years of age.
• A depositor may open and maintain only one account in the name of a girl child under the rules of the scheme.
• The natural or legal guardian of a child can open only accounts for two children. Exemptions may be allowed for twins or triplets.

How to open a Sukanya Samriddhi Yojana Account?

Sukanya Samriddhi Yojana Account can be opened at your nearest bank (both public sector and private) or post office.

• Request for the application to open an Sukanya Samriddhi Yojana Account
• Fill up the form and attach the Aadhaar card of the child or other proof of address and proof of age documents
• One passport size photograph will need to be attached
• Submit the form to the officer. He will verify the details, accept the deposit and create the account
• You will be given a passbook to track the deposits and interest accruals on the account

What are the documents required to open a Sukanya Samriddhi Yojana Account?

Here is a list of documents required to open Sukanya Samriddhi Yojana Account:

• Form of account opening for Sukanya Samriddhi Yojana Account
• The child's birth certificate should be presented while opening the account.
• At the time of opening the account, proof of ID and proof of address of the depositor must be given.
• In the event of twins or triplets, a medical certificate must be submitted.
• Any other records requested by the bank or the post office.

Interest rates and interest calculations on your Sukanya Samriddhi Yojana Account deposits

Interest shall be paid only during the tenure of the scheme. No interest shall be paid once the account attains maturity.

Here are the historical interest rates offered on the scheme till now:

Tax Implications of Sukanya Samriddhi Yojana

This scheme is designated as a EEE ((Exempt, Exempt, Exempt) investment. This means that the principal amount, interest accrued and the withdrawal amount are all exempted from tax.

Currently, the principal amount exemption is fixed at Rs.1.5 lakhs per annum, under section 80C of the Income Tax Act, 1961.

Withdrawal and Maturity Benefits of Sukanya Samriddhi Yojana

The account opened under the scheme matures after 21 years of account opening or at the time of the girl’s marriage, whichever is earlier.

Account closure: Upon maturity, the balance, plus interest outstanding in the Account, shall be due to the Account Holder. He can claim it by submitting an application to close the Account, and should also provide the account document and passbooks.

Partial withdrawal: the account holder can avail one partial withdrawal when the girl attains the age of 18. 50% of the accrued total amount can be withdrawn towards higher education expenses of the girl.

Full withdrawal before maturity date: The amount can be fully withdrawn and the account can be closed before maturity in case of marriage of the girl. Relevant documents to prove that the girl is of marriage age should be provided for this purpose. This premature withdrawal is allowed only within one month prior to the marriage date and within 3 months from the date of marriage.

Sukanya Samriddhi Yojana FAQs