The Sukanya Samriddhi Yojana (SSY) is a visionary savings scheme launched by the Government of India as part of the Beti Bachao, Beti Padhao campaign. This initiative aims to promote the welfare of the girl child by encouraging parents to invest in their daughters’ future education and marriage. The scheme offers a secure, tax-free investment option with attractive interest rates and flexible terms, making it one of the most sought-after financial plans for parents in India.
In this blog, we will cover all the important aspects of the Sukanya Samriddhi Yojana, including its features, benefits, eligibility criteria, how to open an account, and much more.
What is Sukanya Samriddhi Yojana?
The Sukanya Samriddhi Yojana is a government-backed savings scheme designed exclusively for the girl child. It allows parents or guardians to open a savings account for their daughters in any post office or authorized bank. The deposits made under this scheme grow at an attractive interest rate, and the maturity amount is tax-free under Section 80C of the Income Tax Act.
The scheme encourages parents to secure their daughters’ financial future while also supporting the education and marriage expenses of the girl child.
Features of Sukanya Samriddhi Yojana
- High-Interest Rates:
The scheme offers a competitive interest rate (currently around 7.6%, subject to change quarterly), making it a lucrative savings option for long-term goals. - Tax Benefits:
Investments, interest earned, and maturity amounts are exempt from taxes, making this a completely tax-free savings scheme. - Flexible Deposit Limits:
Parents or guardians can deposit a minimum of ₹250 and up to ₹1.5 lakh per year. - Tenure of the Scheme:
The account matures when the girl child reaches 21 years of age or upon her marriage after the age of 18. - Partial Withdrawal Facility:
Up to 50% of the balance can be withdrawn for higher education once the girl turns 18 years old. - Transferable Account:
The account can be transferred anywhere within India if the family moves to a new location.
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Eligibility Criteria
To open an account under the Sukanya Samriddhi Yojana, the following conditions must be met:
- The account can be opened in the name of a girl child who is below 10 years of age.
- The girl child must be an Indian resident.
- Only one account per girl child is allowed, and a maximum of two accounts can be opened for two daughters in a family.
How to Open a Sukanya Samriddhi Account?
- Choose the Institution:
Visit a nearby post office or any authorized commercial bank, such as SBI, ICICI, or PNB, to open an SSY account. - Fill the Application Form:
Obtain and fill out the Sukanya Samriddhi Yojana application form available at the bank or post office. - Provide Necessary Documents:
Submit the following documents:- Birth certificate of the girl child
- Identity and address proof of the parent/guardian
- Recent passport-size photographs
- Initial Deposit:
Make an initial deposit of at least ₹250 to activate the account. - Receive the Passbook:
Once the account is opened, you will be provided with a passbook containing all the details of the account.
Benefits of Sukanya Samriddhi Yojana
- Secured Financial Future:
The scheme provides a financial cushion for the girl child, ensuring funds are available for her education and marriage. - Encourages Savings:
It instills the habit of regular saving among parents, helping them build a significant corpus over time. - Government Guarantee:
As a government-backed scheme, it offers security and reliability, making it a risk-free investment. - Complete Tax-Free Benefits:
The scheme provides EEE (Exempt-Exempt-Exempt) benefits, ensuring that deposits, interest, and withdrawals are all tax-free. - Supports Higher Education:
The partial withdrawal option ensures that funds are available when needed for the girl’s higher education.
Official Website : https://www.india.gov.in/sukanya-samriddhi-yojna