The government has initiated a new small savings scheme for the girl child known as the ‘Sukanya Samriddhi Account’ as a part of the governments ‘Beti Bachao Beti Padhao’ campaign. This savings account can then be operated by the girl child after the age of 10. This account can be opened as well as operated by the legal or natural guardian, until the girl child reaches the age of 10 years; after which the girl can operate the savings account herself. But however, the deposits in this account can be made by the guardian or any other authority or person.
Additionally, this saving scheme for the girl child is an ELSS scheme and hence according to Section 80 C of the Income Tax Act, income tax is exempted from the contribution to this account. Exemption on the Sukanya Samriddhi Scheme is available on the interest paid in this account as well as at the time of withdrawal from this account. Hence, this is one of the best tax efficient schemes.
So open up your Sukanya Samriddhi Account at your nearest post office or bank and fill up your ELSS full form and do not forget to note down the Sukanya Samriddhi Scheme in your ELSS form. Here are a few more things you need to know about the Sukanya Samriddhi Scheme for girl child in post office
The Sukanya Samriddhi Account can be opened at certain designated banks or in a post office. The depositor can open as well as operate this account in the name of the girl child under certain rules after submitting the birth certificate of the girl child as well as other necessary documents such as identity and residence proof of the depositor.
The legal or natural guardian of the girl child can is permitted to open two Sukanya Samriddhi Accounts for two girl children only except, the depositor of these accounts has twin girls with the second birth or if the first birth itself results into 3 girl children.
The government of the country will provide the rate of interest on this girl child saving scheme every year. This saving scheme for girl child can be opened with an initial deposit of Rs. 1,000 and subsequently, any amount in the multiples of Rs.100 can be deposited in this account. But a minimum of Rs.1,000 will have to be deposited in a financial year but the total deposits in this account on a single occasion or otherwise multiple occasions should not exceed the limit of Rs.1,50,000 in a financial year.
Deposits in this Sukanya Samriddhi Account can be made only till the age of 14 years from the date of commencement of this account and this account shall mature on the completion of 21 years from the date of opening of this account or if the girl gets married before the completion of maturity of the savings account. Additionally, withdrawals up to 50 percent are allowed prior to the maturity of this account for the purpose of higher education as well as marriage.