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What is Sukanya Samriddhi Yojana?

The Sukanya Samriddhi Yojana is a savings scheme targeted at the parents of girl children. Some of its key features include:

  1. The scheme allows parents or guardians to open a savings account in the name of their girl child.

  2. The account can be opened at any time from the birth of the girl child until she turns 10 years old.

  3. The minimum amount that can be deposited in the account each year is INR 250 (Indian Rupees), and the maximum amount is INR 1.5 lakh.

  4. The deposits earn interest at the rate determined by the government, which is currently around 8.5% per year.

  5. The deposits in the account are eligible for tax deductions under Section 80C of the Income Tax Act.

  6. The account matures when the girl child turns 21 years old, at which point the funds can be withdrawn for her education or marriage expenses.

  7. The account can be transferred to another bank or post office if the depositor moves to a different location.

Overall, the Sukanya Samriddhi Yojana is designed to encourage parents to save for their girl child's future and provide financial security for their education and marriage expenses.

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