Sukanya Samriddhi Yojana is a government-backed savings scheme introduced by the Government of India to promote the welfare of the girl child. This scheme was launched in 2015 and aims to provide a financial cushion for the girl child’s future education and marriage expenses. In this blog, we will explore the various features, benefits, and eligibility criteria of the Sukanya Samriddhi Yojana. Features of Sukanya Samriddhi Yojana: Account opening: The account can be opened by the parents or guardians of a girl child, who is below the age of 10 years. Investment Amount: The minimum investment amount is Rs. 250, and the maximum investment limit is Rs. 1.5 lakh in a financial year. Tenure: The tenure of the scheme is 21 years or until the girl child attains the age of 18 years. Interest Rate: The interest rate is revised by the government every quarter. As of now, the interest rate for the first quarter of the financial year 2023-24 is 7.6% per annum. Tax Benefits: Investments made under this scheme are eligible for tax benefits under Section 80C of the Income Tax Act. The interest earned and the maturity amount are also tax-free. Benefits of Sukanya Samriddhi Yojana: Secure Future: This scheme provides a secure future for the girl child by ensuring a lump sum amount for her education or marriage expenses. High Returns: The interest rate offered by the scheme is higher than other government-backed savings schemes, making it a lucrative investment option. Tax Benefits: As mentioned earlier, investments made under this scheme are eligible for tax benefits under Section 80C of the Income Tax Act. Flexible Investment: The investment amount can be as low as Rs. 250, making it an affordable option for everyone. Eligibility Criteria: The account can be opened by the parents or guardians of a girl child who is below the age of 10 years. The account can be opened for two girl children in a family. In case of twins, the account can be opened for both. The account can be opened in any post office or authorized banks. The account can be closed prematurely after completion of 5 years for the following reasons: a) Medical emergency of the girl child b) Death of the girl child c) Financial difficulty of the guardian or the girl child Conclusion: Sukanya Samriddhi Yojana is a great investment option for parents who want to secure their daughter's future financially. With the government's backing and attractive interest rates, it is a safe and secure investment option. The tax benefits offered by the scheme further make it an attractive option for investors. Therefore, parents should consider opening an account under the Sukanya Samriddhi Yojana for their daughter's bright and secure future.
