Response of Sukanya Samriddhi Scheme

Response of Sukanya Samriddhi Account

Sukanya Samriddhi Yojana, launched in January 2015 has picked up well in terms of popularity across the length and breadth of the country.  The scheme was launched with intent to promote the financial security of girl child in India so that when daughters grow old, they do not become a burden on parents or guardians.

With the scheme, parents or guardians of a girl child can open a Sukanya Samriddhi Account in any post office of in any of the 28 designated banks and can enjoy a 9.2 per cent rate of interest and complete tax exemption on their investment.

The Popularity of Sukanya Samriddhi Account

Sukanya Samriddhi Scheme has become popular in two ways.  Firstly because the scheme offers some benefits that are unmatchable in terms of rate of interest and tax exemptions.  Secondly, the scheme has been so popular because the scheme has been promoted well by the government agencies in favor of security for the girl child in India.

If you are on social media like Facebook or Twitter, you would have at least once seen a promotional message for Sukanya Samriddhi Yojana.

The current reach of Sukanya Samriddhi Account

Before a week, post office was the only centre where account opening for Sukanya Samriddhi Scheme was possible.  Within few months only, a high number of Sukanya Samriddhi Account was opened in post offices.

This has gone to the extent that Sukanya Samriddhi Scheme has been the most popular scheme in post offices.  The state leading the most number of Sukanya Samriddhi Account is Tamil Nadu, which has more than 40 per cent of Sukanya Samriddhi Accounts opened in post offices so far.

As of now, Punjab National Bank is the only bank out of 28 banks, which has started opening accounts under Sukanya Samriddhi Scheme.  Other major banks like State Bank of India are awaited to follow the suit.

Scheme with a noble and implementable purpose

It is great that a lot of young parents are finding this scheme quite a convenient way to secure the future of their girl child.  Today’s world has become fast and expensive.  People are earning more than always, but they are spending more than they are earning.  This makes sustainable savings quite tough for young parents.

With Sukanya Samriddhi Scheme, parents can save as much money as they have and can deposit as many times as it is convenient for them.  This flexibility of savings along with a 9.2% rate of interest and EEE tax exemption makes Sukanya Samriddhi Scheme a must choice for all parents/guardians having a girl child less than 10 years of age.

All banks need to start opening accounts in order to increase the coverage

The benefits and prospects of Sukanya Samriddhi Scheme are many.  It’s been more than four months since the scheme is officially launched; however, most of the banks have not yet started the operations.  People are anxiously enquiring about launch in several banks and that shows how they are eagerly waiting to open Sukanya Samriddhi Account.

Going by the number of enquiries banks are getting on a regular basis, we can ascertain that this scheme would turn out to be a great success in times to come.

Last but not the least, Sukanya Samriddhi Scheme certainly has few shortcomings in terms of clarity of operation and that needs to be addressed by the competent government authorities.  Moreover, there should be a regulatory body constantly pushing the scheme forward so that more than more girl children are enrolled under the saving scheme.

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