The Sukanya Samriddhi Yojana is a government-backed savings scheme designed to secure the financial future of girls in India. This initiative, launched under the ‘Beti Bachao, Beti Padhao’ campaign in 2015, offers attractive interest rates to encourage parents to save for their daughters. The government reviews and announces the interest rates every quarter, and the latest decision regarding the interest rates for the January-March 2025 period has recently been made public.
Understanding Sukanya Samriddhi Yojana
The primary objective of the Sukanya Samriddhi Yojana is to motivate parents to save money specifically for their daughters, ensuring their financial security. As of January 2025 to March 2025, the interest rate for this scheme has been fixed at 8.2%, unchanged from the previous quarter (October-December 2024).
Key Features of the Scheme
- Annual Contributions: A minimum deposit of ₹250 is mandatory every year. Failure to do so will lead to the account being closed.
- Maximum Investment: Parents can invest up to ₹1,50,000 in a single financial year.
- Account Duration: The account matures at the age of 21 or upon the daughter’s marriage.
- Withdrawal Facilities: Once the daughter turns 18, parents can withdraw up to 50% of the total amount for her higher education.
Tax Benefits and Interest Rate
The Sukanya Samriddhi Yojana offers a competitive interest rate of 8.2%, which is among the highest in small savings schemes. In addition to attractive returns, the scheme provides significant tax benefits. All contributions, interest earned, and maturity amounts are exempt from tax, making it a lucrative option for investors.
| Feature | Description |
|---|---|
| Minimum Annual Deposit | ₹250 |
| Maximum Annual Deposit | ₹1,50,000 |
| Account Maturity | 21 years or upon marriage |
| Withdrawal for Education | Up to 50% after age 18 |
| Interest Rate | 8.2% |
Required Documents for Opening an Account
To open a Sukanya Samriddhi Account, parents need to submit the following documents:
- Birth certificate of the girl child.
- Photograph and identity-proof of the parents.
- Address proof documents.
The account remains operational until the girl child’s age reaches 14 years, allowing deposits within this timeframe. If contributions are missed in any year, the account can still be reinstated within 15 years by paying the required penalties and overdue amounts.
Conclusion
The Sukanya Samriddhi Yojana not only helps in securing the financial future of girls but also encourages a saving culture among parents for their daughters’ education and welfare. With its attractive interest rates, tax benefits, and flexible withdrawal options, it stands out as a vital financial tool for families in India.