Sukanya Samriddhi Yojana is one of the best Government initiated small saving schemes to provide benefits to a girl child . It was introduced as a part of Beti Bachao, Beti Padhao Yojana. The tenure of the Sukanya Samriddhi Yojana is 21 years, or if the girl gets married after the age of 18.
Features of Sukanya Samriddhi Yojana
1. Interest Rate
The interest rate for Sukanya Samriddhi Yojana provided to the policyholder is 7.6% per annum currently.
2. Maturity Period
The maturity period of Sukanya Samriddhi Yojana is either 21 years or until the girl child gets married after the age of 18 years- whichever is earlier.
3. Minimum and Maximum amount of Deposit
The minimum deposit amount for Sukanya Samriddhi Yojana is Rs. 250 in a financial year.
The maximum amount of deposit for Sukanya Samriddhi Yojana is Rs. 1.5 lakhs in a financial year.
Most of us often do not know the eligibility criteria for Sukanya Samriddhi Yojana. Read the points mentioned below and get to know all about the eligibility criteria for Sukanya Samriddhi Yojana.
Eligibility Criteria for Sukanya Samriddhi Yojana
- The account for Sukanya Samriddhi Yojana for the girl child can only be opened by the legal guardians or the girl's parents.
- The age of the girl child has to be below 10 years when opening the Sukanya Samriddhi Yojana account.
- Only one account can be opened for a girl child.
- The parents or the legal guardians can open two accounts for Sukanya Samriddhi Yojana for two girl child. Moreover, a third account can be opened in case of the twins.
- In case a girl child is born before the birth of twins, the parents or the legal guardians can open a second account for Sukanya Samriddhi Yojana.
There are various benefits of investing in Sukanya Samriddhi Yojana to the investor in today's time. Let us look at a few of the benefits.
Benefits of Investing in Sukanya Samriddhi Yojana
1. Financial Security
We do not know when we might face uncertainty or an unforeseen event. Therefore, it is necessary to be well prepared in advance. Therefore, investing in Sukanya Samriddhi Yojana has become necessary in today's changing times as it provides financial security to your girl child.
2. Guaranteed Returns to the Investor
Sukanya Samriddhi Yojana is one of the best government-initiated schemes to invest in today's time as it provides guaranteed results to the investor.
3. Tax Benefits
Another key benefit of investing in Sukanya Samriddhi Yojana is tax benefits. The premiums paid by the investor for the Sukanya Samriddhi Yojana are eligible for tax benefits for up to 1.5 lakhs annually. However, tax laws are subject to change from time to time.
4. Covers Your Girl Child's Educational Cost
We all know that the cost of education is rising and touching the sky day by day. As a result, the parent must be financially prepared well in advance. By investing in Sukanya Samriddhi Yojana, you can cover your girl child's educational cost and ensure that she does not face any financial restriction in the coming years. Moreover, it will also help her achieve her goals without any hassle and let her go for the best education.
5. The Investor Only Needs to Deposit for 15 Years
People who have invested in Sukanya Samriddhi Yojana need to deposit only 15 years. The investor will continue to get interest rates until the policy's maturity date, which is 21 years.
6. Facility to Partially Withdraw
In case of unforeseen events such as the death of the parent or the guardian or in case of medical emergencies, the investor has the facility to withdraw a certain amount partially. This will ensure that there is no financial burden on the girl child. Moreover, it also ensures that she can continue to live her life and achieve her goals even in the absence of the parent or the legal guardian.
7. Affordable Deposits
To invest in Sukanya Samriddhi Yojana, one does not have to deposit huge amounts. The investor can deposit as low as Rs. 250 annually. As a result, anyone and everyone can afford Sukanya Samriddhi Yojana.
Before investing in a Sukanya Samriddhi Yojana, it is recommended to be well prepared with everything required to fill the form. This will ensure that the investor does not face any hassle while investing in the Yojana.
Let us now see what all is required for the Sukanya Samriddhi Yojana application form.
Details That are Required for the Sukanya Samriddhi Yojana Application Form
- Name of girl child who is the primary account holder.
- Name of parent or the legal guardian opening the account on behalf of the girl child.
- The initial deposit amount that is required for opening the Sukanya Samriddhi Yojana
- Cheque or the DD number and date that will be used for an initial deposit
- Date of birth of girl child
- Birth Certificate details of the girl child or the primary account holder
- ID details of the parent or guardian opening the Sukanya Samriddhi Yojana on behalf of the girl child. ID details can include driving license, Aadhaar card, PAN card, etc.
- Permanent address
- A medical certificate, in case multiple children are born under one order of birth.
- Any other documents that are requested by the bank or post office.
In today's time, investing in Sukanya Samriddhi Yojana is recommended to financially secure your girl child in case of an unforeseen event, such as the death of the parent or legal guardian. Sukanya Samriddhi Yojana will ensure that the girl child plan for education and future do not get hampered and she can continue to live her life and achieve all the goals she has planned.
The article is meant to be general and informative in nature and should not be construed as solicitation material. Please read the related product brochures for exclusions, terms and conditions, warranties, etc. carefully before concluding a sale.
Make responsible financial decisions. Consult with your financial advisor before making any decisions on insurance purchase.