Finance Minister in his budget speech 2014-15 has announced a new scheme named “Sukanya Samridhhi Account” vide Notification No.GSR No.863 (E), dated 2nd December, 2014. Such an announcement was made for the benefit and security of minor girl child.   

Main features of the Sukanya Samridhhi Account may be summarized as:

• The account can be opened by natural or legal guardian of the girl child
• The age of the girl at the time of opening the account shall not be more than 10 years.
• Only one account shall be opened in the name of a girl child under these rules after furnishing birth certificate of the girl child along with other documents.
• Guardian of the girl child will be allowed to open and operate accounts of maximum of two girl children except in the case where depositor either blessed with three girl children in first birth or twin girls in the second birth.
• The account can be opened with a minimum of Rs.1,000 and the maximum amount is Rs. 150,000 per annum.
• The deposit shall be made by cash, cheque or demand draft.
• The deposit is to be made till the end of 14 years from the year of opening of account.
• The maturity of the account is 21 years from the date of opening of account or if the girl gets married before completion of such 21 years.
• Premature withdrawal up to 50% is allowed for the purpose of higher education and marriage only when the account holder girl child attains the age of 18 years.
• The amount deposited is deductible under section 80C upto Rs.1.5 lakhs.
• Account can be opened either in Public Sector Bank or Post Office.

Recently, Hon’ble Prime Minister declared by Office Memorandum dated 20-01-2015 the Interest Rate on Investment in “Sukanya Samridhi Account” during the Financial Year 2014-15 is 9.1%.

This has the approval of Union Finance Minister.

Though the interest rate is high for this year, we expect that the Government does not decrease the rate in coming years.

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