Sukanya Samriddhi Yojana

 

Friends in this post,

we will discuss every question related to Sukanya Samriddhi Yojana Account.

First of all, Sukanya Samriddhi Yojana Account is a Government of India account,

which means, whatever money you deposit in it, it is 100% safe

because you are depositing it directly to the Indian Government.

Second thing, the rate of interest was 7.6% till now,

but after 1ˢᵗ April 2023, the government increased it to 8%.

Why did the government bring Sukanya Samriddhi Yojana Account?

What was the objective of the government?

The first objective is that, whichever parent has a girl child,

they should start depositing money for their girl child.

So that when the girl child grows up

when the time for higher education comes,

the parents can give higher education to the girl child.

Second, thing is that when the girl child grows up,

the parents should have enough money to get their girl child married.

So, these were the two reasons, the scheme was opened for the girl child.

So that the parents can start depositing their money for their girl child.

If I look at this scheme, the entire scheme is just plus points.

There is more interest, money is safe

because it is deposited with the government.

But there are two negative points, which we will discuss at the end of the video.

After seeing these two points,

a person thinks four times whether to open it or not.

It is your choice, we will discuss both the points at the end of the video.

But first, let's see what is Sukanya Samriddhi Yojana.

Now, let's see the scheme here, first let's see how it can be opened.

So, in anyone's house, the girl child's age should be between 1 day to 10 years.

Only those parents can

open Sukanya Samriddhi Yojana Account for their girl child, alright.

If someone's girl child's age is 10 years and 1 day,

then even that parent cannot open Sukanya Samriddhi Yojana Account.

Apart from that, this is a 21-year scheme, alright?

The government says that you have to pay the money for only 15 years,

and you don't have to pay any money in the next 6 years.

All the money you have deposited here in 15 years,

only interest will be applied to it for the next 6 years, alright.

You don't have to deposit any new money.

Apart from this, it is necessary to deposit at least Rs. 250 annually,

and you can deposit a maximum of Rs. 1.5 lakhs annually.

Apart from this, you also get the benefit of Triple E in this scheme.

What is Triple E? Exempt, Exempt, Exempt.

It means that the money you are depositing annually, that is, you will

get a tax rebate of up to Rs. 1.5 lakhs under Section 80C of the Income Tax Act.

That is, the money you are depositing is also exempt.

After this, the money that you are getting interest on,

that is the money that is growing on you.

No tax will be applied to it, that is, it is also exempt.

And apart from this, when maturity happens and you take all your

money back, meaning principal plus interest from the government,

no tax will be applied on that too, that is, it is also exempt.

That is why we call it Exempt, Exempt, Exempt.

That is, in a way, it is very good.

If we get a normal FD, then the interest we earn on FD is considered our income.,

we have to pay tax on it.

But look at this, the money I am depositing, I am getting a tax rebate on it

my money is growing, I am getting a tax rebate on it.

And the money that I will finally get, all together,

so I don't have to pay any tax on it to the government.

Now one question also comes up, that it is such a long scheme.

You said that it is a 21-year scheme, assume that you have to pay in 15 years.

After that, no money is to be paid for 6 years, it is a very big scheme.

But imagine, if I need money in between, alright?

Assume that I opened this account today,

and it has been 6 years since I opened this account,

but I needed money in between.

So can I withdraw money in the middle prematurely?

Can I take a loan against it?

So look, the answer to this question is that you can't take a loan.

Like the PPF account, we can take a loan against the PPF account, alright.

But we cannot take a loan against the Sukanya Samriddhi Yojana account.

There is no facility to take a loan.

Apart from this, this scheme says that you can withdraw prematurely,

the normal case is that you can withdraw only after 21 years.

But if the girl child is 18 years old,

and if you assume, because before 18 years,

girl children cannot be married off.

But at 18 or after 18 years of age, if you want to marry off your girl child.

So at that time, you can withdraw all your money, alright?

But the second case is that, suppose you have to send the girl

child for higher education.

So at that time, for the purpose of higher education,

you can withdraw 50% of the money you have deposited,

but there are two conditions for that.

Either the girl child should be 18 years old,

or after the girl child completes the 10th grade you can withdraw 50% of the money.

Alright, the third case is also that,

suppose the girl child gets very sick at any point in time,

and gets a severe condition and needs money for medical treatment.

So in that case,

you can close the Sukanya Samriddhi Yojana account and withdraw the money.

But keep in mind, you cannot withdraw even 1 rupee before 5 years.

No matter how much money you need.

That is, this scheme says that if you open this scheme today,

then you cannot withdraw even 1 rupee before 5 years.

You can fulfill these conditions only after 5 years, alright?

One more thing is that,

I told you that the Sukanya Samriddhi Yojana account is opened for 21 years.

