Sukanya Samriddhi Yojana: Daughters to Get Over Rs 50 Lakh Before Marriage, Do This Soon

Sukanya Samriddhi Yojana: If a daughter has been born into your family, you have every reason to rejoice. Under the “Beti Bachao, Beti Padhao” (Save the Daughter, Educate the Daughter) campaign, the Central Government has introduced several special schemes. By opening an account for your daughter under one of these government schemes, you can free yourself from financial worries regarding her education and marriage.

Upon maturity, the government provides a lump sum substantial enough to comfortably cover your daughter’s wedding expenses. The Central Government’s scheme dedicated to securing a daughter’s future is known as the Sukanya Samriddhi Yojana. This scheme is truly unparalleled. You simply need to open an account promptly—subject to certain terms and conditions—an entirely hassle-free process.

Under this scheme, the government currently offers an interest rate of 8.2% on deposits made in the daughter’s name. While the current interest rate stands at 8.2%, these rates are subject to revision on a quarterly basis.

Key Highlights of the Sukanya Samriddhi Yojana

The Sukanya Samriddhi Yojana, launched by the Central Government, is a truly unique initiative. To open an account under this scheme, the daughter must be under the age of 10; she must be younger than 10 years old at the time of opening the account. Once an account is opened, one can invest a minimum of ₹250 and a maximum of ₹1.50 lakh annually. The Sukanya Samriddhi Yojana is a completely tax-free scheme.

You are not required to pay a single rupee in tax on the earnings generated through this scheme. Under the Sukanya Samriddhi Yojana, accounts can be opened for a maximum of two daughters per family. However, if a family has twin daughters, it is possible to open accounts for more than two daughters within that family.

Investment Duration

Under the government’s Sukanya Samriddhi Yojana, investments can be made in the daughter’s name until she reaches the age of 15. According to the scheme’s provisions, an account opened in a daughter’s name matures 21 years after the date of its opening. If your daughter turns 18 and you wish to arrange her marriage, you have the option to close her account prematurely to access the funds.

Subsequently, the entire accumulated amount is transferred directly into your daughter’s bank account. If your daughter is one year old and you open an account now, investing ₹1,09,000 annually, a total of ₹50,34,040 will be credited to her account upon maturity in the year 2047.

When Was the Sukanya Samriddhi Yojana Launched?

The Modi-led Central Government launched the Sukanya Samriddhi Yojana on January 22, 2015. It was inaugurated by Prime Minister Narendra Modi from Panipat, Haryana. This scheme is considered an integral part of the Government of India’s ‘Beti Bachao, Beti Padhao’ (Save the Daughter, Educate the Daughter) campaign. According to a report by the Government of India, the number of daughters enrolled under this scheme across the country has now exceeded 4.53 crore.