Sukanaya Samriddhi Accounts Yojana

Prime Minister Narendra Modi has launched a small deposit scheme for girl child, as part of the 'Beti Bachao Beti Padhao' campaign, which would fetch an interest rate of 9.1 per cent and also provide income tax rebate.' Sukanya Samriddhi Account' can be opened at any time from the birth of a girl child till she attains the age of 10 years, with a minimum deposit of Rs.1000. A maximum of Rs.1·5 lakh can be deposited during one financial year. Tha account can be opened in any post office or authorised branches of commercial banks.
As per the official announcement, the scheme primarily ensures equitable share to a girl child in resources and savings of a family in which she is generally discriminated as against a male child. In an effort to motivate parents to open an account in the name of a girl child and for her welfare to deposit maximum of their savings upto the prescribed limits, higher rates of interest at 9·1% is proposed to be given on the deposits on annually compounded basis with income tax concession in this financial year. The account will remain operative for 21 years from the date of opening of the account or marriage of the girl child after attaing 18 years of age.
To meet the requirement of higher education expenses, partial withdrawal of 50 per cent of the balance would be allowed after the girl child has attended 18 years of age. The provision of not allowing withdrawal from the account till the age of 18 has been kept to prevent early marriage of girls.
The highlights of this scheme can be summed up as follows :
Rate of interest 9·1% Per Annum (2014-15), calculated on yearly basis, Yearly compounded.
Minimum INR. 1000 and Maximum mum INR. 1,50,000 in a financial year. Subsequent deposit in multiple of INR 100 Deposits can be made in lumpsum No limit on number of deposits either in a month or in a Financial year.
A legal GuardianlNatural Guardian can open account in the name of Girl Child.
A guardian can open only one account in the name of one girl child and maximum two accounts in the name of two different Girl children.
Account can be opened up to age of 10 years only from the date of birth. For initial operations of Scheme, one year grace has been given. With the'grace, Girl child who is born between 2.12.2003 & 1.12.2004 can open account up to 1.12.2015.
If minimum Rs.1000 is not deposited in a financial year. account will become discontinued and can be revived with a penalty of Rs.50 per year with minimum amount required for deposit for that year.
Partial withdrawal, maximum up to 50% of balance standing at the end of the preceding financial year can be taken after Account holder's attaining age of 18 years.
Account can be closed after completion of 21 years.
If account is not closed after maturity, balance will continue to earn interest as specified for the scheme from time to time.
Normal Premature closer will be allowed after completion of 18 years/provided that girl is married.