The wonders of Sukanya Samriddhi Account Scheme

The Sukanya Samriddhi scheme was launched by Narendra Modi, the Prime Minister of India. It is primarily a savings scheme under the umbrella scheme of ‘Beti Bachao, Beti Padhao.’ It can also be considered as a significant initiative taken by the government for increasing the amount of national savings gained by the government of the country. The GDP which was 38% in the year 2008 has now decreased further to 30%. The notion behind this scheme is to motivate the parents of girl children to save a certain sum of money for the bright future of their daughters.

Sukanya Samriddhi Account, if translated literally, becomes Girl Child Prosperity Account. This savings account scheme is backed by the Indian Government, and the target is the parents of daughters. Parents are encouraged by this scheme to save some money for bearing the educational expenses and also cost of marriage in future of their daughters.

The Sukanya Samriddhi Account Scheme was introduced in the year 2015, on 22nd January. It was launched as a significant component of the famous ‘Beti Bachao, Beti Padhao’ scheme. There have been tax advantages for the government after the introduction of this scheme along with a rise in the interest rate. You can open this specific account at any post office of the country that is a branch of any sanctioned commercial bank.

At the time of its initiation, the rate of interest was 9.1%. In the year 2015, the rate of interest became 9.2%. For 2016-17, the rate of interest was revised again, and it became 8.6%. Parents of a female child can open this account anytime after a girl child is born and till she is of 10 years. Apart from parents, the legal guardian can also open this account.

After a girl exceeds the age of 10 years, she is free to operate her Sukanya Samriddhi Account. When the girl child is of 18 years, she can withdraw half of the amount from the account for her education. The account becomes mature after 21 years, that is, not when the girl is of 21 years But 21 years since the date on which the account has been opened. Deposits can be made within the 14 starting years, and after that, no more money can be added to the account. However, the interest rate will be added each year. If the daughter marries after she is 18, normal closure of the account is allowed.

Things that you need to know before opening the Sukanya Samriddhi Account

• Parents and also legal guardians can open the Sukanya Samriddhi Account for maximum two daughters. In case of twins and triplets, the government will make exemption after verifying the birth certificates from proper medical institutions.
• The female child must be a resident of India for being benefitted from this scheme.
• Parents can open this savings account for their girl child up to the age limit of 10 years.
• Parents have to open Sukanya Samriddhi Scheme by their daughter’s name.
• The minimum amount required to open the Sukanya Samriddhi Account is Rs 1,000.
• If at least Rs. 1000 is not added to the Sukanya Samriddhi Account; the parents have to pay Rs 50 extra as fine.
• According to section 80C, no tax needs to be paid by the parents of a girl child for maintaining this account.

Latest changes in the policies of the Sukanya Samriddhi Account Scheme

1. Now, the Sukanya Samriddhi savings account can be opened by parents for adopted daughters as well.
2. Apart from paying in the form of cheque or cash, parents can also make payments electronically if the post office or bank has such facility.
3. Earlier, it was decided that the account will be closed when the girl marries, anytime after she exceeds 18 years of age. Now the rule has changed. The account will be an existing account till the girl is of 21 years, irrespective of her marriage.
4. After a girl gives the secondary board exam, the amount can be withdrawn for higher education.
5. Premature closing is not allowed for the Sukanya Samriddhi Account except there is an emergency like the severe disease.

Monthly Contribution Table of Sukanya Samriddhi Account Scheme

Monthly contribution	Balance accumulated in 14 years	Maturity amount after completion of 21 years
Rs.500	Rs.1,69,937	Rs.3,12,652
Rs.1,000	Rs.3,39,874	Rs.6,25,305
Rs.1,500	Rs.5,09,812	Rs.9,37,957
Rs.2,000	Rs.6,79,749	Rs.12,50,609
Rs.2,500	Rs.8,49,686	Rs.15,63,262
Rs.3,000	Rs.10,19,623	Rs.18,75,914
Rs.4,000	Rs.13,59,497	Rs.25,01,219
Rs.5,000	Rs.16,99,372	Rs.31,26,523
Rs.6,000	Rs.20,39,246	Rs.37,51,828
Rs.7,000	Rs.23,79,121	Rs.43,77,133
Rs.7,500	Rs.25,49,058	Rs.46,89,785
Rs.8,000	Rs.27,18,995	Rs.50,02,437
Rs.9,000	Rs.30,58,869	Rs.56,27,742
Rs.10,000	Rs.33,98,744	Rs.62,53,046
Rs.11,000	Rs.37,38,618	Rs.68,78,351
Rs.12,000	Rs.40,78,492	Rs.75,03,656
Rs.12,500	Rs.42,48,430	Rs.78,16,308

