The Sukanya Samriddhi Account scheme under the ‘Beti Bachao-Beti Padhao’ campaign will commence in the state from Wednesday. Under this, the natural or legal guardian of a girl child younger than 10 years can open an account in a post office or in authorized bank branch.

The scheme will fetch 9.1% yearly interest rate and provide income tax deduction under section 80C of the Income Tax Act, 1961. Depositor cannot open multiple or more than one account in the name of a girl child. The guardian of a girl child can however, be allowed to open one account each for two girl children’s.

The account may be opened with an initial deposit of Rs. 1,000 and thereafter, any amount in the multiple of Rs. 100 in a condition that a minimum of Rs. 1,000 and maximum Rs. 1.5 Lacs can be deposited in a year.

After the girl child attains the age of 18 years, half of the amount from the account can be extracted. The rest of the amount can be retrieved after she reaches the age of 21 years.

Source: Dainik Bhaskar