What are the Benefits, Rules, and Interest Rates of Sukanya Samriddhi Yojana in Detail

The Sukanya Samriddhi Yojana scheme is also known as Women Child Prosperity Account and has been created as a savings program for parents of girls. Its main aim is to reduce the issues of dowry and marriage costs prevalent in India.

Benefits of the Sukanya Samriddhi Yojana

The benefits of the Sukanya Samriddhi Yojana are as follows:

Provides Financial Assistance

The scheme offers financial aid and assistance to the families of the girl child.

Encourages Women’s Participation

It ensures that every girl child gains access to universal education.

Community Participation

It encourages community participation to promote the welfare of the girl child.

Safeguards Girl Child

The scheme safeguards the girl child against practices such as female infanticide and foeticide. 

Societal Change

It trains government authorities and employees to bring positive societal change.

Prevention of Child Marriage

The scenes prevent child marriage of girls thereby safeguarding them from physical, mental, and domestic harassment.

Reduces Gender Inequality

It removes gender equality from the Indian society through financial and educational aid to families of the girl child

Rules of Sukanya Samriddhi Yojana

The rules for opening the Sukanya Samriddhi Yojana account are as follows:

  1. Only one account can be open and operated in the name of the girl child.
  2. Two accounts cannot be opened for one individual.
  3. The girl should be up to 10 years of age and the parents or the legal guardians must open the account in an Indian bank in the girl’s name.

Interest Rates of Sukanya Samriddhi Yojana

The interest rate of the Sukanya Samriddhi Yojana scheme has currently been reduced from 8.4% to 7.6%. At present, it is compounded every year. Once the duration of the scheme is over, the interest is not payable. This also applies if the girl becomes a Non-resident Indian (NRI) or a non-citizen.

In India, there are still many societies where a patriarchal system is prevalent. The SRB or sex ratio at birth accounts for an estimated 896: 1000 for females and males respectively. The difference in this ratio is not a normal occurrence mainly due to the societies following patriarchy even in the modern age. In the past few decades, the government has paid more attention to the life of a girl child and various schemes have been developed and implemented to foster the welfare of the girl child. The Sukanya Samriddhi Yojana scheme mainly aims to foster and encourage the promotion of the welfare of the girl child across the country.