Sukanya Samriddhi Yojana is certainly a relief for parents who wish to save some money for the future of their girl child in times of their marriage or higher education.
Even after so much of social transformation in India, a girl child is considered to be a burden on parents since a lot of money goes in getting them married and hence, this small saving scheme with highest return would serve as a financial backbone to the parents and guardians of the girl child.
The account is opened in the name of the girl child and she is the one who would get the benefits after the account matures. However, since the account is opened when the girl is an infant or a minor, parents or guardians are authorized fully to operate the account and also take tax benefits out of this scheme under section 80C.
The scheme clearly envisages that any girl child can’t have more than one account in her name across all banks and post offices. And the opener, caretaker and depositor of the account would be the legal guardian or the parents of the girl child, at least till she attains an age of 10 years.
In all, two things can be concluded when we talk about operation of the account:
- Parents or legal guardians can operate the account till she attains an age of 10 years or even further till the maturity of the account.
- The girl child can start operating her account after she turns 10 years, if she wishes to do so.
Since the Sukanya Samriddhi scheme is for 21 years, the benefits of the account in terms of gross money accumulated would go to the girl child or at the time of her marriage or higher education. Moreover, the benefits of the scheme like tax saving under section 80C can be taken throughout the scheme by the parents or the legal guardians, whosoever is the depositor of the account.
This is why the account is being opened by the parents or legal guardians and their full identity and address would be verified before opening of the account. Overall, it’s a small saving scheme with a win-win proposition for both the parents as well as the girl child.
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