The Union Finance Ministry has notified ‘Sukanya Samridhi’ small deposit scheme for girl children to provide for their higher education and marriage.
The scheme prescribes opening of a deposit account with post offices in the name of a girl child by her biological parents or legal guardian. A girl is allowed only one account, while a parent can open such an account for a maximum of two girl children. However, if there are twin girls the second time, the facility will be available for the third child.
Interest rate soonThe scheme follows Finance Minister Arun Jaitley’s Budget announcement on July 10. The government will soon notify the interest rate for the scheme.
The account can be opened in the name of a girl child from birth till she attains the age of 10. A girl child who attains the age of 10 years a year prior to the commencement of new scheme will also be allowed to open an account.
An account can be opened with ₹1,000. It is required to deposit at least ₹1,000 or more in multiples of ₹100 every year. If the minimum amount is not deposited, there will be a fine of ₹50 for every year of defaults.
One can deposit maximum of ₹1.5 lakh in one financial year. This is the same amount on which tax benefit is available under Section 80C of Income Tax.
Withdrawal normsThe deposit is required to be made for 14 years from the date of opening of account, which will be operated by the parents or legal guardian till the girl child attains the age of 10 years, after which she can operate the account while parents can deposit the money.
Though the account will mature in 21 years from the date of opening of account, one can withdraw half of the balance (at the end of preceding financial year) for higher education and marriage, but only after the girl attains the age of 18 years. The account will be closed if the girl marries before the maturity period.