Have a Daughter? You May Get ₹65 Lakh Under This Central Government Scheme

Among the many long-term savings schemes launched by the central government with the aim of securing the future of the girl child in India, one of the most popular schemes is the Sukanya Samriddhi Yojana. This scheme was launched by Prime Minister Narendra Modi from Panipat, Haryana on January 22, 2015. It is an important part of the central government’s ‘Beti Bachao, Beti Padhao’ campaign.

For those who are currently worried about the cost of their daughter’s higher education and future marriage, this scheme is an effective option for long-term safe investment. By investing regularly for a certain period, it is possible to create a fund of up to Rs 65 lakh at the time of maturity – which is completely under the government’s guaranteed scheme.

What is the Sukanya Samriddhi Yojana?

This is a government-approved small savings scheme, where a special account is opened in the name of the girl child. This account can be opened at any time from birth to the age of 10.

If the guardian deposits money regularly for a certain period, a large amount of fund is created with interest. This money can mainly be used for the daughter’s higher education or marriage.

How is it possible to get up to Rs 65 lakh?

Let’s say a parent invests a maximum of Rs 1.5 lakh per year for 15 years. If the current interest rate is 8.2% and it remains the same on average over the long term, then at the end of 21 years, the total amount deposited and interest can amount to a fund of around Rs 60-65 lakh.

However, the interest rate is fixed by the government every quarter, so the final return will depend on the future interest rate.

Who can apply for this scheme?

1. The girl child should be less than 10 years of age.

2. Only one account can be opened in the name of a girl.

3. This account can be opened for a maximum of two girls in a family.

4. Even if the account is in the name of the girl, the parents or legal guardian will manage it.

Investment Rules

Minimum Annual Deposit: Rs. 250
Maximum Annual Deposit: Rs. 1.5 lakh
Deposit Period: 15 years
Total Account Term: 21 years
Partial withdrawal is possible after completing 18 years (for higher education)

Interest Rate and Tax Benefits

Currently, this scheme is offering interest at a rate of 8.2%, which is higher than many other savings schemes. The interest rate is reviewed every quarter.

It is also very profitable in terms of tax benefits:

Tax deduction up to Rs. 1.5 lakh per year under Section 80C
Interest is completely tax-free
Maturity amount is also tax-free
That is, it is an EEE (Exempt-Exempt-Exempt) category investment.

Where can the account be opened?

This account can be opened:

At any post office
At authorized government and private banks

Required documents

The following documents are required to be submitted while opening an account:

Birth certificate of the daughter
Aadhar card of the guardian
PAN card
Address proof
Passport size photograph

Online application method

1. Download the form from the website of the concerned bank or post office.
2. Fill in the daughter’s name, date of birth and guardian’s information.
3. Mention the initial deposit amount.
4. Attach the required documents.
5. Activate the account by depositing it at the branch.

Offline application method

1. Go to the nearest post office or bank.
2. Collect the application form.
3. Fill it correctly and submit it along with the documents.
4. Deposit the first installment.
5. Collect the passbook.

Partial and full withdrawal rules

Up to 50% can be withdrawn for higher education after completing 18 years.
After 21 years, the full amount can be withdrawn with interest.
In case of marriage, premature withdrawal is allowed after 18 years (proof required).
In case of death of the daughter, the guardian can withdraw the money by submitting the death certificate.