Sukanya Samriddhi Yojana: Age norms relaxed for opening new accounts

• Sukanya Samriddhi accounts currently fetch the highest interest rate among small savings scheme
• The age relaxation will help guardians of girl children who could not open Sukanya Samriddhi accounts due to the lockdown 

The government has announced some relaxation of the eligibility criteria for opening the Sukanya Samriddhi account due to the coronavirus lockdown. According to the latest guidance from the Postal Department, a Sukanya Samriddhi Yojana account can be opened in the child's name on or before July 31, 2020, who turned 10 during the period of lockdown from 25th March 2020, to 30th June 2020.

This relaxation will help parents of girls who were unable to open the Sukanya Samriddhi account due to lockdown. Otherwise, Sukanya Samriddhi account can only be opened up to 10 years from the date of birth.

Sukanya Samriddhi account is currently reaching an interest rate of 7.6%, the highest among small savings schemes.

In the financial year, a maximum of 1.5 lakh can be deposited in a Sukanya Samriddhi account. Deposits can be made in lump-sum. There are no restrictions on the number of deposits, either in a month or in a fiscal year, taking into account the total maximum of ₹1.5 lakh in a year.

A guardian can open an old standard Sukanya Samriddhi account. An administrator can only open one account in the name of one child and a maximum of two accounts in the name of two different children.

Deposits can be made to Sukanya Samriddhi account for up to 15 years from the account opening date.

Partial withdrawal is allowed after the account holder has turned 18 in the event of marriage. The account can be closed after 21 years.

Subscribers to Sukanya Samriddhi account can make online deposits to accounts through an operable internal banking network and an IPPB savings account.

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