Editor's Corner

Sukanya Samriddhi Yojana

You must have heard the name of Sukanya Samriddhi Yojana which started long ago, but in the year 2020 many changes have been made in this scheme. If you want to take advantage of Sukanya Samriddhi Yojana and you truly love your daughter, then open your daughter’s account under this scheme.
In this article, I will give you complete information, I will make you understand well how you can create an account for this, what should be your documents, how to apply, and how much money you are going to get here at maturity? If you love your daughter and want to take advantage of Sukanya Samriddhi Yojana, then read this article thoroughly.


First of all, you should know what is Sukanya Samriddhi Yojana. There can be many articles on Sukanya Samriddhi Yojana, but I will give all the information about this scheme.

Sukanya Samriddhi Yojana 2020  

Sukanya Samriddhi Yojana is a scheme launched by the Government of India as part of Beti Bachao Beti Padhao Abhiyan to provide benefits to parents to meet the education and marriage expenses of girls.
If you have a daughter, who is less than 10 years old and has an account opened, called Sukanya Samriddhi Yojana account in which your savings amount is gradually deposited. Nowadays it gets the highest interest as compared to other schemes running on savings deposits. This means that if you deposit money in the Sukanya Samriddhi Yojana account, then you get the highest interest here compared to whatever schemes and FDs of the government are running nowadays.


Bank for Sukanya Samriddhi Yojana

Now let me tell you where you can open this account. You can open this account in the following government unit.

  1. Post Office
  2. Any government bank like SBI, PNB, and HDFC

You can go to the branch every month to deposit money or you can get your account linked online and also pay the money from there. If your account is closed once due to no payment and for other reasons, you can activate it again by paying a penalty fee of Rs 50.
The account can also be transferred from one place to another. Sometimes it happens that you have opened your daughter’s account in Haryana and after that, you have been transferred to Delhi, then you can get it transferred to Delhi as well.


How many daughters can open Sukanya Samriddhi Yojana account 

Under this scheme, you can open an account of two daughters, but in case of a twin, an account of three daughters can also be opened.
Under this scheme, interest is added on March 31 of every year of the money you deposit.


Documents required for Sukanya Samriddhi Yojana 

The documents required to open this account by going to the nearest bank/post office are listed below.

  1. Father’s aadhar card
  2. Father’s pan card
  3. Father’s photo.
  4. Daughter’s birth certificate
  5. Daughter’s photo

Period of Sukanya Samriddhi Yojana 

Although the duration of this plan is 21 years, you have to deposit only 15 years in it. After this, you will have to wait for 6 years and you will not have to pay any money. When you complete 21 years, your daughter’s account matures and you get all the money you have deposited along with interest.
You can withdraw money even in the middle. When your daughter turns 18 years old and she passes the tenth exam, then also you can withdraw 50% of the total money.
Incidentally, if the daughter dies, you can still withdraw all the money by depositing the death certificate and closing the account.


Sukanya Samriddhi Yojana Interest Rate

The scheme offers an 8.40% interest earlier, which was the highest interest rate from the rest of the government scheme, but again govt has reduced it and now offering 7.6% since from FY2020-2021. Under this scheme, you will not have to pay any income tax under the Income Tax Department 80C on the money and interest received. Whereas, if you take FD and any other savings plan, you will have to pay tax there.


Minimum limit of Sukanya Samriddhi Yojana account 

You should also know that what is the minimum amount you need to open this plan, it used to be a minimum of Rs 1000 per month, which has now been reduced to Rs 250 per month under the new scheme. This benefited that now everyone can take this plan.


We hope this above information will help you with the understanding of taking advantage of Sukanya Samriddhi Yojanachoosing. The purpose of the article is to give you accurate information so that you can try it, but if you still have some doubts, contact us.


Frequently Asked Questions 

What is Sukanya Samriddhi Yojana?

Sukanya Samriddhi Yojana is a scheme launched by the Government of India as part of Beti Bachao Beti Padhao Abhiyan to provide benefits to parents to meet the education and marriage expenses of girls.

What is the maturity period of Sukanya Samriddhi Yojna?

Although the duration of this plan is 21 years, but you have to deposit only 15 years in it. After this, you will have to wait for 6 years and you will not have to pay any money. When you complete 21 years, your daughter’s account matures and you get all the money you have deposited along with interest.

What is the rate of Interest on Sukanya Samriddhi Yojna presently in FY2020-21?

The scheme was offering an 8.40% interest earlier, which was the highest interest rate from the rest of the government scheme, but again govt has reduced it and now offering 7.6% since from FY2020-21.

What is Minimum limit of Sukanya Samriddhi Yojana account presently?

It used to be a minimum of Rs 1000 per month, which has now been reduced to Rs 250 per month under the new scheme.