When Prime Minister Narendra Modi will launch ‘Beti Bachao Beti Padhao’ campaign at Panipat on January 22, he would also introduce an ambitious scheme ‘Sukanya Samruddhi Account’ to make girls financially empowered.

Modeled on the pattern of small savings schemes of the government, the Centre would offer high rate of interest for account holders under the new scheme. For the current financial year, this would work out to 9.1%. For the sake of simplicity, the manner of interest calculation would be similar to public provident fund (PPF).

Under the scheme, the account can be opened from the birth of the girl child till she attains the age of 10. A girl child who attained the age of 10 years, one year prior to notification, will also be eligible. The account can be opened by an amount of Rs 1,000 and in a financial year investment ceiling is Rs 1.5 lakh. The child can close the account earliest at the age of 21 years with option of keeping the account till marriage.

The exemption on investments made under the scheme will also be eligible for exemption under 80C of Income Tax Act, 1961.

To view Department of Economic Affairs OM No.2/3/2014.NS-II dated 20/01/2015 please Click Here.

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