Sukanya Samriddhi account new rules: All you need to know

Sukanya Samriddhi scheme was launched in January 2015 to encourage savings for the girl child in India. Over 1.26 crore accounts were opened within two years securing an amount of Rs 19,183 crore.

New Delhi : The Narendra Modi led government recently amended new rules in Sukanya Samriddhi account, including a decrease in minimum annual deposit and also amount required to open the account.

Here are must know things about Sukanya Samriddhi account:

Minimum Amount: A Sukanya Samriddhi account can now be opened with a sum of Rs 250, which has been brought down from earlier Rs 1000.

Minimum Annual Deposit: A minimum annual deposit amount has also been brought down to Rs 250 from earlier Rs 1000.

Revision of Interest: The interest for the scheme is revised in every quarter. Currently, it fetches an interest rate of 8.1 per cent per year.

Tax Exemption: Like other saving schemes like PPF, the Sukanya Samridhi Yojana is also exempted from Income Tax. Under Section 80C of Income Tax Act. The entire interest earned and maturity amount is also non-taxable. 

Maximum Deposit amount: The maximum sum of Rs that can be deposited in a Sukanya Samriddhi account is Rs 1.5 lakh in a financial year. 

Tenure of deposit: The deposit tenure lasts for 15 years from the date of opening the account.

Maturity: Sukanya Samriddhi account will mature on completion of 21 years from the date of opening of account.

Partial withdrawal: Allowed on the account holder attaining the age of 18 to meet educational or marriage expenses. Withdrawal will be limited to 50% of the balance standing at the end of the preceding financial year.

Premature Closure: Allowed for the purpose of the account holder’s marriage, if she has attained the age of 18.