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 website of India Post, indiapost.gov.in.
Key things to know about the Sukanya Samriddhi scheme:
1. Number of accounts: The Sukanya Samriddhi 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 children.
2. Age: The account can be opened up to age of 10 years from the date of birth.
3. Amount: One needs to deposit a minimum of Rs. 250 and a maximum of Rs. 1,50,000 in a financial year. The subsequent deposits in the account can be made in multiples of Rs. 100.
4. Rate of interest: Sukanya Samriddhi Yojana offers 8.5 per cent per annum. The interest is calculated and compounded on a yearly basis.
5. Number of deposits: Deposits can be made in lump-sum and there is no limit on the number of deposits either in a month or in a financial year.
6. 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 India Post.
10. Account closure: The account can be closed after the account holder completes 21 years.