Sukanya Samriddhi Yojana: Alternative of Birth Certificate of Girl Child (Introduction & why it is important)

Updated: 13 January, 2020

You can secure your daughter’s future by saving money in the Sukanya Samriddhi Yojana account. In Sukanya Samriddhi Yojana, you can open an account at any authorized bank or post office in the name of your girl child and start depositing as small as Rs. 250.

Why Sukanya Samriddhi Yojana is important?

The beauty of this scheme is that you cannot withdraw money in between until your girl turns 18 (partial withdrawal of 50%). This ensures that you will save some money for your daughter’s education or marriage.

The account matures at 21 years from the date of account opening.

Another benefit is that you have to deposit money for 14 years only, but you get an interest on the saved money till the maturity of the account.

For example,

Ashok who is 35 years old and working in an MNC. She opens Sukanya Samriddhi Yojana Account for 2 years old her daughter ‘Lavanya’. He decides to invest 1,00,000 every year in SSY account of her daughter. Now he will deposit 14 lakh rupees in the next 14 years. If we assume an average rate of interest at 8.1%, he will receive the maturity amount of more than Rs. 46 lakh (approx.) after completing 21 years.

Important points of Sukanya Samriddhi Yojana 

  • You can open account of your biological as well as a legal daughter.
  • You can open an account from the birth of your daughter till she turns 10.
  • You get tax exemption u/s 80 c of IT Act.
  • You get better interest rates than savings or FD. (Interest rates are flexible & government review quarterly.)
  • You can withdraw money on two occasions – when a girl turns 18 and at maturity.
  • If you miss any deposit within a financial year, you get a penalty of Rs. 50/year.
  • If you don’t pay the penalty, the account will get an interest rate on savings account in the post office that is 4%.
  • You can withdraw money before 18 years (but you have to wait for 5 years to complete) in case of any critical urgency like a life-threatening disease to girl or parent.
  • You can also stop the account in between but you get the meager interest of 4% (as given on post office saving account).
  • You can avail of this benefit for a maximum of 2 girl children.

Sukanya Samriddhi Yojana gives you a long term investment option where you get better returns (as compared to other instruments) without risking your money. Now because the term is long, you can save a good amount for your daughter’s education or marriage which will give you a financial cushion when you require money for big events in daughter’s life.

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