Sukanya Samriddhi Yojna is an major initiative towards Government of India Beti Bachao Beti Padao abhiyan, this scheme was launched on 11th March 2015. This small saving scheme was launched by the Prime Minister to encourage parents to save for girl child and build fund for future requirement.

Customers can open the account under this scheme by submitting account opening documents at any bank government or private bank branch. This scheme is customised to encourage savings, to meet financial needs like education and marriage of girl child. A natural/ legal guardian of the girl child can open the account on behalf of her.

Documentation and Eligibility for Sukanya Samriddhi Yojna

• Sukanya Samriddhi Yojna Application form
• Girl Child Birth Certificate
• Proof of Identity (as per RBI KYC Guidelines)
• Proof of Resident (as per RBI KYC Guidelines)
• Account under this scheme can be opened by girl child attains the age of 10 years.

Who can open the account under Sukanya Samriddhi Yojna

• Parents allowed opening one account per girl child and maximum two accounts allowed in a family.
• Natural or legal guardian of a girl child shall be allowed to open the account for two girl children.
• Natural or legal guardian of the girl child shall be allowed to open 3rd account in the event of birth of twin girls as second birth or if the first birth itself results into three girl children
• Certificate from competent medical authorities required where birth of twin or triple girl children takes place.

Minimum and Maximum Deposit Amount

• As per 2016 rules, the minimum annual deposit has been reduced to Rs. 250 from Rs. 1,000.
• Deposit can be in multiple of Rs. 100/- subject to Maximum Limit of Rs.1.50 lakhs per FY.
• Mode of Deposit: You can use Cash, Cheque, Demand Draft, Fund Transfer.

Interest Rate and Tenure

• Deposit in the account can be made till completion of 15 years, from account opening date.
• Tenure of the Deposit: 21 years from the date of opening of the account
• 1% ROI is declared for Quarter 1 (April 2018 to June 2018), calculated on yearly basis, yearly compounded. (This is subject to change as per notification issued by Central Government).

Year       Interest Rate

• 2014-15                9.1
• 2015-16                9.2
• 2016-17                8.6
• 2017-18                8.4
• 2018-19                8.1

Tax Rebate

• As applicable under section 80C of the IT Act, 1961.
• In the latest Finance Bill, this scheme has been extended Triple exempt benefits i.e. there will be no tax on the amount invested, interest earned and amount withdrawn.

Premature Closure and Withdrawal

• Allowed in the event of death of the depositor
• In cases of extreme sympathetic grounds like as medical support in life threatening diseases, this should be authorized by an order by the Central Government
• Only 50% of the balance as per closing balance of last financial year for the purpose of higher education, marriage after attaining the age of 18 years.

Irregular Payment/ Revival of account

• This account can be revive just by payment of a penalty of Rs.50 per year alongwith the minimum specified amount per year.

NOTE: As this is a Govt. of India scheme, customers are advised to visit www.nsiindia.gov.in for latest instructions/ modification in the scheme.

Photo by Brittany Simuangco on Unsplash