INSUBCONTINENT EXCLUSIVE:
Sukanya Samriddhi account can be opened up to age of 10 years from the date of birth.India Post or Department of Posts, the postal system of
the country, offers several savings schemes with different interest rates
The Sukanya Samriddhi Yojana, one such savings scheme offered by India Post, is a deposit scheme for the girl child and can be opened in
leading banks and post offices across the country
The Sukanya Samriddhi scheme, launched in January 2015, fetches an interest rate of 8.5 per cent per annum, according to the official
account can be opened by a natural or legal guardian in the name of a girl child
A person can open and operate only one account in the name of a girl child and maximum two accounts in the name of two different girl
Amount: One needs to deposit a minimum of Rs
1,50,000 in a financial year
The subsequent deposits in the account can be made in multiples of Rs
Rate of interest: Sukanya Samriddhi Yojana offers 8.5 per cent per annum
The interest is calculated and compounded on a yearly basis.5
Penalty amount: If the minimum of Rs
250 is not deposited in a financial year, the Sukanya Samriddhi account will be discontinued and can be revived with a penalty of Rs
50 per year along with the minimum amount required for deposit for that year, according to India Post.7
Tax Benefit: The deposits made to the Sukanya Samriddhi account, the proceeds and maturity amount are fully exempted from tax under section
80C of the Income Tax Act.8
Premature Withdrawal: Partial withdrawal, maximum up to 50 per cent of the balance standing at the end of the preceding financial year can
be taken after account holder attains the age of 18 years.9
Premature closure: Normal premature closure is allowed after the account holder completes 18 years and provided that girl is married, said
Account closure: The account can be closed after the account holder completes 21 years.
