Sukanya Samriddhi Account (Girl Child Prosperity Account) is a Government of India backed saving scheme targeted at the parents of girl children. The scheme encourages parents to build a fund for future education and marriage expenses for their female child.
The scheme was launched by Prime Minister Narendra Modi on 22 January 2015 as a part of the Beti Bachao, Beti Padhao campaign. The scheme currently provides an interest rate of 8.4% (for July-September 2019 quarter) and tax benefits. The account can be opened at any India Post office or branch of authorized commercial banks.
The child is capable of function her bank account after she reaches the grow old of 10. The report allows 50% withdrawal at the epoch of 18 for superior teaching purposes. The credit reaches adulthood after a time phase of 21 days from the engagement of gateway it.
Deposits in the checking account bottle are completed until the completion of 15 years, from the rendezvous of the gap of the account. After this stage, the savings account will earn a simply applicable ratio of interest. If the checking account is not closed, subsequently it will not earn catch your eye at the established rate. If the young woman is over 18 and married, common closure is allowed.
The account can be opened anytime between the birth of a girl child and the time she attains 10 years of age by the parent/guardian. Only one account is allowed per child. Parents can open a maximum of two accounts for each of their children (exception allowed for twins and triplets). The account can be transferred anywhere in India.
A minimum of ₹250 must be deposited in the account initially. Thereafter, any amount in multiples of Rs 100 can be deposited. However, the maximum deposit limit is ₹150,000. If the minimum deposit of ₹250, (initially which was 1000) is not made in a year, a fine of ₹50 will be put on.