May it be rural India or the metropolitan cities of the country, the number of people looking at girls as a burden is very common. As soon as the daughter is born, people do not think about better health or better education, but they directly start thinking about her marriage. Despite the several efforts of the Union Government, the stigma of child marriage and dowry is still prevalent in Indian society. To avoid these financial implications and burdens, the Government had launched Sukanya Samriddhi Yojana in the past.
What is Sukanya Samriddhi Yojana?
Sukanya Samriddhi Yojana was launched by the Honourable Prime Minister of the nation, Shri Narendra Modi on 22nd January 2015 in Haryana. The government had the backing of the authorized commercial banks as well apart from Post Offices. The interest rate is quite huge compared to the likes of other saving schemes. Though the interest has reduced to 7.6%, the initial rates when launched were peaking at 9.1%.
When can one open the Sukanya Samriddhi Yojana account?
The Sukanya Samriddhi Yojana account can be opened as soon as the daughter is born at the hospital and the birth certificate is issued. The account can be opened till the girl attains 10 years by the parent/guardian. However, the Government of India has applied a cap on the number of accounts that can be opened. Only one account opened per child and parents can open a maximum of two accounts. However, the exception is provided in the case of twins and triplets.
The girl child can operate the Sukanya Samriddhi Yojana account as soon as she attains 10 years. On the other hand, the daughter can also withdraw 50 percent of the deposit at 18 years for higher education purposes. The account matures 21 years from the date of account opening. The minimum and the initial investment are 250 Rupees and the maximum deposit is 1.5 lakh rupees. The minimum deposit of 250 rupees must be maintained or else, a fine of rupees 50 will be imposed on the parents.
Either the parents or the account holder can deposit the money only for 15 years of the account and after that, they can earn only interest. Normal closure is allowed in case a girl is an adult and is married.
What are the documents required to open a Sukanya Samriddhi Yojana Account?
Sukanya Samriddhi Yojana account can be opened like a normal bank account with India Post or commercial banks. The guardians have to submit the birth certificate of the newborn girl child and the form provided by the bank/post office. Apart from this, the parents have to submit an identity card like a passport, Driving License, PAN Card, or Ration Card. Also, they need to submit the residential address proof to open the Sukanya Samriddhi Yojana Account.
What is new in the Sukanya Samriddhi Yojana Account?
Before the corona had wrecked the Indian society, only physical deposits were allowed. People used to go to post offices or banks to deposit the minimal amount. However, the Union Government of India assessed the need of making the deposits online to avoid the spreading of pandemics. In order to achieve the goal, the Government has floated an IPPB application where one can deposit online for the Sukanya Samriddhi Yojana Account.
How to use an IPPB app?
- To deposit online, one has to first connect and link the savings account with the IPPB application.
- Next, go to the Department of Posts product
- The Sukanya Samriddhi Yojana account has to be selected.
- Enter the account number and customer ID
- Make the payment through the portal after selecting the installment.
- IPPB will send a notification once the payment is done.
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