3 days ago

Sukanya Samriddhi Account Has Strict Age-10 Opening Cutoff

Sukanya Samriddhi Yojana: Can you open an account if your daughter has turned 10? · livemint.com

Sukanya Samriddhi is a government savings plan for girls.

A parent or guardian can open an account only while the girl is under 10 years old.

If she has already turned 10 and no account was opened, a new account generally cannot be started.

If the account was opened earlier, it does not close when she turns 10.

Money can generally be deposited for 15 years from the day the account was opened.

The account matures 21 years after that opening date.

Families can deposit between ₹250 and ₹1.5 lakh in a financial year.

Some withdrawals may be allowed for higher education if the scheme’s conditions are met.

Key facts

Opening age: The girl must be below 10 years of age when the account is opened.
Account opener: A natural or legal guardian may open the account.
Family limit: Generally, up to two girl children per family, subject to specified exceptions.
Annual deposits: The minimum deposit is ₹250 and the maximum is ₹1.5 lakh per financial year.
Deposit period: Deposits can be made for 15 years from the account-opening date.
Maturity: The account matures 21 years from the account-opening date.
Interest rate: The government-notified rate is stated as currently 8.2% per annum.
Tax and withdrawals: Eligible contributions may qualify under Section 80C, and premature withdrawals are allowed in specified circumstances, including higher education, subject to scheme conditions.

livemint.com · 3 days ago