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News: January 2025 marks the 10 years of Sukanya Samriddhi Yojana.
About Sukanya Samriddhi Yojana
- It is a small deposit scheme of the central government meant exclusively for a girl child to meet their education and marriage expenses.
- The scheme was launched as a part of the Beti Bachao Beti Padhao campaign.
- It operates through all post offices, branches of public sector banks and some select private sector banks.
- A bank account can be opened immediately after the birth of the girl child till she attains the age of 10 years.
- The minimum initial deposit required for opening the bank account is Rs. 250 and the total annual deposit limit is capped at Rs. 1,50,000.
- The account is managed by the guardian until the girl child reaches the age of 18.
- It provides an interest rate of 8.2%.
- The account matures after the completion of 21 years of the account holder from its opening date.
- However, the account holder can also apply for early closure under specific circumstances.
- There is also a provision for withdrawal of up to fifty percent of the balance at the end of the preceding financial year, specifically for educational purposes
- This withdrawal is allowed only after the account holder turns eighteen or completes the tenth standard, whichever comes first.
- The scheme is administered by the Ministry of Finance.
