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time or if more than one lakh rupees are deposited in the account in any financial year, or if the amount deposited or withdrawn from the account in any month is more than Rs 10 thousand.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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Linking KYC documents has been made mandatory for account holders investing in Sukanya Samriddhi Yojana to get interest rate and maturity amount. The Finance Ministry has made it mandatory for Sukanya investors to link their accounts with Aadhaar and PAN for financial monitoring and security of account holders. A deadline has also been announced for this, if the link is not made before the deadline, the Sukanya account may freeze.

Interest rate on Sukanya Samriddhi Yojana

The central government has revised the interest rates on small savings schemes and post office savings schemes for the April-June quarter. Under which the interest rate on Sukanya Sukanya Samriddhi Yojana has become 8 percent, which was earlier 7.6 percent. The Finance Ministry, while issuing a circular on March 31, 2023, has made it necessary to link the accounts of small savings schemes including all Sukanya investors with Aadhaar.

What is Sukanya Samriddhi Yojana

The Central Government had started Sukanya Samriddhi Yojana in the year 2015 under Beti Bachao-Beti Padhao Mission. In this scheme, the amount can be deposited for 15 years by opening an account in the name of the daughter. For Sukanya Yojana, the account of a girl child below 10 years of age can be opened. Parents can open Sukanya account for their daughter in the nearest bank or post office.

Deadline to link Aadhaar with Sukanya account

According to the Finance Ministry, if the investor of Sukanya Samriddhi Yojana has opened the account before 31 March 2023 and has not submitted his Aadhaar number to the accounts office, then he should submit the Aadhaar number to the concerned office within six months from 1 April 2023. Apart from this, the post office or bank where the account of Sukanya Samriddhi Yojana has been opened can also be linked by depositing Aadhaar. The last date for submission of Aadhaar is 30 September 2023. Sukanya account holders can also submit PAN along with Aadhaar.

What will happen if the Sukanya account is not linked to Aadhaar, according to the instructions of the Ministry of Finance, if the Aadhaar number is not linked to the Sukanya Samriddhi Yojana account within the given time limit, then the account will be frozen. In such a situation, the investor may have to face many problems.

The amount of interest payable will not be credited to the account of the Sukanya account holder. At the same time, even the Sukanya account holder will not be able to deposit the installment. Whereas, on maturity of Sukanya Samriddhi Yojana, the amount will not be transferred to the bank account specified by the account holder.

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