Sukanya Samriddhi Account

Sukanya Samriddhi Yojana: All You Need To Know

Betterment of the girl child in our nation is a matter of utmost independence. The changing face of India under Narendra Modi was marked by yet another scheme launched by him to empower the girl child. Sukanya Samriddhi Yojana is a financial savings scheme offered to all families to bear the basic expenses of the girl child, especially her education.

Sukanya Samriddhi Account

Why Should You Invest In Sukanya Samriddhi Yojana

Gender equality and protection of women in the still orthodox parts of India is a pressing issue. Thus the financial independence of women is becoming much more important. Sukanya Samriddhi Yojana promises a bright future to every Indian girl child. For the unfortunate ones, this is a scheme that guarantees education and other basic expenses. Also, the scheme offers major benefits in terms of investment options, tax savings, and return policies. But, investing in Sukanya Samriddhi Yojana is not only to avail those extra benefit, but also to empower the female population of the country.

How To Open A Sukanya Samriddhi Account

The idea of Sukanya Samriddhi Yojana is to open an account for the girl child of your family. This has to be done at the corresponding bank or post office of your local area. Given below are the details of opening an account at the Bank or Post Office:

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Opening an Account At Bank or Post Office

Since Post Offices are the most widespread network of accounts in our country, a Sukanya Samriddhi Account can be opened at any Post Office. Also, there are branches of few banks that are government authorized for allowing citizens to open a Sukanya Samriddhi Account. A form is available at the Post Offices and authorized bank branches that pertain to Sukanya Samriddhi Account initiation. After filling this form it has to be submitted along with the required documents to your corresponding bank or post office. The documents will them be verified and the form will be approved. Thus, the Sukanya Samriddhi Account can be opened in the name of the girl child. The account can be opened by the parents or legal guardians of the girl child, who are responsible for making the deposits towards the account.

Eligibility Criteria For Sukanya Samriddhi Account

There are certain eligibility criterions governing the opening of an account under the Sukanya Samriddhi Yojana. They are as follows:

  • A Sukanya Samriddhi Account can be opened in the name of a maximum of two girl children of the family. In the case of twins, the Yojana can be extended to a third child.
  • The scheme has to be availed any time before the girl child reaches an age of 10 years.
  • Withdrawal can be made from the account only after it has been valid for a minimum of 14 years.

Documents Required To Open An Account Under Sukanya Samriddhi Yojana

The list of documents stated below is the mandatory documentation required by the banks or post office to commence a Sukanya Samriddhi Account.

  • The filled application form for opening the account.
  • Birth Certificate of the girl child in whose name the account is being opened.
  • ID Proof and Address proof of the parents or legal guardian who are opening the account to make the required deposits.

Rate Of Interest For Sukanya Samriddhi Yojana

The deposits made in Sukanya Samriddhi Scheme are subject to producing good interest rates. As of the current financial year 2016-2017 the interest rate offered if 8.6% per annum. When the scheme first started in the financial year 2015-2016, the rate of interest was 9.1%.

Tax Benefits On Investing In Sukanya Samriddhi Yojana

The parents or legal guardians who are the depositors of the Sukanya Samriddhi Account opened in the name of their girl child can avail tax benefits. The benefit is a tax deduction of up to INR 1.5 Lakhs under the Section 80C of the Income Tax Act. But any amount deposited over 1.5 lakhs is not liable to any deductions.

Withdrawal Policy For Sukanya Samriddhi Account

There are certain rules pertaining to withdrawal of funds from the Sukanya Samriddhi Account or permanent closure of the account. Given below are the details:

  • When the girl child attains an age of 21 years, complete withdrawal can be made from the Sukanya Samriddhi Account. No complete withdrawal is allowed before that.
  • There is a provision for partial withdrawal of funds (50%) when the girl child has reached 18 years of age. But this partial withdrawal is subject to providing a reason that is urgent in nature.
  • Complete account closure is possible when the girl child is 21 years.

All the withdrawals that are made from the account must be solely in the name of the girl child.






Vikalp Yojana: A Scheme By Indian Railways

Vikalp Yojana is a scheme launched by the Indian Railways in order to improve the service provided for all the passengers who are in the waiting list category. Thus it increases the flexibility of Indian Railways making it a convenient service provider. The approach of Vikalp Yojana is passenger friendly. A waiting list ticket for a train will be converted to a confirmed ticket for the next train running along the same route if a berth or seat is available. Vikalp Yojana has been applied for trains running between Delhi to Jammu and Delhi to Lucknow currently.

