Every parent have a dream of bright future of their children. If you are one of them and having a small child girl at your home, then ‘Sukanya Samriddhi Yojana’ is best scheme for your daughter launched by the Modi Government for its future. On October 1, 2018, this plan will not only provide half-yearly interest in comparison to public provident fund (PPF), but it also helps parents in tax planning. You can open this account for your 10 year old daughter. It is currently getting 8.1 percent annual interest which will be 8.5 percent from October 1, 2018. At the same time, the PPF is getting 7.6 percent interest and then 8 percent from 1 October 2018.
Follow the process of opening the account of ‘Sukanya Samriddhi Yojana’
You can open the account of Sukanya Samriddhi Yojana in any post office or authorized branch of banks. Generally, whatever banks provide facility to open PPF accounts, they also open an account of Sukanya Samriddhi Yojana.
Documents required to open the Sukanya Samriddhi Yojana account
- Sukanya Prosperity Account Opening Form.
- Birth certificate of your child.
- Identity card of depositor (parent or guardian) such as PAN card, ration card, driving license, passport etc.
- Address proof of depositor such as passport, ration card, electricity bill, telephone bill etc.
- You can get the form of Sukanya Samriddhi Yojana from the post office or bank or https://rbidocs.rbi.org.in/rdocs/content/pdfs/494SSAC110315_A3.pdf can be downloaded here.
- The post office or bank where you have opened an account when will give you a pass book.
- You can also use NetBanking to deposit money.
Who can open an account under Sukanya Samriddhi Yojana
- You can open this account only when you are the natural or legal guardian of the girl.
- You can open a single account in the name of a daughter.
- In total, you can open this account in the name of two daughters, but if you have a twin daughter at the time of the second daughter’s birth, then you can also open a third account.
- The benefits of the Sukanya Samriddhi Yojana
- Since the Modi government has announced the Sukanya Samrudhi Yojna, it has been getting more interest than PF.
- On the amount deposited in it, you get the benefit of deduction of the amount up to Rs 1.5 lakh under Section 80C of the Income Tax Act.
- Not only the interest received but the amount on maturity is also tax-free.
How much money can you deposit
- In the account of Sukanya Samriddhi Yojana, you can initially deposit a minimum of Rs. 1,000 which is decreased now minimum deposit amount is Rs. 250.
- A maximum of Rs. 1,50,000 can be deposited in a year.
- If you do not deposit the minimum amount in any year, the next time you deposit the money, you will have to pay a penalty of 50 rupees.
When can you withdraw money from the account of Sukanya Samriddhi Yojana
- You can not withdraw money before the daughter turns 18
- At the age of 21, the account becomes maturing.
- After completing 18 years of daughter, you get partial withdrawal facility.
- This means that you can withdraw up to 50% of the amount in the account.
- Unfortunately, if the child dies, the account will stop immediately. In this case, the amount in the account is given to the guardian.
