On 22nd
January 2015, our Honorable Prime minister Narendra Modi launched Sukanya
Samriddhi Yojana to trigger the mantra of “Beti Bachao, Beti Padao”. Afterwards
Arun Jaitley, our Finance Minister proposd to make the maturity proceeds as
well as interest component tax free in the financial budget. Rationally this
idea featured one of the finest small savings scheme for the investors, however better than the gold scheme of Public Provident Fund (PPF).
Let see
what this scheme has gather for us…
“Sukanya
Samriddhi Yojana” is equivalent to small savings scheme which can be started or
opened by the legal guardian or parents of a girl child in any of the
commercial banks or even in any post office. The guardian is known as the “Depositor”
and girl child is known as the “Account Holder”.
Any girl
child whose age is more than 10 years or lesser can have the facility of this
account. In the starting months of scheme 1 year grace period will be provided
i.e. 11 years of age till December 1, 2015. This means any girl child who was
born between December 2, 2003 and December 1, 2004 has the facility to be an
account holder.
How many
accounts can be opened: You can have minimum one account in the name of a
single girl child and maximum 2 accounts in the name of 2 different girl children.
Apparently one can open 3 accounts on having twin girls in the second time or
if someone have three daughters in one time.
Documents
Required:
- Birth Certificate of the girl child
- ID Proof & Address Proof of parents/Guardian
How this scheme
is unique?
- 9.1% Tax-Free Rate of Interest: The rate is not fixed it may change similar to PPF every financial year. It may not sound attractive until you can’t hear the tax free word.
- Scheme duration: On completion of 21 years from the date of opening the account. In case the account does not get closed on maturity, the amount of scheme will be provided the specified interest for the scheme in the usual manner.
- Just Deposit for 14 years: Although the scheme has a maturity period of 21 years, depositor is supposed to deposit the amount for 14 years only, after that the account will keep on earning the interest rate applicable for the remaining seven years.
- Premature closure: As the girl child completes 18 years and gets married before the maturity date the account can be closed prematurely. Since the maximum enrollment is 10 years for a girl giving it a lock in period of 8 years.
A minimum of Rs. 1,000 can be deposited in a financial year. In case of failing to make investment of Rs. 1,000 the account will become inactive and can only be revitalized after submitting a penalty of Rs. 50 along with the minimum amount of Rs. 1000 for a single financial year.If you are tired of your ppf account and save for your girl child it is a go getter scheme since it provides an excellent avenue of safe investment at huge returns. For your ease of decision making we are providing a difference between PPF and Sukanya Samriddhi Yojana here-
|
Attributes
|
Sukanya
Samriddhi Yojana
|
Public
Provident Fund
|
|
Interest
Rate
|
9.10%
|
8.70%
|
|
Investor
|
Girl
Child<10 years
|
Anyone
|
|
Duration
of Scheme
|
21
years
|
15
years
|
|
Premature
Closure
|
On
marriage
|
Not
Applicable
|
|
Partial
Withdrawal
|
After
girl attains 18 years of age only
|
Possible
anytime from 6th year onwards
|
|
Initial
Deposit
|
Rs
1000
|
Rs
500
|
|
Number
of Deposits
|
Multiple
times
|
12
deposits in a financial year
|
|
Number
of account
|
Two
account with the exception of twin girl
|
One
account only
|
List of
Banks which are authorized to open Sukanya Samriddhi Account
* State Bank
of India (SBI)
* Bank of
Baroda (BoB)
* Punjab
National Bank (PNB)
* Bank of
India (BoI)
* Canara
Bank
* UCO Bank
* United
Bank of India
* Andhra
Bank
* Allahabad
Bank
* Indian
Bank
*
Corporation Bank
* Central
Bank of India
* IDBI Bank
* Dena Bank
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