Introduction
The prime minister of this country launched the new program called pradhan mantri Sukanya Samriddhi Yojana; this is under the campaign of the beti bachao beti padhao campaign. The scheme was launched about three years ago and is exclusively designed for the parents of the daughters. The scheme is about encouraging the parents of the girl child to build up a fund for the daughters under the government scheme so that the girl child can in the near future use the money according to need and requirement.
Details
The education of the children is one of the most integral parts of this scheme. The following are the characteristics of this scheme:-
- The amount that will be deposited under the Sukanya Samriddhi Yojana is eligible to be exempted from the purview of tax under section 80c of Income tax, 1961.
- At present only Rs 1.5 lakh is for the deduction of tax, under the section 80c of Income tax, 1961.
- Initially this scheme was launched by Arun Jaitley.
- There is a difference between the SSA accounts and the PPF account and both have their own merits and demerits, therefore the parents must understand the nature and the type of the accounts and only then should avail the deposit scheme.
- With the deposit of only Rs 1000 one can opt for this scheme.
- One can either open this account in the bank or in post office.
- The parents can opt for this scheme as long as their daughter is within the age of ten or less than that.
- The deposit scheme will function till the daughter reaches the age of twenty one.
The objectives of Sukanya Samriddhi Yojana
The primary objective of this scheme is to encourage the parents of the daughters to deposit
money for the daughters under this scheme so that they can use it in the near future according to their needs and requirements. There are other similar account options but this one has been exclusively designed for the development and the education of the girl child. The following are some of the objectives of this scheme: –
- This is a long term deposit scheme under which the parents of the daughters will be able to deposit the money and get the interest without any deduction from the income tax department.
- The parents will get the chance to open the account in both the nationalized banks and also in the private banks and also in the various post offices. The process of the deposit has been made very easy and convenient so that all the parents of the country can avail for this scheme. As a matter of fact the amount for the minimum deposit is Rs 1000.
- At present the tax is only being deducted on Rs 1.5 lakh but in the near future the entire amount along with the interest and everything will be exempted from any form of income taxes.
Benefits of the Sukanya Samriddhi Yojana
The following are the benefits of the Sukanya Samriddhi Yojana scheme: –
- To boost the savings habit and also to ensure the safe and secure future of the girl child the government is providing a high rate of interest compared to the other similar schemes present in the market.
- The parents can either choose any private bank or the nationalized banks or even the post offices for availing this scheme.
- The amount that will be received after the maturity period is absolutely exempted for the income tax.
- One can also easily transfer this account if he or she is moving from one state to another. One just needs to fill up a simple form.
- The deposition amount can be small.
Eligibility and the conditions applying for Sukanya Samriddhi Yojana
The conditions are as follows: –
- This scheme is only designed for the girl child. Therefore only the girl child is eligible to hold a Sukanya Samriddhi account.
- The age of the child must not be more than ten years.
- The identity and the birth proof of the child have to be attached with the form.
Documents required for availing the Sukanya Samriddhi Yojana
The legal and valid identity proof and the age proof of the child are required for availing this scheme.
How to apply for the Sukanya Samriddhi Yojana
The parents of the daughters can go to their nearest nationalized branch of the bank or any private bank or they can even opt for the nearest post office. With the appropriate documents and the forms they can avail for this scheme.
Important links
N/A
Properties of the scheme
The government of India has devised this new plan under the scheme of beti bachao beti padhao campaign so that the habit of savings can be boosted. The parents of the daughters can avail for this scheme and only they are eligible for the benefits of this scheme. The parents can go to any nationalized bank or the private banks or even they can go to the nearest post office for availing the benefits of this scheme. This is one of the noblest initiatives taken by the government of India to empower the women and make them financially independent.
Conclusion
The money that is being deposited in these accounts is absolutely exempted from the purview of the income tax. The girl child can withdraw the amount deposited over the period of time after she reaches the age of twenty one. She can use the money according to her needs and requirements. There are certain rules and conditions that have been levied on this scheme and also few norms are present. As a matter of fact only this account provides the highest rate of interest and that too exempted for any taxation.
