Sukanya Samriddhi Account Scheme

International Women’s Day is a day to celebrate women’s achievements in different fields and highlight the challenges they face. One of the significant challenges that women and girls face is financial inclusion. To address this, the Indian Government introduced the Sukanya Samriddhi Account Scheme, a saving scheme aimed at empowering the girl child.

The Sukanya Samriddhi Account Scheme is an innovative and technology-driven scheme aimed at promoting gender equality by providing financial security to the girl child. The scheme can play a significant role in empowering women and girls by providing them with the financial resources they need to achieve their dreams and aspirations.

The Sukanya Samriddhi Account Scheme is a savings scheme launched by the Government of India under the “Beti Bachao Beti Padhao” initiative. The scheme is targeted towards parents and guardians of a girl child below the age of 10 years. The scheme aims to encourage parents to save for their daughter’s future and provide financial security to the girl child.

The Sukanya Samriddhi Account Scheme offers an attractive interest rate, currently at 7.6%, compounded annually. The account can be opened with a minimum deposit of Rs. 250 and a maximum deposit of Rs. 1.5 lakh per financial year. The account has a tenure of 21 years, which can be extended for another five years.

The scheme offers several benefits to parents and guardians who wish to secure their daughter’s future. First, the scheme offers tax benefits. Contributions made to the account are eligible for a tax deduction under Section 80C of the Income Tax Act. Additionally, the interest earned and the maturity amount are tax-free. This means that the scheme not only helps parents save for their daughter’s future but also helps them save on taxes.

Second, the scheme provides a guaranteed rate of return, which can help parents plan for their daughter’s future. The interest rate is reviewed and revised every quarter, ensuring that parents and guardians receive a competitive rate of return on their investment.

Third, the scheme provides flexibility in terms of deposit and withdrawal. The scheme allows parents to make deposits at their convenience, ensuring that they can save for their daughter’s future at their own pace. Additionally, the scheme allows partial withdrawal after the girl child attains the age of 18 years for her education or marriage expenses.

The Sukanya Samriddhi Account Scheme can be opened in any post office or authorized banks across India. To open the account, parents or guardians need to provide their daughter’s birth certificate, address proof, and identity proof. Additionally, the parents or guardians need to provide their PAN card details to complete the account opening process.

In the digital age, the scheme has made it easier for parents and guardians to open and manage an account. The scheme can be opened and managed online, making it convenient for parents who may have busy schedules. Additionally, the scheme has made it easier for parents to make contributions to the account through online banking or mobile banking.

One of the significant advantages of the scheme is that it can be used to finance the girl child’s education, marriage, or any other expenses that may arise in the future. Additionally, the scheme can help parents build a financial corpus for their daughters, which can help them achieve their long-term financial goals.