A Yojana today keeps your apple’s blues away!

By sahanamailar | April 6, 2015

Education Loan

So you buy your daughter toys, take her out for her favourite dessert, give her a good education and treat her to the best things in life that you can afford because she is the apple of your eye.

But, apples need protection!

Have you ever thought about how you will secure her future? Your daughter is the most precious thing in your life. You have always dreamt of making your daughter an Indra Nooyi or a Mary Kom or a Kiran Bedi or a Sushmita Sen, apart from ensuring her financial independence irrespective of what she chooses to be in life.

So, have you ever thought about how you would actually help her achieve her dreams?

A new plan was introduced in the market this year catering specifically to the girl child – the Sukanya Samriddhi Yojana Scheme, which is a savings scheme introduced in January 2015 as a government initiative to increase domestic savings particularly geared towards securing the future of a girl child.

Growing up with financial independence

An account, under this scheme, can be opened for any girl below 10 years old. The government has, however, allowed the account to also be opened for girls who will complete 11 years as of 1st December, 2015. The account, which can be opened in post offices or designated public sector banks, will be in the name of the girl child and can be operated by her when she turns 10 years old.

Amounts deposited, up to Rs.1.5 lakhs, are eligible for tax deductions under section 80C of the Income Tax Act.

Under this scheme, two accounts can be opened per family. The maximum amount that can be deposited is Rs.1.5 lakhs. This limit applies on a collective basis irrespective of whether one or two accounts are opened, per family.

The minimum investment for a year is Rs.1,000. A fine of Rs.50 per year will be levied if the minimum investment isn’t made. The duration this account can be held for is 14 years. The account matures when the girl reaches 21 years of age. If the money isn’t withdrawn when the girl turns 21, it will continue to earn interest.

Currently, the interest rate offered on this account stands at 9.1% p.a. This is subject to change and new rates will be announced when modified.

There is an option for partial withdrawal i.e. 50% of the corpus can be withdrawn for the girl’s marriage or higher education when she turns 18.

Here are 6 quick reasons why you should open a Sukanya Samriddhi Yojana account:

  1. Easily accessible
  2. Eligible for tax deductions
  3. Encourages saving up for the girl child
  4. The minimum deposit amount is as low as Rs.1,000 per year
  5. The account can be handled by the girl if she is above 10 years of age
  6. Partial withdrawal (50% of the corpus amount) and premature withdrawal is allowed once the girl turns 18

So get to your nearest post office or designated public sector bank and open a Sukanya Samriddhi Yojana account. Your precious apple deserves it!

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