21 years does not mean that

when the girl child is 21 years old, then it will mature.

21 years meaning, assume the girl child is 10 today,

and you are thinking that let's open the Sukanya Samriddhi Yojana account.

So 21 years, means when the girl child is 31 years old,

then your Sukanya Samriddhi Yojana account will mature.

So that's why the best practice is,

suppose, if your daughter is born today.

So you try to open this account within 1 year.

So that when she will be 21 years old,

your expenses will be the most at that time.

Because when she will reach the age of 21,

that's when you will need money for higher education.

That's when you will need money after 2 to 7 years of her marriage,

depending on your home atmosphere.

You will need money after that because you have to get her married.

So the best practice is that the day your daughter is born,

whoever has a newborn daughter, don't wait for too long,

don't wait for the daughter to be 4 years old or 5 years old to open an account.

If you want to open an account, then open it as soon as possible

because 21 years is a very long time, alright.

So when the daughter

will be 21 years old, your main expenses will start then, alright.

Apart from this, what documents are required

If I talk about documents,

Whichever family has a newborn baby

knows that when a newborn baby is born,

so what does the hospital do?

They make Aadhar cards from there.

So the first Aadhar card that is made for the child

it is written on it baby of.

Baby of is written and here the name of the mother or father is written, alright.

After that, this Aadhar card is valid for 5 years, alright.

This Aadhar card is valid until the child is 5 years old.

But with this Aadhar card, you can

also make a permanent Aadhar card for a child, like you, and I have one, like that.

Now understand this carefully here.

This Sukanya Samriddhi Yojana account, cannot be opened online.

Alright, if it has to be opened, it will open in the branch.

If not the branch then you can open it in the post office,

or open it in a government bank or open it in a private bank.

There is no problem with private banks,

don't even think that my money will be wasted.

They are just acting like a third party,

your account is opening with the Indian government, alight.

Now what will the bank or post office say here,

that this Aadhar card is not acceptable.

The one that the hospital initially gives you, the initial Aadhar card,

that is not acceptable, and you have to bring the original Aadhar card.

That is, the first thing you have to do is,

this temporary Aadhar card for 5 years

you have to get the original Aadhar card made first.

Sorry.

So you will need the original Aadhar card document.

Along with this, the birth certificate of the child will be needed.

Then a proof of residence,

your Aadhar card will be useful, alright?

So you need a child's Aadhar card, you need your Aadhar card, alright?

Along with that, you need. the child's birth certificate

So you need to take these documents with you.

If you want to open the Sukanya Samriddhi Yojana account.

And the account will not open online,

you have to open this account in the branch.

Another question comes up, that this is a 21-year scheme, alright?

Now assume that I told you in the starting

that it is necessary to deposit a minimum of Rs. 250, alright.

Now assume that at any point of time, you have not deposited Rs. 250 in a year.

That is, you have not deposited Rs. 250 in the whole year.

Suppose you have not done it this year, not even the next year,

it's been 3 years, suppose you have not deposited Rs. 250.

So what will happen in that case?

In that case, your temporary account will be inactivated for once.

Now to reactivate it, you will have to pay a penalty of Rs. 50.

That is, Rs. 50 for this year, Rs. 50 for this year and Rs. 50 for this year.

That is, you will get a penalty of Rs. 150.

Plus, the Rs. 250 that you had to pay

these will be deposited in your account.

Rs. 250 plus Rs. 250 plus Rs. 250 plus Rs. 750 you will have to pay this.

Then your account will be activated

That is, a penalty of Rs. 150 will be there

and Rs. 750 will be deposited in your account.

Then your account will be activated again.

Now let's look at the two reasons why Sukanya Samriddhi Yojana,

let's look at the two negative points, okay?

The first negative point is that

the rate of interest of this scheme that the government had set in 2014,

was set at 9.1%, alright.

After that, if you look at this entire chart,

then along with time, the government has been decreasing the rate of interest.

That is, if I talk about before 1st April 2023

the government decreased the rate of interest to 7.6%.

Now, by increasing it a little

after 1st April, if someone opens it after 2023, then now

the rate of interest is 8%, okay?

But understand one thing carefully, suppose in 2014

whoever opened the Sukanya Samriddhi Yojana account,

it must have been open for 21 years, okay.

That is, if I talk about its maturity

then it is supposed to mature in 2015, 2025, 2035.

Meaning who opened his account in 2014, it must be running till now.

So when the person opened his account in 2014, he must have had dreams,

means he would have seen the Sukanya Samriddhi Yojana calculator.

Sorry.

When he would have seen the Sukanya Samriddhi Yojana calculator,

he would have calculated all his money with 9.1% rate of interest.

That okay, if I deposit this much money today.

