Sukanya Samriddhi Yojana is an initiative taken by Prime Minister. You can open Sukanya Samriddhi Account with any nationalised bank, you can also open Sukanya Samriddhi Account with ICICI bank; Ministry of Finance has given approval to ICICI bank to open Sukanya Samriddhi Account.
Legal parents/guardians can open Sukanya Samriddhi Account on the name of girl child, over all 2 accounts can be opened, you can open these accounts from the birth of daughter to 10 years. Only in certain cases you can open three Sukanya Samriddhi Account. For example if you already have one girl child and next you have twins daughters, in this case you can open Sukanya Samriddhi account on both the twin daughters. All on the first delivery only you get triplets. In this case you can open three Sukanya Samriddhi Account’s.
In order to Sukanya Samriddhi Account you will need Sukanya Samriddhi Account form, birth certificate of daughter, residence proof and identity proof.
Benefits of Sukanya Samriddhi Scheme are –
you get 9.2% interest rate, you can invest minimum of Rs. 1000 per year, maximum 1.5 lakhs per annum. You need only invest for the next 14 years at the time of opening the account.
You can break the account anytime once your daughter is 18 years old and her marriage is fixed. You can keep this account till your daughter reaches age of 21 years. You cannot operate this account once a daughter is more than 21 years old.
Investment under Sukanya Samriddhi Scheme is exempted under income tax, under section 80 C. You can withdraw the money once your daughter is 18 years old for the purpose of marriage education.