Yearly Contribution Table of Sukanya Samriddhi Account Scheme

Yearly contribution	Balance accumulated in 14 years	Maturity amount after completion of 21 years
Rs.1,000	Rs.28,593	Rs.52,605
Rs.2,000	Rs.57,185	Rs.1,05,210
Rs.3,000	Rs.85,778	Rs.1,57,815
Rs.4,000	Rs.1,14,371	Rs.2,10,420
Rs.5,000	Rs.1,42,963	Rs.2,63,025
Rs.6,000	Rs.1,71,556	Rs.3,15,630
Rs.7,000	Rs.2,00,149	Rs.3,68,236
Rs.8,000	Rs.2,28,741	Rs.4,20,841
Rs.9,000	Rs.2,57,334	Rs.4,73,446
Rs.10,000	Rs.2,85,927	Rs.5,26,051
Rs.11,000	Rs.3,14,519	Rs.5,78,656
Rs.12,000	Rs.3,43,112	Rs.6,31,261
Rs.15,000	Rs.4,28,890	Rs.7,89,076
Rs.18,000	Rs.5,14,668	Rs.9,46,891
Rs.21,000	Rs.6,00,446	Rs.11,04,707
Rs.24,000	Rs.6,86,224	Rs.12,62,522
Rs.25,000	Rs.7,14,816	Rs.13,15,127
Rs.27,000	Rs.7,72,002	Rs.14,20,337
Rs.30,000	Rs.8,57,780	Rs.15,78,152
Rs.33,000	Rs.9,43,558	Rs.17,35,968
Rs.36,000	Rs.10,29,336	Rs.18,93,783
Rs.42,000	Rs.12,00,891	Rs.22,09,413
Rs.48,000	Rs.13,72,447	Rs.25,25,044
Rs.50,000	Rs.14,29,633	Rs.26,30,254
Rs.54,000	Rs.15,44,003	Rs.28,40,674
Rs.60,000	Rs.17,15,559	Rs.31,56,305
Rs.66,000	Rs.18,87,115	Rs.34,71,935
Rs.72,000	Rs.20,58,671	Rs.37,87,566
Rs.75,000	Rs.21,44,449	Rs.39,45,381
Rs.84,000	Rs.24,01,783	Rs.44,18,826
Rs.96,000	Rs.27,44,895	Rs.50,50,087
Rs.1,08,000	Rs.30,88,007	Rs.56,81,348
Rs.1,20,000	Rs.34,31,119	Rs.63,12,609
Rs.1,32,000	Rs.37,74,230	Rs.69,43,870
Rs.1,44,000	Rs.41,17,342	Rs.75,75,131
Rs.1,55,000	Rs.42,88,898	Rs.78.90,762

List of Banks to Open Sukanya Samriddhi Account 

The following banks are the List of Banks to open Sukhanya Samriddhi Account:

1. State Bank of Indi (SBI)
2. State Bank of Hyderabad (SBH)
3. State Bank of Travencore (SBT)
4. State Bank of Mysore (SBM)
5. State Bank of Patiala (SBP)
6. Syndicate Bank
7. Vijaya Bank
8. United Bank of India
9. UCO Bank
10. Punjab National Bank (PNB)
11. Oriental Bank of Commerce (OBC)
12. Indian Bank
13. Punjab & Sind Bank (PSB)
14. Indian Overseas Bank (IOB)
15. ICICI Bank
16. IDBI Bank
17. Corporation Bank
18. Dena Bank
19. Axis Bank
20. Allahabad Bank
21. Andhra Bank
22. Canara Bank
23. Central Bank of India (CBI)
24. Bank of Maharashtra (BOM)
25. Bank of Baroda (BOB)

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