Govt. Scheme: Sukanya Samriddhi Yojana

Sukanya Samriddhi Yojana is a scheme of the government of India launched by Prime Minister Shri Narendra Modi on 22 January, 2015 in Panipat, Haryana as the part of the Beti Bachao, Beti Padhao campaign. This scheme targeted the parents of the girl children. It encourages parents to build up some money for the future expenses of their girl child, i.e., her higher education, marriage and all. In 2024, this scheme currently provides an interest rate of 8.2%.

Introduction:

The parents or a legal guardian of a girl child can open the account on the name of their female child between her birth and her 10th birthday. Account can be open at Indian Post Office or at any authorised bank of India. Most importantly, parents and their girl child should be Indian.

Parents can open one account for per girl child. Two accounts of the same child are not allowed. Parents can open maximum two accounts on their girl child’s behalf. Initially, the interest rate was 9.1%, then later it increased to 9.2% and now in 2024, the interest rate is 8.2%.

Key points:

For the account holder (girl child):

• Only girl child can get benefits of this scheme.
• Maximum age to open the account for a girl child is 10 years.

For parents/ legal guardians:

• Only legal guardian or the biological parents are allowed to open the account of their girl child.
• In case of twins or triplets, parents can open more than two accounts.
• Only Indians can take benefit from this scheme.
• Parents are not allowed to use this money for their own fancies and interests.