Is girl child's Aadhaar mandatory for opening Sukanya Samriddhi Account?

New Delhi: Sukanya Samriddhi Yojana (SSY) is a government-backed savings scheme that helps parents save money for their daughter's future. An account can be opened in the name of a girl child before she turns 10 years old.

Sukanya Samriddhi Account for Girl Child Below 10 Yrs

SSY can be opened in the name of a girl child till she attains the age of 10 years. The account can be opened at post offices and authorised branches of commercial banks. The rate of interest on SSY is 8.2 percent per annum, calculated on a yearly basis and compounded yearly.

Sukanya Samriddhi Account Minimum/Maximum Deposit

Parents or guardians can open an SSY account with a minimum deposit of Rs 250. The maximum deposit amount is Rs 1,50,000 per financial year. There are facilities for additional deposits in multiples of Rs 50. Deposits can be made in lump-sum. There is no limit on the number of deposits in a month or financial year.

Is Aadhaar of the Parent/Guardian Mandatory for Opening SSY?

Yes, Aadhaar is required for the parent or guardian opening the SSY account. If the parent or guardian has applied for Aadhaar but has not yet received it, proof of Aadhaar enrollment can be submitted to open the account. However, the Aadhaar number must be provided within six months of opening the account. If Aadhaar is not submitted within this period, the account will become inoperative until the Aadhaar is provided.

Is Aadhaar of the Girl Child Mandatory for Opening SSY?

No, Aadhaar of the girl child is not mandatory for opening a Sukanya Samriddhi Account. Parents can open an account in the name of their daughter using her birth certificate and the required documents of the parent or guardian.

Documents Required To Open Sukanya Samriddhi Yojana Account

The following documents are generally required to open Sukanya Samriddhi Yojana Account:
Sukanya Samriddhi Account opening form.
Birth certificate of the girl child.
Address proof of the parent or guardian.
Identity proof of the parent or guardian.

Who Can Operate Sukanya Samriddhi Account On Behalf of Minor?

A Sukanya Samriddhi Account can be opened by a parent or legally appointed guardian on behalf of a girl child who is under 10 years old. The account is opened in the girl's name while the parent or guardian operates it on her behalf while she is a minor. Under the scheme's rules, only one account is permitted per girl child.

Sukanya Samriddhi Account Income Tax Benefits

The Sukanya Samriddhi Account gives major tax benefits to the subscribers. Investments made in Sukanya Samriddhi Account are eligible for tax deductions under Section 80C of the IT Act. Eligible deposits qualify for a deduction of up to Rs 1.5 lakh per financial year. The interest that accrues against this account which gets compounded annually is also exempt from tax under Section 10 of the Income Tax Act. Eligible maturity and withdrawal proceeds are also exempt from income tax under the scheme's applicable rules.