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Sukanya Yojana

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The Sukanya Yojana is a government-backed small deposit scheme for a girl child and her financial needs. Sukanya Yojana or Pradhan Mantri Sukanya Samriddhi Yojana focuses on girl child prosperity scheme launched under Beti Padhao Beti Bachao program by Prime Minister Narendra Modi on 22nd January 2015. The scheme ensures a bright way forward for girls and facilitates girls with proper education and carefree marriage expenses. Sukanya Yojana is one of the foremost affordable and reliable schemes that you can invest for your daughter. 

Sukanya Yojana Details

Below are the Sukanya yojana details:-
A parent or guardian can open a savings account within the name of a girl child. The scheme allows the parents to open only two accounts.

Sukanya Yojana Account Eligibility Details

  • The girl child should be an Indian residence.
  • The age of girl should be 10 years or less than 10 years.

Sukanya Yojana Account Features

  • The parents or legal guardians of a girl child (up to 10 years old) can open this account with a notified bank or post office within the name of the girl child.
  • The account will remain operative for 21 years from the date of its opening or till the wedding of the girl after she turns 18.
  • The opening investment can begin from ₹250 and a limit of ₹1,50,000 yearly. These deposits are made only for the first 15 years after opening the account, after which the funds within the account would grow from the accumulated compound interest.
  • The interest rates are decided by the government of India once a year. The rate of interest currently stands at 7.6% p.a.

Sukanya Samriddhi Yojana Rules for Withdrawal

  • 100% amount can be withdrawn after the girl is 21.
  • Premature withdrawal of 50% is possible after the girl is 18. ( for illness, education or marriage)
  • No withdrawal is allowed if the girl is below 18.

Documents Required

  • Certificate of Birth of the girl child.
  • Address Proof of the parents or legal guardian of the girl child.
  • Identity Proof of the parents or legal guardian of the girl child.

Sukanya Yojana Interest Calculation

The compound interest on the Sukanya yojana account is calculated per annum using this formula.

I = P (1+R/100) ^N

I = Interest
P= Principle Invested
R= Rate of return
N= Number of Years

If you do not want to calculate manually, you can easily check the Sukanya Samriddhi Yojana Calculator available online.

Premature Closure of Account

  • Account will be closed prematurely if the girl child unfortunately dies, but it’ll be done after the submission of her death certificate.
  • If the government feels that the guardian/ parent is incapable of carrying forward the scheme, then the account may be closed.

Closure of Account

The account is matured only after 21 years from the day of the opening of the account and also the account holder can withdraw the entire amount once it gets matured. The account can’t be operated after the girl child has been married.

Tax Benefits

  • The scheme comes with various tax benefits. For example, it provides income-tax benefit under section 80C of the Income Tax Act, 1961.
  • Further, the returns earned and maturity amount are tax-exempt within the scheme

Sukanya Yojana in Post office

The post offices around the corner of your home perhaps are the foremost convenient place to open up an account. Here is how one can do it:

  1. You need to first download the form from the respective government portal.
  2. Fill in the necessary details within the form
  3. Carry all documents necessary that includes:
    • Photographs of the girl child and parent/guardian together
    • ID proof
    • Address proof
    • Aadhar card is very useful for the same.
    • Birth certificate of the girl child
  4. Submit all of the above and the application form at the post office.

Sukanya Yojana in SBI

  • Fill the details in the account form 
  • Submit the form to the concerned office along with other required documents. 
  • After submitting all the documents, make the minimum deposit amount of Rs. 1000 in cash.
  • Once the account is opened, the applicants can continue their deposits either in cash or through a cheque or Demand Draft (DD).

Benefits of Sukanya Yojana

  • High Rate of Interest – Interest rate of 7.6 percent per year is credited into account in every financial year
  • Portability – If the account holder wants to relocate, then SSY offers you an option to transfer your account to another approved post office or bank. 
  • Tax Benefits – Get the tax benefits u/s 80C of the Income Tax Act, 1961.