Friday, 27 July 2018

Open Sukanya Samridhi Account if you have a Girl Child

When my baby girl was born, one of my friends suggested me to open Sukanya Samridhi Account. My husband and I were unaware of what this account is and how to open it. We studied about this product and found it better than FD's and instantly opened it. So I am writing this blog for those who still don’t have knowledge of this fairly new product.


Introduced in 2015, Sukanya Samridhi Yojana is a small savings deposit scheme introduced by the Modi government as part of ‘Beti Bachao and Beti Padao’ campaign. The scheme is specifically designed for girl child only. 

   Criteria to Open the Account:

   For parents or legal guardian of a girl child, this account can be opened any time after     the birth of a girl till she turns 10. The account matures after completion of 21 years or     whenever the girl gets married, whichever is earlier. The account can be opened at any     authorised post office branches or commercial bank branches. My daughter’s account is     at HDFC Bank. Minimum amount required to open this account and to keep it active           is Rs 250 and maximum amount that can be deposited in a financial year is Rs 1,50,000

Key Features:

  • The current rate of interest is 8.1% (in Jul 18) and interest earned is tax free.
  • Investments made in this account is also exempted from tax under section 80C
  • Partial withdrawal (upto 50%) is allowed once the girl turns 18
  • The girl child has to be below 10 years to open this account. Also, only one account can be opened for one child
  • Payments can be made online via netbanking if the account is at a bank, while IPPB online payment facility is available incase the account is opened at a Post Office.