a small deposit scheme for the girl child, as part of the ‘Beti Bachao Beti Padhao’ campaign, designed for girls’ higher education and marriage needs

Account Opening: The natural or legal guardian can open the account in the name of a girl child. Only one account per girl child can be opened and for maximum of two girls. Account can be opened in PO or notified banks incl. SBI. It can be transferred to the city where the girl child shifts.

Age: The maximum age of the girl child for opening this account is 10 years.

Interest rate: This is notified every year. Currently it is 8.4%.

Deposits: The account can be opened with Rs. 250. Thereafter deposits can be made in multiples of Rs 50. In a financial year, the minimum deposit is Rs 250 and maximum is Rs 1.5 lakh. If the minimum deposit is not made, there is a penalty of Rs. 50 per year. Deposits can be made for 15 years.

Operating the account: The account is operated by the guardian till she is of 10 years. On attaining age of 10 years, the girl child can operate the account herself.

Maturity and withdrawl: The account shall mature after 21 years from date of opening, or the date of marriage, whichever is earlier. After the girl is of 18 years, 50% can be withdrawn for the higher studies.

Taxation: Investments under Sukanya Samriddhi give you tax benefit under Section 80C of the Income Tax Act. Interest accrued and maturity proceeds are both exempt from tax. This is a scheme similar to PPF.

Above are tentative highlights. Please confirm details at time of opening account.

Please also visit www.nsiindia.gov.in for the latest notifications and news