Sukanya Samriddhi Yojana: The government is running the Sukanya Samriddhi Yojana to provide financial assistance to the daughters of the country in their marriage and education. Under the Sukanya Samriddhi Yojana, parents can deposit a good amount of funds in the name of their daughter by opening an account in her name. 8.2 percent interest is being given under the Sukanya Samriddhi Yojana.
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In this scheme, you can deposit a minimum of Rs 250 and a maximum of Rs 1.5 lakh annually by opening an account in the name of your daughter. When your daughter turns 18, a good amount of funds will be deposited in her name. Tax exemption is available on this amount under 80C in Income Tax.
Objective of Sukanya Samriddhi Yojana
The government wants to take the daughters of country forward. This scheme has been started so that there is no hindrance to the marriage and education of daughters. The country will develop only when the daughter is financially capable.
Benefits of Sukanya Samriddhi Yojana
Under the Sukanya Samriddhi Yojana, 8.2 percent interest is being given at present. Under this, tax exemption of up to Rs 1.5 lakh is available under Section 80C of the Income Tax. In this scheme, a minimum of Rs 250 and a maximum of Rs 1.5 lakh can be invested. Government protection is available under this scheme.
Conditions for Sukanya Samriddhi Yojana
- An account for a 10-year-old daughter can be opened under this scheme.
- A maximum of 2 daughters’ accounts can be opened in a family.
- If twin daughters are born, an account can also be opened for the third daughter.
- The daughter’s legal guardian or parents can open an account.
Deposit and withdrawal rules in Sukanya Samriddhi Yojana
Under the Sukanya Samriddhi Yojana, investment has to be made in the account for 15 years. Money is not to be deposited after 15 years. However, interest will continue to be received on it. Under this scheme, the account matures in 21 years. After this, money can be withdrawn from the account. The account can be closed after the daughter turns 18 years of age. 50 percent of the money for the daughter’s higher education is withdrawn after the age of 18 years.
Documents required for applying to the Sukanya Samriddhi Yojana
Some important documents are required to apply for the Sukanya Samriddhi Yojana. Documents like the daughter’s birth certificate, ID of parents/guardian (such as Aadhaar card, PAN card, passport, driving license), address proof, and passport-size color photo.
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How to apply for the Sukanya Samriddhi Yojana?
- You have to send an online request first, and after that, the officials will contact you.
- You have to go to the nearest bank or post office to open an account.
- You can fill out the application form here.
- After this, you can open an account by submitting the necessary documents along with the application form to the bank or post office.
How much money will you get after 21 years?
For example, if you deposit Rs 1000 in the account under this scheme, then after 21 years the principal amount will be Rs 1,80,000. You will get interest of up to Rs 3,74,612 on this. According to this, you will get Rs 5,54,612.