Sukanya Samriddhi Account

Sukanya Samriddhi Account (translation; Girl Child Prosperity Account) is a special deposit account under the Sukanya Samriddhi Yojana (Girl child prosperity scheme) launched by the Prime Minister of India on 22 January 2015, with the stated aim of improving the welfare of female children in India.^[1][2]

Opening Sukanya Samriddhi Account

Under this scheme a saving account can be opened by the parent or legal guardian of a girl child of less than 10 years of age (born on or after: 02-December-2003; For FY 2014-15) with a minimum deposit of ₹ 1,000/- in any post office or authorised branches of commercial bank.

List of Banks

List of Banks Authorized to Open account under Sukanya Samriddhi Yojana:^[3]

All Post offices in India are authorized to open account under Sukanya Samriddhi Yojana ^[4]

Required documents

• Birth documents of girl child(Birth certificate)
• Address proof [ Who is opening the account on child's behalf ]
• Identity proof [ Who is opening the account on child's behalf ]
• 3 Photos of parents and 3 photos of the child
• Pan card and Aaadhar card copies of parents.

Interest

For the FY 2015-16 Government of India has declared an interest rate of 9.2 per cent on SSY scheme. It was 9.1% for FY 2014-2015.^[5]

Duration of the SSY account

The account will remain operative for 21 years from the date of opening of the account or till marriage of the girl child.

Partial Withdrawal

Partial withdrawal up to 50 per cent of the account balance is allowed, only once after the girl child completes age of 18 years, for the purpose of financing her higher education.

Features

• Per girl child only single account is allowed. Parents can open this account for maximum two girl child. In the event of birth of twin girls in 2nd birth or birth of 3 girl child's in 1st birth itself, this facility will be extended to third child^[6]
• Minimum deposit amount for this account is ₹ 1,000/- and maximum is ₹ 1,50,000/- per year.
• Money to be deposited for 14 years in this account.
• Interest rate for this account is 9.2% per annum for FY 2015-16(it was 9.1% for 2014-15), calculated on yearly basis, Yearly compounded.
• Interest rate is tied to 10 year Government of India Bond Yield, and will be 75 basis point higher than the respective year's bond yield.
• Passbook facility is available with Sukanya Samriddhi account.^[7]
• From FY 2015-16 the interest earned on account will be tax exempted. As per Finance Bill 2015-16.

Who can be ‘Guardian’ under this Scheme – In relation to a minor girl Child Guardian means (i) either father or mother; and (ii) where neither parent is alive or is incapable of acting, a person entitled under the law for the time being in force to have the care of the property of the minor.

Scheme Change Table

See also

• Beti Bachao, Beti Padhao

References