Sukanya Yojana: To strengthen and improve the future of daughters, the government is running Sukanya Samriddhi Yojana.
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Through the scheme, a fixed amount is deposited annually by opening an account in the name of the daughter, which is received in the form of huge returns along with hefty interest at the time of maturity of the daughter. A large number of people invest through Sukanya in the country. The government has made PAN and Aadhaar number mandatory for Sukanya investors. Those who have not yet linked Sukanya account with PAN and Aadhaar must do so, otherwise, along with account freeze, they may have to face many other losses.
The objective of Sukanya Yojana is to cover the expenses of school education and marriage of the girl child. The scheme encourages parents to save for the cost of their daughter’s future education and marriage. The Finance Ministry has announced interest rates on Sukanya and other small savings schemes for the July-September quarter. The government has fixed the interest rate on Sukanya Samriddhi Yojana at 8% for the July-September 2023 quarter.
It has been said in the notification of the Ministry of Finance that PAN or Form 60 will need to be submitted while opening the account for investment. If PAN is not given at the time of account opening, then in any one of these cases the Aadhaar number will have to be given within two months. Sukanya account holders who have opened investment accounts after March 31 will have to link Aadhaar and PAN by submitting them to the concerned post office. The last date for submission of Aadhaar and PAN is September 2023.
According to the notification, if the amount deposited in the account of the investor is more than Rs 50 thousand at any point of time or if more than one lakh rupees are deposited in the account in any financial year, or if the amount deposited or withdrawn from the account in any month is more than Rs 10 thousand.
In such a situation, if the PAN is not given within two months, then the account will be frozen till the PAN number is made available.
Benefits of Sukanya Yojana
- The annual minimum investment in Sukanya Yojana is Rs 250, while the maximum investment is fixed at Rs 1,50,000. The tenure of Sukanya Yojana is 21 years.
- Interest is calculated on the lowest balance in the account between the 5th day of the calendar month and the end of the month. Interest is credited to the account at the end of each financial year.
- Under Section 80C of the Income Tax Act, the amount received on maturity along with the principal amount and interest is tax free.
- Account can be transferred anywhere in India from post office or bank to another. At the same time, even after maturity, interest is earned if the account is not closed.
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