The Sukanya Samriddhi is a new initiative that has been proactively taken by the government of India. This account is especially designed for the welfare of a girl child in the society. Prime Minister Narendra Modi launched this scheme on the 22nd January 2015 and this scheme is also part of the Beti padhao-Beti bachao scheme.India is a country which is still under the domination of the patriarchal society and girls are not given much importance in the Indian household. The PM introduced this new account keeping in mind the welfare and the benefits of the girl child in mind. The Sukanaya Samriddhi is similar to the normal PPF account- only that it is for girls under 18 years of age.
How to open the Sukanya Samriddhi account
It is very easy to open a Sukanya Samriddhi account. You just need the birth certificate of the girl child long with her picture. The account would be in the name of the girl child and there would be a primary holder who would be dealing with the account till the child is 18 years old. On maturity on 18 years the girl would get 50% of the payment and the other 50% would be obtained when the child is 22 years old. The account has the highest rate on interest with a lock in period of 18 years.
How to Open Sukanya Samriddhi Account- Benefits of Sukanya Samriddhi
Benefits of the Sukanya Samriddhi account
Sukanya Samriddhi has been designed for the welfare of the girl child and it has number of benefits
The account has the highest rate on interest among all other saving schemes. The interest rate that is offered is 9.1% for current financial year and the interest rate changes as per norms. The interest rate is declared in every financial year. The interest rate would be compounded on a yearly basis.
It is one of the best schemes that help the older person to save a great deal of tax. The government of India has let off contribution to this account u/s 80C of the Income Tax Act; 1961.The person can be exempted from a tax of 1.5 lakhs for every financial year.
The account has a lock in period of 18 years after which 50% of the deposit can be withdrawn and the rest can be withdrawn at the attainment of 22 years of age.
The account which has been designed in a very special way would help the girl child to receive money during her higher education or during her marriage. Nowadays education is expensive and this would definitely help to back up the girl child.
On maturity of the account, the money along with the interest would be directly paid to the girl child and no one else. Thus it helps in giving the girl financial independence.
Though the Sukanya Samriddhi scheme is not known by many, it is indeed one of the best schemes designed especially for the girl child and this is what makes it special.