Sukanya Samriddhi Yojana account is a special scheme for girls aimed at securing her future financially. By investing, parents or legal guardians can get income tax benefits and the returns are also tax-free.
The deposit amount can range between Rs 250 and Rs 1.5 lakh for a fiscal for a parent of a girl child.
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Term of account
The account will stay active for 21 years following the date of opening or until the girl turns 18 and gets married. After the girl reaches 18, a partial withdrawal of 50% of the remaining balance may be made to cover the cost of her further education.
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Closure before maturity
The ICICI Bank FAQ page says the account can be closed in following conditions. “In the event of the death of the account holder. In case of extreme compassionate grounds such as medical support in life-threatening diseases of the account holder or death of the guardian that the operation or continuation of the account is causing undue hardship to the account holder. Provided that no premature closure of an account under this sub-paragraph shall be made before completion of five years from the date of opening of the account.”
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Account holder's demise
The account will be immediately terminated in the event of the account holder's death. The account holder's guardian will get the remaining money in the account as well as interest accrued.
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Who is eligible?
The ICICI Bank website says: “The account can be opened by the natural or legal guardian in the name of a girl child from the birth of the girl child till she attains the age of 10 years. A depositor can open and operate only one account in the name of a girl child under the scheme rules.Natural or legal guardian of a girl child can be allowed to open the account for two girl children only. The third account in the name of the girl child can be opened in the event of birth of twin girls as second birth or if the first birth itself results in three girl children.”
You have the option to reopen a terminated Sukanya Samriddhi Yojana (SSY) account, provided it has been closed for less than three years. Beyond this three-year threshold, the account loses its eligibility for revival.
Minimum deposit ₹ 250/- Maximum deposit ₹ 1.5 Lakh in a financial year. Account can be opened in the name of a girl child till she attains the age of 10 years. Only one account can be opened in the name of a girl child. Account can be opened in Post offices and in authorised banks.
Firstly, the interest rate offered by the Sukanya Samriddhi Yojana is currently 7.6 percent, but it is subject to change on a quarterly basis. This interest rate may not be enough to combat the high inflation associated with long-term goals like education and marriage expenses.
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