Sukanya Samriddhi Yojana 2022 is a long-term saving scheme for girls, under which a deposit of Rs.1.5 lakh is made in the name of the girl child. This deposit will earn a guaranteed interest rate of 8% per annum and will be payable after the completion of 15 years from the date of withdrawal. The Scheme has been launched by Government of India with a view to giving a fixed income for life for girls, as a measure to secure their financial future.
The name “Sukanya” means auspicious and “Samriddhi” means progeny or children. The Sukanya Samridhi Yojana can be taken as an effective tool to secure the financial future of both parents as well as the girl child.
Introduction to Sukanya Samriddhi Yojana
In India, the sex ratio is skewed towards males because of female foeticide and infanticide. This means that the financial obligations of a family are heavier on the male child. In order to secure their daughter’s future, many Indian parents invest in a dowry for their daughter. A girl will have to depend on her family or live off her husband for financial stability. Keeping this in mind, Government of India has introduced a scheme named Sukanya Samridhi Yojana which aims at securing the girl’s financial future.
The Sukanya Samridhi Yojana can be taken as an effective tool to secure the financial future of both parents as well as the girl child. A girl’s education may not always be possible due to limited resources but this scheme can help her get an education and take care of her needs even if her parents are no more alive. If she wishes to marry after completing studies, she can use it as security against dowry and other requirements like rakhis etc.
How the scheme works
The Sukanya Samridhi Yojana is a long-term saving scheme for girls to secure their financial future. Under the scheme, a deposit of Rs.1.5 lakh is made in the name of the girl child. This amount will be invested by the Government and will earn an interest rate of 8% per annum, payable after completion of 15 years from date of withdrawal.
The Scheme has been launched by Government with a view to giving a fixed income for life for girls, as a measure to secure their financial future.
How to avail Sukanya Samridhi Yojana?
A girl child can avail the Sukanya Samridhi Yojana from the age of 10 years onwards. The application form is available at any branch of State Bank of India or from SBI’s website. Once the application is submitted, a confirmation letter will be issued to the applicant which she can use as a certificate to apply for a passport, voter ID card or other identity document.
Benefits of Sukanya Samridhi Yojana
The Sukanya Samridhi Yojana will provide a fixed income for the girl all her life, from the time of withdrawal from the scheme.
Apart from the guaranteed interest rates, this scheme has been launched with an aim to give a fixed income for life for girls as a measure to secure their financial future.
No tax will be levied on this scheme as it is completely tax-free.
The deposit can be withdrawn after 15 years and 3 months from the date of investment and returns will be paid at 8.0% per annum.
The deposits are made in the name of female children only and not male children.
Pros and Cons of Sukanya Samridhi Yojana
The Sukanya Samridhi Yojana is a great scheme for girls. It is an effective tool to secure the financial future of both parents as well as the girl child. However, there are some disadvantages like it might lead to over-dependence on parents or guardians. Another disadvantage is that it might lead to teenage pregnancy because the girl may think she has enough money for her expenses.
Conclusion.
Sukanya Samridhi Yojana 2022 can be taken as an effective tool to secure the financial future of both parents as well as the girl child. The Sukanya Samridhi Scheme is beneficial for those families where girls go without any formal education due to lack of resources and those who wish to save for their daughters’ marriage.