This Children's Day, the best give that you can possibly gift to your children is to make them financially independent. For this, proper financial planning from an early age helps secure the future of your children. When it comes to a girl child, the government runs a special scheme which caters to the welfare of girl children. The Sukanya Samriddhi Scheme, under which money can be invested in the name of a girl child, can be opened in any bank or post office. The Sukanya Samriddhi Account, which matures in 15 years, pays an attractive interest rate and also offers income tax benefits.
Here is everything you want to know about the Sukanya Samriddhi Scheme
Who can open the Sukanya Samriddhi Scheme account? A natural/ legal guardian on behalf of the girl child can open this account.
Minimum and maximum amount of deposit:A minimum of Rs 250 is to be deposited every year. The maximum investment is capped at Rs 1,50,000 in a financial year.
Tenure of Sukanya Samriddhi deposit: The tenure of the account is 21 years from the date of opening of the account. Deposits can be made up to 15 years from the date of opening of the account.
Interest rate on Sukanya Samriddhi Scheme: The current interest rate on Sukanya Samriddhi accounts 8.5 per cent per annum for the quarter ending December. The interest is calculated and compounded on a yearly basis.
Tax Rebate: There is no tax on the amount invested, amount earned as interest and the amount withdrawn.
Premature Closure:Sukanya Samriddhi accounts can be closed prematurely in the event of death of the depositor or in cases of extreme compassionate grounds such as medical support in life threatening diseases but this must be authorized by an order by the Central Government.
Withdrawal: Fifty per cent of the balance lying in the Sukanya Samriddhi account as at the end of previous financial year can be withdrawn for the purpose of higher education and marriage of the girl child after attaining the age of 18 years.
Irregular Payment/ Revival of account: The Sukanya Samriddhi account can be revived by payment of penalty of Rs. 50 per year along with the minimum specified amount per year.