Modi's gift to daughters: Govt cuts minimum deposit amount in Sukanya Samrudhi Yojana - Beti Bachao Beti Padhao scheme

Among the many intended goals of Prime Minister Narendra Modi was to provide protection and empowerment to girls, which he espoused when he took over the leadership of India. To provide for girls, Modi launched a campaign named ‘Beti Bachao Beti Padhao’ under which he introduced various measures on multiple occasion. Modi has once again gifted the daughters of India. His government has reduced the minimum deposit amount under Sukanya Samriddhi Yojana, also known as small savings account.  

The latest reports indicate that the government has slashed the minimum annual deposit requirement under this scheme to Rs 250 from previous Rs 1000. This is expected to enable a greater number of girls to take advantage of the saving scheme. 

In the Union Budget FY19, Finance Minister Arun Jaitley had highlighted that over 1.26 crore accounts were opened across the country in the name of girl children. This amounted to a savings of Rs 19,183 crore. 

Jaitley had said that the Sukanya Samriddhi Account Scheme, which was launched in 2015, was a great success. 

It needs to be noted Sukanya Samriddhi Yojana is a girl child prosperity scheme under Beti Bachao Beti padhao program of Prime Minister Narendra Modi. SSY account is to ensure a bright future for girl children in India. This yojana is to facilitate proper education of girls and provide for marriage expenses.  

The scheme has well been accepted by the masses in wake of the financial security and independence it would provide to the girl child as well as their parents and guardians.

Sukanya Samriddhi Yojana Features: 

Interest Rate would be calculated on 10th Day of every month. Initially it was 5th day of the month

Partial withdrawal for girl child education can be done when she has cleared 10th Class or turned 18 years.

Account will not earn any interest after it has matured

Now you SSY accounts can be transferred. If you would go from post office to post office it would be free. But transfer from Post office to banks or vice versa would cost you Rs 100 and you can do this only once in a year.

You can get the duplicate passbook at the cost of Rs 50

You can now withdraw 100% amount when after girl child turns 18. Initially it was not allowed.

Till a girl attains an age of 10 years, this account can be opened under her name

Only one account under this scheme is permissible for every girl child

Walk into any post office or authorized banks to open the account

To open an account under SSAY, Birth Certificate of the girl child would be required to submit

The opening amount for the account is Rs 1,000. Thereafter a multiple of Rs 100 can be deposited to the account with a minimum of Rs 1,000 per year

The maximum limit for deposits in the account is Rs 1,50,000 per year

You have to pay in this scheme for 14 years  Suppose you have opened this account when the age of your girl child was X years then you have to pay in this scheme till your girl child age is X + 14 Year.

The maturity duration of the account is 21 years from the date of opening the account.

SSY Account is transferable to anywhere in India from a Post office or bank to others

The interest rate under this saving schemes change on a quarterly basis, and currently is fixed at 8.1%