Sukanya Samriddhi Yojana

• Union Government has reduced minimum yearly deposit required under popular girl child savings scheme, Sukanya Samriddhi Yojana to Rs 250 from Rs 1,000 earlier. This has been lowered to enable more people to enjoy benefits of this scheme.

About Sukanya Samriddhi Yojana:

• A guardian can open only one account in the name of one girl child and a maximum two accounts in the name of two different girl children.
• A Sukanya Samriddhi account can be opened in the name of a girl child till she attains the age of 10 years.
• Sukanya Samriddhi accounts can be opened in post offices and in designated public banks.
• Deposits can be made up to 14 years from the date of opening of the account.
• After this period, the account will only earn interest according to applicable rates.
• The account can be closed after completion of 21 years.
• Deposits made into the Sukanya Samriddhi account, the interest earned, and the maturity amount are tax-free.
• The minimum deposit that needs to be made every year into Sukanya Samriddhi account is now Rs 250.
• The maximum amount that can be deposited into Sukanya Samriddhi account on a yearly basis is Rs 1.50 lakh.
• Partial withdrawal from a Sukanya Samriddhi account, up to 50% of the balance at the end of the preceding financial year, can be made after the account-holder attains the age of 18.

By: Vishal