Vikalp Yojana: Planning and Benefits

The plan of Vikalp Yojana is to assure the waitlisted passengers a confirmed ticket. Thus the passengers will get a ticket for the next train along the same route. This service was initially available for all the passengers who booked online tickets for Mail and Express trains. The service will go on for a period of 6 months. Then according to the flexibility and reviews by the passengers, the rules will be revised and the scheme will be promoted widely. One of the advantages of this scheme is that a confirmed ticket is booked for the next available train along the same route without any extra charges. Thus the Vikalp scheme aims to provide a two-way benefit: The convenience of passengers and the utilization of unreserved berths which will profit the Railways division.

The passengers, if waitlisted, will be notified to opt for the Vikalp Scheme. If the option is affirmed then the confirmed ticket on the alternative train will be notified via an SMS sent to the registered mobile number of the passenger. This an especially effective scheme during the peak seasons when many passengers fail to get reservations. The chances of getting a confirmed ticket are very high and it is a reassurance for many passengers. On the 1st November 2016, a pilot run was done for this scheme. After the pilot run, this scheme was made available for counter ticket bookings and the running routes are slowly being expanded. Another benefit of this scheme is that in case there is a difference in ticket fare between the train opted for and the alternative train confirmed, the difference in the amount is refunded to the account of the passenger.

Implementation of Vikalp Scheme

To enable easier implementation of the Vikalp Yojana the following steps are followed:

  • A proper database is maintained for all the waitlisted passengers.
  • In case a confirmed booking is available on the alternative train along the same route, a passenger who has opted for Vikalp Scheme is sent a confirmed ticket.
  • The name of the passenger will be deleted from the waitlisted database of the original train.
  • A separate list will be prepared for all the passengers who have got a confirmed booking on alternative trains.
  • A separate and updated chart is prepared for confirmed and waitlisted passengers.
  • Only in the case of a huge rush, a passenger will not be cleared of the waitlist.
  • The passengers who have opted for Vikalp Scheme are advised to check their PNR status regularly for updates.

Pradhan Mantri Ujjwala Yojana Review: PMUY Goals, Application & Eligibility

Narendra Modi’s reign as the Indian Prime Minister is a compilation of masterstrokes with his many schemes that changed the face of India over the last couple of years. One such important scheme is The Pradhan Mantri Ujjwala Yojana. Introduced on 1sy May 2016 in the state of Uttar Pradesh, PMUY is a socio-economic welfare scheme that aims at providing LPG connections to all the households below the poverty line. Thus inefficient and toxic rural fuels were replaced by clean Liquefied Petroleum Gas in about 5 Crore households.

Goals Of Pradhan Mantri Ujjwala Yojana?

The primary aim of PMUY is development across the rural sectors of India by providing them with better non-renewable fuel facilities and to promote hygienic cooking in households below the poverty line. This scheme has multiple advantages:

  • Educating the rural women to use healthy fuels in cooking.
  • Promoting welfare in rural families by eradicating health hazards posed by unhygienic fossil fuels.
  • Reducing pollution caused due to burning fossil fuels and in turn prevent any bronchial and respiratory diseases that may affect the lungs negatively.
  • Eradicating deadly diseases caused due to air pollution, thus decreasing the death rates among rural locales.

Government Implementation Of PMUY

The Ministry of Petroleum and Natural Gas is responsible for implementation of this scheme. The time frame that has been provided for implementation is 2016-2019. All the LPG’s will be properly dispatched and distributed to households below the poverty line on the production of required documents. The Ministers of Petroleum and Natural Gas will keep a record of all distributions to meet the goals within the given time frame.

Budget Allotted For PMUY

Narendra Modi has introduced the PMUY and has declared a budget of 8000 Crore to implement it. Each financial year an amount of 2000 Crore will be kept aside for PMUY to provide LPG connections to 5 Crore households by 2019. An EMI will also be started by the government for refilling the LPG and to buy stoves.

Application Procedure: How to apply For PMUY

PMYU is aimed at educating women and encouraging them to use healthy cooking fuels instead of fossil fuels. Thus KYC Application forms for PMUY has been introduced by the government which is available both online and offline. So any woman who is from a family that comes under “below poverty line” category can fill the form with all required details. The form has to be submitted along with all the necessary documents to the nearest LPG retailer mentioning the weight of LPG Cylinder required. The eligibility criteria for application is a follows:

  • The applicant must be a female whose name is listed under “Below Poverty Line,” SECC-2011 data. For this, the applicant must issue a BPL Certificate authorized by the municipality chairman. A copy of this certificate must be submitted to the nearest LPG retailer
  • The age of the applicant must be equal to or above 18 years.
  • The applicant must belong from a household that does not have a pre-registered LPG connection.
  • The applicant should be the primary account holder in any centralized bank with a savings account in her name.
  • Along with the BPL Certificate, the applicant must also have a BPL Ration Card.
  • The applicant must submit any photo identity proof: Aadhar Card, Voter Card, etc.

The above-mentioned documentation proofs have to be submitted along with a recent passport size photograph to complete the application.