Sukanya Samriddhi Account Scheme Overview
The Central Government notified the Sukanya Samriddhi Account Scheme, 2019, under the powers conferred by the Government Savings Promotion Act, 1873. It was further amended in May 2020. The scheme provides a savings option dedicated to girl children in India, managed through authorized accounts offices.
Eligibility and Account Opening
An account under this scheme may be opened by one of the guardians in the name of a girl child who has not attained the age of ten years on the date of opening. Every account holder is restricted to a single account under this scheme. Normally, a maximum of two accounts are permitted per family, with exceptions allowed for multiple births such as twins or triplets in the first or second order of birth through an appropriate affidavit and birth certificates.
Deposits and Interest Rates
Accounts can be opened with a minimum initial deposit of two hundred and fifty rupees, and subsequent deposits must also be in multiples of fifty rupees, subject to a minimum annual deposit of two hundred and fifty rupees in a financial year. The total amount deposited in an account cannot exceed one lakh fifty thousand rupees in a financial year. Deposits are allowed for up to fifteen years from the date of opening. Balances earn interest as determined by the Central Government, specified at 8.4 per cent per annum for deposits made between December 2019 and March 2020, and 7.6 per cent per annum for deposits made on or after April 1, 2020.
Operation, Withdrawal and Closure
Guardians operate the account until the account holder reaches eighteen years of age, after which the account holder herself operates it. Withdrawals of up to fifty percent of the preceding financial year's balance are permitted for education once the account holder turns eighteen or passes the tenth standard. Accounts mature twenty-one years from opening, or may be closed earlier for the account holder's intended marriage under specific conditions, or in the unfortunate event of death or extreme compassionate grounds.
Important Dates
| Label | Date |
|---|---|
| Notification Date | 12/12/2019 |
| Amendment Notification Date | 05/05/2020 |
Eligibility
- Girl child under ten years of age
- Opened by one of the guardian
- Maximum of two accounts per family with specific multiple birth exceptions
Age Limit
Girl child must not have attained the age of ten years as on the date of opening of the account.
How to Apply
- Submit an application in Form-1 to the accounts office.
- Provide the birth certificate of the girl child.
- Submit required documents of the guardian along with the initial deposit.
Frequently Asked Questions
Who can open a Sukanya Samriddhi Account?
The account may be opened by one of the guardian in the name of a girl child who has not attained the age of ten years as on the date of opening.
What is the minimum and maximum deposit limit in a financial year?
The minimum deposit is two hundred and fifty rupees in a financial year, and the maximum deposit shall not exceed one lakh fifty thousand rupees in a financial year.
When does a Sukanya Samriddhi Account mature?
The account shall mature on completion of a period of twenty-one years from the date of its opening.
What is the interest rate applicable for deposits made on or after April 1, 2020?
Deposits made on or after the 1st day of April, 2020 earn interest at the rate of 7.6 per cent per annum.
Can withdrawals be made from the account for education?
Yes, withdrawal of up to a maximum of fifty per cent of the amount at the end of the preceding financial year shall be allowed for the purpose of education after the account holder attains eighteen years or passes tenth standard, whichever is earlier.
Official Links
Details are compiled from official notices. Always confirm eligibility, dates and fees on the official website before applying. Jankari Portal never charges any fee.