Suppose, if one was to deposit 1.5 lakhs for 8 years.

So he would have calculated all his money with a 9.1% rate of interest in mind.

But government what did the government do? It kept reducing the rate of interest.

Suppose this person had deposited 10 lakhs from 2014 till now, okay?

Now he must not be getting a 9.1% interest rate,

now his 10 lakh rupees

are being compounded at an 8% rate of interest.

But when he had opened his account and done the initial calculations,

that was based on a 9.1% interest rate.

That means nothing is fixed.

Now, 21 years is a very very long time, okay.

Suppose someone is depositing money with great passion,

with great dedication, every year they are depositing 1.5 lakhs which is the maximum.

But slowly the government reduces the rate of interest from 8% to 3%.

Suppose till then a person has deposited 20-25 lakhs in my account.

So it will become that person's obligation.

Neither can I withdraw the money,

and it will be my obligation to keep it,

as I have to keep the money with the government at a 3% rate of interest.

So there is no guarantee,

depending on the government the rate of interest,

suppose the government is going into loss and can't give that much money.

So it can happen, anything can happen.

So maybe the government can give it at a 3% rate of interest,

or even at a 2% interest.

So there is no guarantee of this.

So this is something that I don't find right, okay?

The second thing is that,

This government used to say that when you opened an account,

that is when your girl child is between 0 to 10 years.

At that time, the control over the account will be held by the parents.

Parents will operate this account.

But the day your girl child, turns 18 years old,

after 18 years the parent's role becomes zero,

whatever activity in the account, its continuation,

signature in the account, withdrawals, everything

will be done by the girl child, the parents play no part in this.

Now, if you have been passionately depositing 1.5 lakh rupees

and assume you have accumulated an amount of 60-65 lakhs, alright.

And at this time, your role ends

the parents' role is over.

Now assume the girl child is a teenager, okay.

Your daughter is a teenager

and teenagers generally tend to go astray, okay.

So in such a point of time,

imagine if a teenage girl finds out she has 60-65 lakh rupees to her name,

which she can access on her own.

So I don't think this is right.

I feel it's important to have the parent included

because teenage is such an age

that either makes the child flourish or breaks the child, okay?

Teenage is such an age,

where there is a chance of the child's mind wandering in the wrong direction, okay?

So during such a time, if a child finds out they have 60-65 lakhs to their name,

so the parents should have had control/access over this.

Alternatively what they could have done is,

made the girl child's signature mandatory, okay.

And the parent's signatures should also have been made mandatory.

Something like this should have been done by the government,

but I'm assuming the lawmakers must have thought of something when they made the law.

Alright, so these two were the points that according to me

are not right of the Sukanya Samriddhi Yojana account.

Let us once quickly look at the Sukanya Samriddhi Yojana calculator.

If I were to deposit any money in this account today,

what will be my returns?

So first of all, let us see

if I was to deposit 12,500 rupees directly.

Meaning I'm depositing 12,5000 every month, so 1.5 lakhs in a year.

And I'm depositing this money for the next,

imagine the girl child is 1 year old today,

and I'm starting this scheme in 2023, okay?

So, in the next 15 years

I would have accumulated 22 lakh 50 thousand rupees,

because I have to keep depositing for 15 years,

and the scheme will mature after 21 years.

So my scheme will mature in 2044,

and here I will accumulate 22.5 lakhs in the next 15 years.

So the total interest amount will be 44,84,543 rupees

As in after 21 years, in 2044,

meaning if you start in 2023, then in 2044

I will get 67,34,534 rupees, okay?

Now, if somebody wants to deposit a lesser amount of money,

assume someone wants to deposit 5000 rupees every month.

So they will deposit 60,000 rupees in a year, okay?

Let me..., one second it doesn't seem to be working.

So let's add the filter at 60,000 here

that the person deposited 60,000 rupees in a year.

So in that case,

the person will accumulate 9 lakhs over a period of 15 years.

The total interest will be 17,93,814 rupees,

and after 21 years at the time of maturity, they will receive 26,93,814 rupees

So you can select anything here.

Assume somebody wants to deposit 2000 rupees monthly, okay?

Then annually he will deposit 24,000 rupees.

So if they invest 24,000 annually,

after 15 years that amounts to 3.6 lakh rupees, okay.

So the total interest will be 7,17,526 rupees,

and after 21 years he will get a total amount of 10,77,526 rupees.

So this is a simple calculator,

that makes the calculation based on an 8% interest rate.

So you can download this Sukanya Samriddhi Yojana calculator, and calculate.

That if you were to deposit an amount every month, what would be the rate of interest?

I hope you found this video informative.

If you did find this informative then please subscribe to this channel,

and surely like this video.

For now, this is the end of this video.

Thanks for listening and thank you.