Are you aware of the Sukanya Yojana details? If not, you’re missing out on an incredible government scheme that aims to empower the girl child in India. Sukanya Yojana, also known as the Sukanya Samriddhi Yojana (SSY), is a small savings scheme initiated by the Government of India to provide financial security and support for the education and marriage of girl children. In this article, we will delve into the details of Sukanya Yojana, discussing its features, benefits, eligibility criteria, and how you can enroll your daughter in this scheme. So, let’s get started and unravel the Sukanya Yojana details that every parent should know!
Understanding Sukanya Yojana
What is Sukanya Yojana?
Sukanya Yojana is a government-backed savings scheme introduced under the Beti Bachao, Beti Padhao campaign. This initiative aims to change the prevailing mindset towards the girl child and promote their welfare by encouraging parents to save and invest for their daughters’ future. The scheme was launched by Prime Minister Narendra Modi on January 22, 2015, and has since gained popularity across the country.
How does Sukanya Yojana work?
Under Sukanya Yojana, parents or guardians can open an account in the name of a girl child below the age of 10 years. A maximum of two accounts can be opened for two different girls in a family. The account can be opened at any post office or authorized commercial bank in India. The minimum deposit required to open an account is Rs. 250, and subsequent deposits can be made in multiples of Rs. 100, with a maximum limit of Rs. 1.5 lakh per financial year.
What are the benefits of Sukanya Yojana?
Sukanya Yojana offers several benefits that make it an attractive investment option for parents:
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High interest rates: The scheme provides an attractive interest rate, which is revised quarterly by the Government of India. As of now, the interest rate is 7.6% per annum, compounded annually. This ensures that your investment grows substantially over time.
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Tax benefits: Investments made under Sukanya Yojana are eligible for tax deductions under Section 80C of the Income Tax Act. The interest earned and the maturity amount are also tax-free, making it a tax-efficient investment option.
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Long-term savings: Sukanya Yojana encourages long-term savings for the girl child’s education and marriage. The money deposited in the account can only be withdrawn when the girl reaches the age of 18 years. This ensures that the funds are dedicated to her future needs.
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Flexibility in deposits: The scheme allows flexible deposits, enabling parents or guardians to contribute as per their financial capacity. Deposits can be made for a period of 15 years from the date of opening the account, and the account matures after completing 21 years.
Eligibility Criteria for Sukanya Yojana
To open an account under Sukanya Yojana, certain eligibility criteria must be met:
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Age of the girl child: The account can be opened for a girl child below the age of 10 years. The age limit is relaxed for girls who became eligible before the scheme’s launch, allowing account opening up to the age of 11 years.
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Citizenship: Only Indian citizens can avail the benefits of Sukanya Yojana. Non-resident Indians (NRIs) are not eligible to open an account under this scheme.
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Number of accounts: A maximum of two accounts can be opened for two different girl children in a family. In case of twins, a third account can be opened.
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Documentation: To open a Sukanya Yojana account, the birth certificate of the girl child and the parent’s or guardian’s identity proof and address proof are required. These documents must be submitted to the post office or bank where the account is being opened.
How to Open a Sukanya Yojana Account?
Now that you are familiar with the Sukanya Yojana details and the eligibility criteria, let’s understand the process of opening an account:
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Choose the bank or post office: Select a post office or authorized commercial bank where you wish to open the Sukanya Yojana account. Ensure that the chosen institution offers this facility.
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Gather the required documents: Collect the necessary documents, including the girl child’s birth certificate, and the parent’s or guardian’s identity proof and address proof.
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Fill the application form: Obtain the Sukanya Yojana application form from the selected bank or post office. Fill in the required details accurately.
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Submit the application form and documents: Submit the filled application form along with the necessary documents to the bank or post office. Ensure that all the documents are duly attested.
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Make the initial deposit: Pay the minimum deposit amount (Rs. 250) to open the account. You can choose to deposit a higher amount as per your preference.
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Obtain the passbook: Once the account is successfully opened, you will receive a passbook. This passbook will contain all the details of the account, including the account number, deposit details, and interest earned.
Frequently Asked Questions (FAQs)
Q1: Can I open a Sukanya Yojana account for my adopted daughter?
Yes, you can open a Sukanya Yojana account for your adopted daughter. The process and eligibility criteria remain the same as for biological children.
Q2: Can I withdraw money from the Sukanya Yojana account before my daughter turns 18?
Withdrawal from the Sukanya Yojana account is possible under certain circumstances, such as the girl child’s marriage after she attains the age of 18 years or if she wishes to pursue higher education after the age of 18. However, premature withdrawal is subject to certain penalties and conditions.
Q3: Can I transfer my Sukanya Yojana account from one bank to another?
Yes, you can transfer your Sukanya Yojana account from one bank to another or from a post office to a bank, provided the new bank or post office is authorized to offer this scheme. The transfer process requires submitting a transfer application along with the necessary documents.
Conclusion
Sukanya Yojana is a remarkable government initiative that aims to empower the girl child by providing financial security and support for their education and marriage. By understanding the Sukanya Yojana details, parents can make informed decisions and secure their daughters’ future. This scheme not only encourages savings but also offers attractive interest rates and tax benefits. So, if you have a daughter below the age of 10 years, don’t miss out on the opportunity to open a Sukanya Yojana account. Start investing today and pave the way for a brighter future for your little princess!