Sukanya Samriddhi Yojana: It is every parent’s wish that their daughter leads a happy life, free from any financial difficulties regarding her education or marriage. The Central Government currently operates several special schemes specifically designed for daughters. We are here to tell you about one such scheme: the Sukanya Samriddhi Yojana. The primary objective of this scheme is to ensure the financial empowerment of daughters.
This small savings scheme is proving to be a boon for those who wish to build a substantial financial corpus for their daughter by saving small amounts of money every month. The most distinctive feature of this scheme is that you can start investing with an initial amount as low as ₹250. In addition to earning attractive interest rates, you also benefit from significant tax exemptions.
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The Sukanya Samriddhi Yojana is an excellent scheme that offers a great opportunity to secure your daughter’s financial future. Under the Sukanya Samriddhi Yojana, you can earn a handsome interest rate of 8.2% per annum. You can invest a maximum of up to ₹1.5 lakh in this account within a single financial year.
It is crucial to keep one thing in mind: once the account is opened, you must make a minimum annual contribution of ₹250. Failure to do so will result in the account becoming ‘defaulted,’ and you will be required to pay a penalty of ₹50 to reactivate it.
Does the account get closed if you move to a different city?
Many parents often wonder: what happens to this account if they are transferred to a different city? Rest assured, you can very easily transfer your Sukanya Samriddhi Yojana account to any location across India.
If you possess valid proof of a change in your place of residence (i.e., a change of address), the bank or post office will transfer your account completely free of cost. However, if for any reason you do not have valid proof to substantiate the reason for the transfer, you will be required to pay a nominal fee of ₹100.
How to withdraw funds from the Sukanya Samriddhi Yojana
You do not need to worry about the process of withdrawing funds from the Sukanya Samriddhi Yojana. This scheme matures over a full period of 21 years, and upon the daughter attaining the age of 21, the entire amount is received either as a lump sum or in instalments. Once the daughter turns 18, 50 per cent of the total balance from the previous financial year can be withdrawn to cover her higher education expenses. This amount can be withdrawn once a year, in the form of instalments, for a maximum period of five years.
