SukanyaSamriddhiYojanais anelss (Equity-linked savings scheme) backed by the government of India. It was launched in 2015 by honourable PrimeMinister Narendra Modi under the betibachao, betipadhaocampaign. The rate of interest in elss investment is 8.1% under this scheme and tax benefits are also given. One can open an account at any post office.
Basic information about the account
The account can be opened for a girls child since she is born to the time she attain 10 years of age. Accounts are transferable all around the country. The maximum of 2 accounts per girl child is allowed. Rupees 1000 is the minimum deposit rate and further can be increase in the multiples of 100 till the maximum limit of Rs 150000. The fine of 50 Rs is levied if minimum deposit is not made in a year.
Operation and closing
The account can be operated by the girl after she reaches the age of ten. Half the money is withdrawn at the age 18 for higher education expenses. The maturity time period of the account is 21 years from the opening date. Money can be deposited for 14 years after opening after that rate of interest is given on the amount in the account. Normal closure of the account is allowed if the girl is 18 years old and married.
Benefits
ELSS Tax saving benefits are under the section 80C of the income tax act are given. Tax deduction of the amount present in the account was given. These tax benefits are similar to that of the public provident fund.
The scheme got a great response after its launch. Around 2 lakh accounts were opened within the first two months of its launch itself. Till date around 76 lakh girls have benefitted from this scheme amounting uptoRs28.38 billion.
Sukanyayojana post office account scheme for girl child
The India post branches provide any and all assistance needed by one to open and maintain an account under this scheme. India has the largest network of post offices with total of over 1 lakh branches thus making this scheme accessible to everyone everywhere across the country.
The value of investment and saving money for the future for a child is very high. Due to this scheme the money is kept safe while getting interest on it. In a way the future of the girls is somewhat secure by saving and investments. Along with many other schemes this is a great addition to the betibachaobetipadho campaign by the prime minister. In a country where there still is stigma around having girl child programs like this start the change slowly but certainly improving the conditions and the future of our angels. More and more people should invest in such scheme which not only benefits us but the country as a whole. One should spread information about this to anyone who doesn’t have awareness. A small step would be encouraging our house helps, drivers etc to invest in such scheme for their daughters.