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The government has cut the minimum yearly deposit of Sukanya Samriddhi accounts to Rs 250 from Rs 1,000 earlier. See how this move will help more people to safeguard the future of girl children.

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The Indian government has cut the minimum yearly deposit requirement for Sukanya Samriddhi accounts from Rs 1000 to Rs 250. Additionally, the minimum initial deposit to open a new account has also been reduced to Rs 250 from Rs 1000. This has been done to encourage more citizens to open accounts and safeguard the future of their girl children.


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Here are 15 pointers that will tell you everything you need to know about Sukanya Samriddhi:

1. Sukanya Samriddhi initiative was launched in January 2015. 

2. The scheme was launched so that parents or legal guardians could open an account in the name of their girl child to save for her future.

3. The account can be opened till the child reaches the age of 10. 

4. As of November 2017, more than 1.26 crore accounts had been opened across the country, securing Rs 19,183 crore. The then Finance Minister Arun Jaitley, while presenting the Union Budget, termed it a ‘great success’.

5. As already mentioned, the minimum annual deposit is Rs 250, while the maximum deposit is Rs 1,50,000.

6. The savings accumulate interest over the years. The interest rate is revised every quarter. The interest rate for the July-September 2018 quarter was fixed at 8.1%.

7. Sukanya Samriddhi accounts can be opened in any post office branch or designated public sector banks.

8. A report by NDTV Profit listed the banks authorised to open these accounts: State Bank of India (SBI), Vijaya Bank, IDBI Bank, ICICI Bank, Dena Bank, United Bank of India, Union Bank of India, Bank of Baroda, Axis Bank, Andhra Bank, and Allahabad Bank.UCO Bank, Syndicate Bank, Punjab National Bank, Punjab & Sind Bank, Oriental Bank of Commerce, Indian Overseas Bank, Indian Bank, Corporation Bank, Central Bank of India, Canara Bank, Bank of Maharashtra, Bank of India.

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9. The money deposited in the account, the proceeds, and the maturity amount enjoy full tax exemption under Section 80C of the Income Tax Act.

10. The scheme rules that an account will be valid for 21 years from the date of opening. Upon maturity (completion of 21 years), the money will be given to the account holder.

11. However, deposits can only be made up to 14 years from the date of opening. From the 15th year, the account will earn interest as per applicable rates.


12. Keeping the interest of the girl child in mind, the rule dictates that withdrawal of money before maturity can only be done by the girl child in whose name the account is opened – but only after she attains the age of 18. 

13. There is a withdrawal limit of 50% of the balance standing at the end of the previous financial year. 

14. But again, for withdrawing before the maturity period (21 years) the account should have deposits of at least 14 years or more. 

15. Most importantly, the withdrawal will only be allowed for education purposes or if the girl wants to get married. 

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