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Sukanya Samriddhi Yojana

Sukanya Samriddhi Yojana

When everywhere the rise of the voices against girl infanticide is taking form, Pradhan Mantri of India, Shri Narendra Modiji came with the finest yojana or scheme and named it Sukanya Samridhi Yojana or Sukanya Samridhi Scheme. The yojana or the scheme is the part of the campaign, Beti Bachao Beti Padhao. Primarily the scheme had been announced on 2015 and till date, the accounts under this scheme is actively participating to contribute in making bright future for the would be empowered women of our country. Basically, the scheme is a small investment plan backed by the nationalized banks and post of India.

The very purpose of the scheme had been to provide financial assistance for seeking future higher education of the girl child. This in a way helped their parents to save for their dear daughters instead holding the perception that daughters are a dear investment to make. Generally, nowadays you must have seen that the savings plan like FDs or RDs has turned out to be small in terms of tenure that too involves low-interest rate. But, the scheme is an obvious exception as it is a long-term period plan. Moreover, the scheme calculates highest interest rate available depending on the market condition at the start of the plan. In here, you will get a brief but detailed study on the concerned yojana. So, scroll your eyes down to get to know more about it.

Key Audience of Sukanya Samridhi Yojana

Well, just like every other schemes and mission, the Sukanya Samridhi Yojana too has its key audience. The targeted group for whom the scheme has been designed is elaborated below. The scheme strictly follows its eligible criteria of beneficiaries for granting all its facilities.

  • Indian Citizen: The scheme is strictly designed for Indian citizens who live within the national borders of the country. Also, this must be kept in mind that the beneficiary has to stay in the country until the completion of the tenure of the yojana. The NRI girl children are not allowed to have a taste of this extraordinary scheme. But yes, if anyone of the parents comes under the non-NRI section then this scheme is absolutely applicable.
  • Girl Child of Age 10 Years: The scheme is definitely designed for the girl child. But, there is an age bar for facilitating the girl child with the benefits of the scheme. According to the terms and conditions and the guidelines of the scheme, the girl child should also come under the age group of 10 years. So, parents, you may invest money on this yojana only if your dear daughters fulfills the desired age bar.

Benefits of Sukanya Samridhi Yojana

The notable features of the scheme can be clearly understood from the benefits it provides to its key audience. Here in, the jolted list of the benefits must be read minutely to get a clear idea of the service provided by the scheme for its beneficiaries.

  • The interest rate under this scheme is higher as compared to the bank interest rate for a normal savings account or any other type like – FDs, RDs, etc.
  • The government has declared not to put a tax on the money saved under this scheme. This has encouraged parents to take up this yojana in an acceptable way.
  • Just like you have the provision to access your bank accounts from any branch of the bank located anywhere, same is the case with Sukanya Samrhidhi Account. This facility is also applicable for post offices. Also, if you want to transfer the account from bank to PO or vice-versa, then also it is possible.
  • During the time of account formation, the girl child cannot operate her SSY account. But, once she completes her 10 years of age she can very likely operate her account.
  • The scheme has proved to be really beneficial for people from every section of the society. The reason being there is no bar in the sum of the amount the parents want to deposit. It can be a minimum of Rs. 100 also.
  • This scheme is basically of 21 years tenure. So, after the completion of the term period, the maturity amount shall be directly handed over to the beneficiary girl. In some cases, as per the demand arises, there has been kept the provision for partial withdrawal of the maturity amount.
  • If you have adopted a girl child then too, the benefits of the scheme can be acquired. There is no difference between a biological daughter or an adopted daughter.

Contribution Chart of Having an Account Under Sukanya Samridhi Yojana

The chart described below will definitely give you an explicit and impressive idea regarding how beneficial the money deposited will turn out. Have a gaze on the future sum of benefit you will gift your daughter with.

Monthly Investment (in Rs.)

Interest Rate

Maturity Amount After 21 Years (in Rs.)

1,000

8.40%

5,49,850

1,500

8.40%

8,24,776

2,000

8.40%

10,99,701

3,000

8.40%

16,49,551

4,000

8.40%

21,99,401

5,000

8.40%

27,49,253

6,000

8.40%

32,99,103

12,500

8.40%

68,73,130

To get this maturity amount your expected deposit shall be made before the 5th of every month for 14 years. Now, if you feel uncomfortable with the monthly scheme then you can opt for yearly deposit scheme too. There the expected deposit per year should be made before 5th April of every year for 14 years.

Yearly Investment (in Rs.)

Interest Rate

Maturity Amount After 21 Years (in Rs.)

1,000

8.40%

47,508

5,000

8.40%

2,37,541

10,000

8.40%

4,75,082

20,000

8.40%

9,50,164

30,000

8.40%

14,25,246

50,000

8.40%

23,75,410

1,00,000

8.40%

47,50,820

1,50,000

8.40%

71,26,230

 

Application Procedure for Sukanya Samridhi Yojana

You must have got a clear idea regarding the benefits of the scheme. Also, you must have got a sketchy idea on the scheme calculation. Now, to serve the actual purpose you need to apply for the scheme. So, you can apply both online and offline for the scheme. So, click on the link to know more about the how to apply for the scheme both online and offline.

Documents Required for Applying the Sukanya Samridhi Yojana

The documents are very important to get attached with the application for getting the scheme. So, note down the list of documents you will require for filing the application.

  • Birth Certificate: As the primary requirement of the scheme demands that it has been only meant for girl child under the age of 10 years so is the need for the birth certificate. Once you place it there will be no issue regarding age bar.
  • Parents Address Proof: To prove that both the child and the parents are the resident of the country, parents need to place their address proof. The documents for such a proof can be Voter ID, Aadhar Card or PAN Card.
  • Parents Identity Proof: ID proof is required to prove that the authenticity of the guardianship. Only legal parents or guardian can apply for this scheme for their legal daughters.

Available Banks for Sukanya Samridhi Yojana

Above you have read many times that there are available nationalized banks and trusted banks of the country that provide great service for the scheme. So, in here you will get the list of those bank names that facilitate this yojana. Have a look.

  • Allahabad Bank
  • Axis Bank Limited
  • Andhra Bank
  • Bank of Baroda
  • Bank of Maharashtra
  • Bank of India
  • Canara Bank
  • Corporation Bank
  • Central Bank of India
  • Dena Bank Limited
  • IDBI Bank Limited
  • ICICI Bank Limited
  • Indian Bank
  • Oriental Bank of Commerce
  • Indian Overseas Bank
  • Punjab & Sind Bank
  • Punjab National Bank
  • StateBank of India
  • State Bank of Bikaner and Jaipur
  • State Bank of Mysore
  • State Bank of Hyderabad
  • State Bank of Patiala
  • State Bank of Travancore
  • Syndicate Bank
  • UCO Bank
  • United Bank of India
  • Union Bank of India
  • Vijaya Bank

So, these are all about the wonder scheme named Sukanya Samridhi Yojana. If till date you have not let your dear daughter participated in this scheme then you should be quick enough before she crosses her 10th birthday. Nothing can be a great birthday present for her than to gift her a secured happy future for herself.

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