All About Sukanya Samriddhi Account Scheme

Sukanya Samriddhi Account which is also popularly known as Saving Scheme for girl child is a Government of India financed program aimed at providing monetary help to the parents of little girl children. The scheme supports parents to establish small savings for their daughter’s education, future marriage, and accidental expenditure. In this scheme, parents are liable to deposit money in an account and it is used by the girl child for her education and other daily needs. The amount that the child gets in her account every month will be equal to the amount that has been deposited in that account till the time of reaching 21 years of age. After reaching the 21st year, the account holder can withdraw the money that she had previously accumulated in the Sukanya Samriddhi Account.

Benefits of the Sukanya Samriddhi Account. 

Firstly, it provides financial assistance to the parents so that they can meet the expenses of their little girls without having to worry about their budgets. 

Secondly, if there is an accident or illness in the family, then the mother or father can use the account to take care of the medical expenses. Moreover, if their daughter gets married before attaining adulthood, then she can use the account to support the marriage expenses.

Education:

A saving scheme for children enables the parents to save for their child’s education. After finishing school, a child is unable to earn any money to meet her own requirements. The only source of income remains in the savings made by the parents. If the savings are sufficient and the child completes her schooling, then she will be able to get high-level jobs and can even start her own business.

No restrictions:

The best feature of a saving scheme for girl child is that there are no restrictions on the amount of money that can be accumulated. Hence, the entire sum of money accumulated can be kept in the account without any restrictions whatsoever. If one wants to get more money, then one needs to spend it. However, there are no such transactions involving the money.

Monthly Bills:

There are many advantages associated with saving scheme for girl children. The first and foremost advantage is that there are no monthly bills to pay as these are saved in the account. Thus, one can easily pay the bills without worrying about the money.

Saving an account for a child enables the parents to plan a future without any difficulty. They can get money according to their wish. A small investment will give them long term benefits. They can give the money to their daughter, son, grandchild, or relative.

Extra Money:

Another advantage is that the salary of the housewife gets augmented if she gets employed with a firm or with a bank. This extra money helps her in buying new clothes or buying gifts for her daughter and other relatives. She can also purchase a computer or a TV for her home. In fact, she can increase the earnings manifold with an online business. This is possible with the help of the Sukanya Samriddhi Account.

Other Facilities:

Lastly, you can avail various facilities through this account. You can get bank transfers, online access, mobile recharge facilities, etc. You can even get help in buying property, selling property, and getting financial help in the form of fixed deposits and insurance cover. It is only a matter of signing up an agreement with one of the companies offering these services in your city or village.

Control of money:

However, there are some disadvantages associated with the Sukanya Samriddhi Account as well. Since the money comes directly from the main owner of the account, it is not always easy to control the money. For example, if your daughter gets hold of your money and uses it to do wrong things, you will be highly annoyed. Also, your daughter might spend some of the money on herself. However, this can be tackled easily by making sure that the money is placed in the account in the right hands.

Also, it is not possible for you to control all the money going into the account. You can close an account anytime you want to but it is not always possible. Therefore, you might end up losing some of the money. Therefore, this should be used only if you are completely confident about the person who is managing the money and the type of account that you will enjoy using.

Monitoring:

You can open an account with a bank in your name. This will make it easier for you to access the money without having to wait until your daughter gets her salary or some other event occurs. It will also help you monitor what she spends the money on. The downside is that you will not be able to make any changes to the account unless you want to. Therefore, this might not be the ideal solution for you but if you are willing to accept that there is nothing you can do to help your daughter manage her money, then opening an account under your name is a good option.

Multiple Banks:

A Sukanya Samriddhi Account allows the user to invest in multiple bank accounts. The money can be used for the education of their child, the purchase of household goods for daily use, purchasing of medical facilities, etc. There are various banks in the market that work on providing financial benefits to the customers. They charge a small fee for opening an account with them. You need to give the right information to get a suitable scheme.

It is observed that most of the clients are unaware of such schemes as there is very little awareness about them. Even among those who are aware of the scheme, they still find difficulty in opting for it. This is mainly because of the lack of knowledge about the scheme. Proper and detailed information is the key to avail the benefits.

Steps to follow:

In order to avail of the benefits of this scheme, one has to follow certain steps. To begin with, one should apply online for it. This can be done through various websites that provide services related to such schemes. Upon submission of the application form, an activation message will be sent to your email.

This will tell you about the amount available on your account, the rate at which you can withdraw the money, and various other information related to the scheme. Apart from that, there will be a link provided to you which will allow you to opt for the scheme. You will just have to follow the instructions given to you and the money will be credited to your account without any hassle. Once you make your payment, you can get the credited money in your account.

The benefits of this scheme are not limited to the above-mentioned points. Once your money is credited, you can easily use it for meeting expenses or for other purposes. You just need to decide the purpose that you want to achieve with the scheme and then use the card. This will help you gain more popularity among your friends.

If you want a chance to earn even while you are at the airport, this scheme is the best one for you. It does not matter whether you want to shop or get something else done, this scheme can serve all your needs. Even if you are sleeping at home, you can still get things done. If you have an errand, it can be fulfilled with the help of this scheme. There are plenty of options available with this scheme, and you can choose any option that suits your needs.

The benefits of a Sukanya Samriddhi Account cannot be ignored at all. One of the biggest benefits is that it helps you improve your credit rating. Once your profile has been verified and you are eligible for this scheme, your rating will increase. Thus, this scheme can help you improve your credit score and it can also help you gain more benefits in terms of gaining popularity among your friends. In short, this scheme is very helpful and beneficial for all. It can surely help you improve your overall financial condition as well.