Meaning

The Sukanya Samridhi Yojana is a government saving scheme created with the intension to benefit girl child under the initiative of "Beti Bachao - Beti Padhao". The parent/guardian of the girl child who is 10 years of age or younger can open an account under this scheme.

Eligibility

Sukanya Samridhi Account can be openend by a parent/guardian of the resident girl child who is 10 years of age or younger. Only one account can be opened for 1 girl child. A family can open a maximum of 2 Sukanya Samridhi accounts.

Cases where a 3rd Sukanya Samridhi Account is allowed

• When a girl child is born after birth of twin or triplet girls, or
• When twins or triplet girl childs are born after a girl child

Documents Required

• Birth Certificate of the girl child.
• Photo Id of the applicant parent or legal guardian.
• Address proof of applicant parent or legal guardian.
• Other KYC proofs such as PAN, Voter Id etc.

Tax deductions for Investment under 80C

Under old Regime,the depositor (i.e, the parent or legal gauardian) can claim a deduction u/s 80C against the principal amount deposited upto a maximum of 1.5 lakhs.

Under New Regime, Deduction u/s 80C of the principal amount deposited is not allowed.

Amount to be Deposited

• A minimum amount of Rs. 250 is allowed to be deposited.
• A maximum amount of Rs. 150000 is allowed to be deposited.

Note: Deposits can be made through cheques, cash, Demand Draft or online transfer.

Default in making Deposits

If the depositor defaults to make the deposit,the "account under default" can be regularised within 15 years of account 
opening on payment of penalty of Rs. 50 per default year.

Maturity of Sukanya Samridhi Account

Investment matures at

• when the girl child attains the age of 21 years,
• On marriage of the girl child after she attains the age of 21 years.

    Whichever is earlier,

Pre mature Closure of Sukanya Samridhi Account

• On death of girl child. On producing the death cirtificate , the principal alongwith interest will be paid to the parent/guardian of the girl child.
• For medical treatment of the girl child in case of life threatening dieases or on death of the parent/ legal 
  guardian.
• Deemed closure in case of change of residential status of the girl child. Such change of staus shall be 
  communicated within one month of status change.
• After 5 years of opening the account, if the post office or bank feels that maintening the account is causing undue hardship for the girl child.

Tax Benefits at time of Withdrawl

Interest earned and maturity amount are tax exempt.

Where can a sukanya Samridhi Account be opened

Sukanya Samridhi Account can be opened in Post Office or any authorized bank.