There has been applause worthy response from the administrative strata of India regarding the upliftment and empowerment of women. There has been a string of government-backed schemes that have been launchedin order to create awareness about the need for improving the social as well as the economic stature of women in India. Sukanya Samriddhi Yojana is one such scheme; it aims at helping the parents of the girl child to attain proper education and better life prospects in future. It also offers help in the marriage of the child when she comes of age.
What is Sukanya Samriddhi Yojana?
- This scheme is the flagship of the program Beti Bachao Beti Padhao. This program wishes to help in the upliftment of the girl child’s prospects by improving the standard of the education being imparted to her.
- It facilitates the parents of thegirl child to open a small savings account on her behalf. The upper age limit for opening an account is 10 years.
- It can be opened with all the post offices and some of the authorized banks for this scheme. State Bank of India, Bank of Baroda, Allahabad Bank and Punjab National Bank are some of the prominent names in that list.
- It aims at improving the percentage of domestic savings in the Indian households which has plummeted from 38 % of the GDP in 2008 to a measly 30 % in 2013.
Key features of the scheme:
- The savings accounts can only be opened by the parent or the legal guardian of the child. This is donein order to curb the chances of people misusing this scheme.
- The parent has to deposit money till the child ages to 14 years. After that, no deposition is required throughout the time of maturation of the account.
- The account can be transferred to any of the post offices throughout the country if the girl is relocating.
- Half of the amount accumulated in the account can be withdrawn at the time the girl completes 18 years of her age.
- A minimum deposition of Rs 1000 is mandatory on an annual basis. Failing to do so would attract a penalty of Rs 50.
- The upper limit of deposition in the account stands at Rs 1.5 lakhs.
- The interest rate for this savings account is amongst the highest in India. It was 9.1 % in the beginning but has been adjusted to 8.6 % after revision.
- An investment under this scheme to the limit of Rs 1,50,000 would be completely exempted from taxation under the section 80C of Income Tax Act.
- The account can be closed as the girl turns 21. If the amount remainsun-withdrawn, then it would continue to earn interest.
Samriddhi Sukanya Yojana is one of the cornerstones of the Beti Bachao Beti Padhao initiative as it has the definite ability to improve the financial independence of the child while also ensuring that the parents do not feel burdened with keeping the child’s future in the correct path.
The tax benefits from this scheme are another welcome aspect for the parents who could now secure their daughters’ future while also attaining several tax exemptions.
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