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 the 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 in Panipat, Haryana. The accounts can be opened at any India Post office or a branch of some authorised commercial banks.

Eligibility for opening Sukanya Samriddhi Account

• The account can be opened by the natural or legal guardian for a girl child of age below 10 years.
• A depositor can open and operate only one account in the name of a girl child under the scheme rules.
• Natural or legal guardian of a girl child are allowed to open the account for two girl children only.

Features of Sukanya Samriddhi account

• Attractive interest rate of 8.1%, that is fully exempt from tax under section 80C.
• Minimum Rs. 1,000 can be invested in one financial year
• Maximum investment of Rs. 1,50,000 can be made in one financial year
• If the minimum amount of Rs 1000/- is not deposited in any financial year , a penalty of Rs 50/- will be charged
• Deposits in an account can be made till completion of 14 years, from the date of opening of the account
• The account shall mature on completion of 21 years from the date of opening of the account, provided that where the marriage of the account holder takes place before completion of such period of 21 years, the operation of the account shall not be permitted beyond the date of her marriage
• Passbook will be issued to customers.
• Withdrawal Facility
  • To meet the financial requirements of the account holder for the purpose of higher education and marriage, account holder can avail partial withdrawal facility after attaining 18 years of age.
  • If the beneficiary is married before maturity of account, account has to be closed.

Documents Required – You need birth certificate of the girl child, along with the identity proof and residence proof of the guardian, to open an account under this scheme.

Transfer of account under Sukanya Samriddhi Accoun

(1) The Account may be transferred anywhere in India and from or to post offices and from or to Banks and between post office and Bank, free of cost on furnishing of proof of shifting of residence of either the guardian or the Account holder and otherwise, on payment of a fees of one hundred rupees to the post office or the Bank to which the transfer is made.

(2) The process of transfer of the account shall be effected electronically if the post office or the Bank concerned, has access to the facility of CBS.

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