Sukanya Smriddhi Yojana

Sukanya Smriddhi Scheme


Intending to boost girl empowerment govt has introduced Sukanya smriddhi saving scheme ( January 2015 launched date) under the campaign of BETI PADHAO BETI BACHAO, the main purpose behind this plan is to create good wealth for education and marriage of girl child. As the name suggests the Sukanya scheme is available for only girl chile. 

Eligibility

Newborn girl baby and up to the age of 10 years. Only one account can be opened of one girl child and a family can open a maximum two bank account if they have three girl child.

Requirments

The account can be opened in any bank or Post offices. or the parents need to carry
1. Birth certificate of girl child
2. I.D & Address proof of parents

Deposit

The minimum deposit amount is Rs.250 and MAximum is Rs.150000 in a year.

Rate of Interest

Now the Interest rate is 7.6% and is changeable in every quarter.

Tenure

The term of account is 21 (15 years + 6 Year) years i.e. if an account is opened at the age of 10 years then it will be matured in 10+21=31Year (It is advised to open an account in early ages). Also, the term of depositing money is 15 years, after 15 to 21 years, no money will be deposited into the account, only interest will be calculated this time on the earlier deposit made.

Maturity


1. As discussed earlier the account will mature in 21 years, However, Sukanya smriddhi account can be closed prematurely on the basis of marriage and change in the status of citizenship or any mishappening takes place with parent or guardian. 
2. There is a clause of partial od partial withdrawal - If a girl child attains an age of 18 years then she can withdraw 50% of the amount to her Higher Education.

Additional

1. This scheme is eligible for Tax deduction under section 80C of the Income-tax Act, Deduction of up to 1.5 lakh is permissible. 
2. This scheme is transferable between Bank to Bank or Post office.
3. This scheme is offering a very high-interest rate as most of the banks are decreasing their Interest rate, There R.O.I of F.D lies at the range of 4.5% - 6.0%.
4. let us take an example, How much money can be earned if we investing
            Rs. Per/Month          Total Deposit         Total Interset         Maturity Amount
              1500                            270000                     496385                 767742
              2500                            450000                     827311                1279575
              3500                            630000                    1158228               1791393
              4500                            810000                    1489160               2303234


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