In 2015, the Ministry of Finance under the Narendra Modi Government launched a special savings scheme under the newly launched ‘Beti Bachao Beti Padhao’ campaign. Named the Pradhan Mantri Sukanya Samriddhi Yojana, this scheme was especially launched to encourage parents to protect the welfare of their girl child. Through this scheme, parents or legal guardians of girls can open a special savings account and deposit money in order to ensure the financial independence of their daughters. Let’s look at some of the most common, frequently asked questions about this savings scheme.
FAQ 1 – Where can I open this savings account for my daughter/s?
Answer: The Sukanya Samriddhi Account can be opened in any of the 28 government authorized (public sector) banks in India. You can also visit your nearest post office to open this account.
FAQ 2 – Who can open this account and who is the primary account holder?
Answer: Parents or legal guardians of the girl child can open this account and deposit sums in it. However, the girl is listed as the primary account holder and only she can withdraw sums from the account.
FAQ 3 – What is the age limit to open this account?
Parents or legal guardians can open the savings account on the day the girl child is born, until her 10th birthday.
FAQ 4 – Is there a limit on the number of accounts that can be opened?
Answer: Yes, parents or guardians can open only 1 Sukanya Samriddhi Yojana account per girl child, up to a maximum of 2 girls for whom the account can be opened. However, in case of twin daughters, a third account can be opened if the parents have another girl child.
FAQ 5 – Is there a provision for partial withdrawals? How about complete withdrawals?
Answer: Yes, the primary account holder can make a partial withdrawal of up to 50% of the savings parked in this account. However the withdrawal can only be made after she turns 18 years of age, for education purposes only. Once the girl turns 21, she can withdraw all sums from the account, if she so chooses.
FAQ 6: Is there a provision to open this account online?
Answer: No, it is not possible to open an account under the Sukanya Samriddhi Yojana online. While you can fill and download the form from any of the authorized banks’ website, you need to take a print out of it and submit it with the supporting documents at an authorized bank or post office. The account will be opened by the bank or post office authority.
FAQ 7: Can I transfer sums into the account online?
Answer: Yes, you can make your investments or transfer sums into this account online through your net or mobile banking channels.
FAQ 8 – What is the minimum and maximum amount I can invest in this scheme per year?
Answer: The minimum amount you can invest in the Sukanya Samriddhi Scheme in a given financial year is ₹250 whereas the maximum investment amount is ₹150,000.
FAQ 9 – What is the interest rate on savings parked in this account?
Answer: The current interest rate as of financial year 2019-20 is 8.4%. Interest rates are revised every quarter.
FAQ 10 – Are there any tax benefits of investing in this scheme?
Answer: Yes, you can get tax exemptions on investments of ₹150,000 in a given financial year for investing in SSY scheme, under Section 80C of the Income Tax Act. This investment belongs to the EEE category in which the entire principal amount invested, the interest earned and amount at maturity is tax free.
Keywords used: Pradhan Mantri Sukanya Samriddhi Yojana, Sukanya Samriddhi Account, Sukanya Samriddhi Yojana, Sukanya Samriddhi Yojana online, Sukanya Samriddhi Scheme, SSY
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