Pradhan Mantri Sukanya Samriddhi Yojana

Overview:

Scientific progress has been accelerating at a breakneck pace. However, the mindset of our society's citizens has not changed in tandem with the passage of time. Discrimination based on gender still exists. In our society, the male child is generally given preferential treatment during rearing over the female child. The education of female children is disregarded. Our Honourable Prime Minister Shri Narendra Modi announced the Pradhan Mantri Sukanya Samriddhi Yojana was on the eve of Republic Day in 2015. It was designed to address the financial requirements of female children. The centricity of concentration is to assist her in completing her schooling and getting married.

Scheme's scope:

(1)This small-scale savings plan is intended to maximise returns. The earnings are tax-free.

A guardian of a girl child can open an account at the Pradhan Mantri Sukanya Samriddhi Yojana Post Office under the Sukanya Samriddhi Yojana Post Office. Before the girl reaches the age of ten, an account in her name can be opened.

2) The account is for a period of 21 years. The time period begins on the day the account is opened.

(3) A one-year grace period is given at the start of the scheme's operation.

(4) Another girl child is also eligible for the programme. That is, the programme is limited to only two female children. The majority of couples in this country have two children. Even if both of the children are girls, the method can be fully utilised by her parents or guardians.

Scheme operation: The account is operated by the account holder's father or guardian until she reaches the age of ten. The account can then be operated by the girl or the account holder.

Sukanya Samridd Yojana implementation agencies: In addition to Indian Post Offices, a number of banks have been given permission to start and run the initiative. Almost all nationalised banks have been given permission to implement the scheme. The scheme can also be administered by private banks such as Axis Bank, ICICI Bank, and others.

Account transfer: Just like any other bank or post office account, you can transfer your account for free from one location to another anyplace in India.

Benefits of the PM Sukanya Samriddhi Account Deposit Scheme: (1) The scheme's most noticeable feature is the profitable rate of interest. The interest rate was set at 9.1 percent at the first stages of the scheme's deployment. It was then increased to 9.20 percent. The current interest rate is 8.6%, although it is subject to fluctuation from year to year. Nonetheless, in terms of rate of return, the Samriddhi scheme outperforms other comparable saving schemes..

(2) Tax advantages: The tax advantages offered by the scheme are similar to those offered by a Provident Fund Account. The account's savings are eligible for triple tax exemption. In addition, the savings are backed by the Indian government. The Pradhan Mantri Sukanya Samriddhi Yojana deposits will be used to calculate taxable income under section 80C of the Income Tax Act. Furthermore, the withdrawal of the sum at maturity under the Samriddhi Yojana is tax-free.

(4)Premature withdrawal:(a)After the girl reaches the age of 18, the scheme allows for a general premature closure. This relief is only possible if the female is married. Marriage of a girl under the age of 18 is prohibited under the Sarada Act.

(a) Exceptional circumstances:(i)If the account holder is suffering from life-threatening diseases, a compassionate withdrawal may be made after 5 years of account opening.

(ii) Under certain unusual conditions, the account may be closed early after 5 years of operation. In such cases, the amount of interest payable will be limited to that which is applicable to a regular Savings Account.

(c) The Sukanya Samriddhi Yojana allows for a 50 percent withdrawal of the deposit amount, plus interest, at the age of 18 for the purpose of higher education.

(d) The account can also be prematurely closed for the purpose of the account holder's marriage. The non-violation of Sarada Act provisions is a prerequisite for the account's cancellation. A vouching of her age that she is of marriageable age of 18 years must be provided for this purpose.

The Account will mature after a period of twenty-one years has passed after it was opened: In specific situations, the account's final closure may be approved before the end of the specified term. This exception is only granted for the purpose of a marriage planned to be performed under the Sarada Act's requirements.

(e) In the case that the premium is not paid on time, a penalty of Rs.50 per default would be imposed. A notable aspect is the introduction of a token penalty for keeping the account active.

-Precautions to reach the intended target group:

(1)Amount of deposit limits: Under the Sukanya Samriddhi Yojana, the minimum and maximum amounts of deposits are set at Rs. 1,000 per annum and Rs. 1,50,000 per annum, respectively.

(2) The plan was carefully structured to keep persons in the upper income bracket from taking advantage of it.

(3) The Account ceases to earn interest after twenty-one years from the date of its opening. This safeguard is in place to prevent the plan from being abused.

(4)Account holders' genuineness is assured by requiring authentic documents such as identification, date of birth, and proof of address before opening an account.

-Conclusion: The Indian government has been working tirelessly to assist girls and promote the scheme in every manner possible.

Sukanya Samriddhi Yojana, Pradhan Mantri Sukanya Samriddhi Yojana,

Click Here For to Apply Pradhan Mantri Sukanya Samriddhi Yojana SBI BANK and INDIAN POST OFFICE