INTRODUCTION :
The Sukanya Samriddhi Yojana (SSY) was launched by Prime Minister Narendra Modi on 22 January 2015 as a part of Beti Bachao ,Beti Padhao campaign.
Under this scheme, eligible individuals can open a Sukanya Samriddhi Account in the name of their female child, which can then be used to save money for her future education and marriage expenses. The account provides attractive interest rates and tax benefits, making it an excellent investment option for families looking to secure their financial future.
To be eligible for the SUKNYA SMRIDHI YOJNA, individuals must have a female child under the age of ten. They can then open an account with a minimum deposit of Rs. 250 and contribute up to Rs. 1.5 lakh annually. The account matures after 21 years, and the accumulated funds can be withdrawn tax-free to meet the child’s educational and marriage expenses.
The SUKNYA SMRIDHI YOJNA has been widely praised for its potential to empower young girls and promote their education. By providing parents with a reliable and secure savings option, the scheme can help ease the financial burden of education and ensure that every girl has access to quality education.
Benefits of Sukanya Samriddhi Yojana :
- You can open SSY account with a minimum deposit of Rs. 250 annually.
- The rate of interest is 8%(as of 1st April 2023) which is higher than PPF and savings accounts interest rates.
- A tax benefit of up to 1.5 lakhs is available under section 80C of the Income Tax Act. 1961.
- Provides financial assistance for the education and marriage of your girl child.
- Under special circumstances, premature withdrawal is allowed.
- The accounts can be easily transferred anywhere in India from post office to bank or from banks to banks , free of cost on submitting the proof of shifting of residence.
Eligibility for Sukanya Samriddhi Yojana :
- An account can only be opened on behalf of a girl child by her biological parents or legal guardians.
- Each parent or legal guardian can open up to two accounts for their girl child.
- A parent or legal guardian can open up to three accounts for twins or triplets.
- The Sukanya Samriddhi Yojana savings scheme is only available to girls.
- A child’s maximum age should be 10 years old. However, One year of grace is granted.
Documents required to open SSY Account :
- SSY Account opening form.
- Birth certificate of the child.
- The ID proof and address proof of depositor while submitting the account opening form.
- Any other documents required by the bank.