Sukanya Samriddhi Account - New Saving Scheme for Girl Child
- Sukanya Samriddhi Account (Girl Child Prosperity Account) is a Government of India backed saving scheme targeted at the parents of girl children.
- It is a welcome step by the Indian Government which is a part of its “Beti Bachao - Beti Padhao” initiative.
- Sukanya Samriddhi Account was launched by Prime Minister Narendra Modi on 22nd January 2015.
- It is a small savings scheme.
- The account can be opened by the parents or a legal guardian of a girl child in any post office or authorized branches of some of the commercial banks.
- The age of the girl at the time of opening of account should not be more than 10 years.
- One year relaxation available this year.
- Minimum deposit amount is 1000 and maximum amount is 150000 per annum.
- Money must be deposited for 14 years.
- Amount can be deposited in cash or cheque.
- Initially, the interest rate was set at 9.1% per annum but later revised to 9.25 in late March 2015
- Maturity date is 21 years from the date of opening or date of marriage of girl child whichever is earlier.
- 50% withdrawal can be made for higher studies of girl child after her age of 18 years.
- Account shall be closed premature in the case of death of Girl Child.
- Within 2 months of launch, 1,80,000 accounts had been opened under the scheme.
- Karnataka, Tamil Nadu and Andhra Pradesh reported highest number of new accounts.