Minimum Deposit In Sukanya Samriddhi Yojana Reduced To Rs 250

New Delhi: More number of people can now avail Sukanya Samriddhi Yojana with the Union Government reducing the minimum required annual deposit for such accounts to Rs 250 from Rs 1,000.

The Centre has amended the Sukanya Samriddhi Account Rules, 2016, to bring down the minimum initial deposit to open an account to Rs 250.

Union Minister Arun Jaitley, in his 2018-19 Budget speech, had said that Sukanya Samriddhi Account Scheme, launched in January 2015, has been a “great success”. Till November 2017, more than 1.26 crore accounts have been opened across the country in the name of girl children, securing an amount of Rs 19,183 crore, Jaitley added.

Under this scheme,

1. One account can be opened by parent or legal guardian in name of one girl child till she attains the age of 10 years.
2. You can open the account in post offices and public sector banks.
3. The interest rate on Sukanya Samriddhi account is revised every quarter. For the July-September quarter, the rate has been fixed at 8.1 per cent.
4. The deposits made to the account, and also the proceeds and maturity amount, would be fully exempted from tax under section 80C of the Income Tax Act.
5. The minimum deposit that needs to be made every year is Rs 250, while the maximum is Rs 1.50 lakh.
6. There is no limit on the number of deposits either in a month or a financial year.
7. As per the scheme, the account will be valid for 21 years from the date of opening, after which it will mature and the money will be paid to the girl child in whose name the account has been opened.
8. Deposits can be made up to 14 years from the date of opening of the account. After this period, the account will only earn interest as per applicable rates.