Saving money for a child’s future is one of the most important responsibilities of a parent. Especially when it comes to a girl child, many Indian families worry about education and marriage expenses. That’s where the Sukanya Samridhi Yojana comes in. It is a special savings scheme started by the Indian government under the “Beti Bachao, Beti Padhao” campaign. This scheme is designed to help parents build a strong financial foundation for their daughters. It is safe, government-backed, and offers higher interest than regular savings accounts.
Eligibility and How to Open the Account
The Sukanya Samridhi Yojana account can be opened by the parents or legal guardian of a girl child before she turns 10 years old. Only one account per girl child is allowed, and a family can open up to two accounts for two daughters. If twins are born, then a third account is also allowed. You can open this account at any post office or authorized banks like SBI, PNB, HDFC, and others. The process is simple, just carry the birth certificate of your daughter, your identity proof, and address proof. For example, if your daughter is 5 years old, you can go to the nearest post office and open an account under her name by submitting the necessary documents and a minimum deposit.
Flexible Deposit Options and Minimum Requirements
One of the best things about this scheme is its flexibility. You can start the Sukanya Samridhi Yojana with as little as ₹250 in a financial year. The maximum deposit allowed in a year is ₹1.5 lakh. You don’t need to invest a fixed amount every month. Even if you are unable to deposit for a year, the account won’t be closed. However, to keep the account active, a minimum of ₹250 should be deposited each year. This flexibility is very helpful for middle-class families or people with irregular income. For example, a vegetable seller who earns differently every month can still save for his daughter without pressure.
High Interest Rates Compared to Other Schemes
The biggest benefit of Sukanya Samridhi Yojana is its high interest rate. The interest is revised every quarter by the government. As of now, it offers around 8.2% per annum, which is higher than regular savings accounts, fixed deposits, or other small savings schemes. This interest is compounded annually, which means your money grows faster over time. If you deposit ₹1 lakh per year for 15 years, you will get a maturity amount of more than ₹40 lakh by the time your daughter turns 21. This is a great way to save for her higher education or marriage.
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Tax Benefits Under Section 80C
The Sukanya Samridhi Yojana also offers great tax benefits. The amount you deposit in this scheme is eligible for deduction under Section 80C of the Income Tax Act, up to a maximum of ₹1.5 lakh per year. Also, the interest earned and the maturity amount are completely tax-free. This is called the EEE status—Exempt on Contribution, Exempt on Interest, and Exempt on Maturity. So if you are looking for a long-term, tax-saving investment with guaranteed returns, this scheme is a wise choice.
Lock-in Period and Withdrawal Rules
This is a long-term investment scheme with a lock-in period. You can deposit for 15 years from the date of account opening, but the account matures only after 21 years from the date of opening or when the girl gets married after 18 years of age. Partial withdrawal of up to 50% is allowed after the girl turns 18, but only for educational purposes. Let’s say you opened the account when your daughter was 5 years old. You can deposit till she turns 20, and withdraw after she turns 18 for her college fees. The remaining amount can be used for her wedding or other big needs. Learn More ..Personal Finance: Manage money to Secure Future
Why Every Parent Should Consider This Scheme
In today’s time, education and marriage expenses have become very high. Many parents take loans or struggle financially during these phases. But if you start saving early with the Sukanya Samridhi Yojana, you will not face such pressure. The scheme is specially designed to support girl children and promote their financial security. Also, since the money is locked in for a long time, there is no chance of using it for other expenses. This makes it a disciplined way to save. With high returns, tax benefits, and safety, this scheme gives peace of mind to parents.
Conclusion: A Gift of Security and Hope for Your Daughter
The Sukanya Samridhi Yojana is not just a savings scheme, but a promise to your daughter for a better future. It encourages families to think about long-term planning and reduce dependency on others for financial support. Whether you are a salaried employee, self-employed, or run a small business, you can start with a small amount and grow it over the years. With increasing awareness and trust in government schemes, more and more people are choosing the Sukanya Samridhi Yojana. So don’t wait. Take the first step today and give your daughter the financial wings she deserves.