This year 22nd January 2025, marks the 10 years of Sukanya Samriddhi Yojana encouraging families to invest in the bright futures of their daughters, fostering a culture of inclusion and progress. Over 4.1 crore Sukanya Samriddhi accounts have been opened as of November 2024.
Key Features of Sukanya Samriddhi Yojana
- Launched on 22nd January 2015 under the Beti Bachao, Beti Padhao Campaign by Prime Minister Narendra Modi, the scheme encourages families to save for their girl children.
- Eligibility:
- Open to resident Indian girl children from birth until they turn 10 years old.
- A maximum of two accounts per family (one for each girl child).
- Account Opening:
- Accounts can be opened at post offices or designated bank branches.
- Initial deposit starts at ₹250, and subsequent deposits must be in multiples of ₹50.
- A minimum deposit of ₹250 per financial year is required, with a maximum limit of ₹1,50,000 annually.
- Management and Tenure:
- Deposits can be made for 15 years from the account opening date.
- After turning 18, the account holder can manage the account herself by providing required documents.
- Interest Rate:
- The current interest rate is 8.2%, calculated monthly on the lowest balance between the 5th day and the end of the month.
- Withdrawals and Closure
- For Education: Up to 50% of the balance (as of the previous financial year) can be withdrawn for education expenses after the account holder turns 18 years old or
- For Marriage: Early closure is allowed if the account holder plans to marry before the account’s maturity.
- Death of the Account Holder: In such unfortunate cases, the account can be closed immediately upon submitting a death certificate.
- Account Transfer: Accounts are transferrable across India, ensuring flexibility for families who relocate.
- Maturity: The account matures 21 years after opening, with the balance payable to the account holder.
(Source: PIB)
